Calculate your monthly mortgage payment, total interest, and view a complete amortization schedule. See how different loan terms and interest rates affect your payments.

How to Use This Mortgage Calculator

Enter your home price, down payment, loan term, and interest rate to instantly see your estimated monthly mortgage payment. The calculator breaks down your payment into principal and interest, and shows the total cost over the life of the loan.

Understanding Your Mortgage Payment

Your monthly mortgage payment typically includes four components, often called PITI:

Principal – The portion that reduces your loan balance
Interest – The cost of borrowing money from the lender
Taxes – Property taxes (varies by location)
Insurance – Homeowner's insurance premium

This calculator focuses on the principal and interest portion. Your actual monthly obligation may be higher when taxes and insurance are included.

How Is Mortgage Payment Calculated?

The monthly mortgage payment formula uses the loan amount (P), monthly interest rate (r), and total number of payments (n):

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1]

For example, a $300,000 loan at 6.5% interest over 30 years results in a monthly payment of approximately $1,896.20.

Tips to Lower Your Mortgage Payment

Make a larger down payment (20% avoids PMI)
Shop around for the best interest rate
Consider a 15-year term for lower total interest
Improve your credit score before applying
Buy points to reduce your interest rate

Frequently Asked Questions

What is a good mortgage interest rate?

Mortgage rates fluctuate based on economic conditions. As of 2026, rates typically range from 5.5% to 7.5% for a 30-year fixed mortgage. Your individual rate depends on your credit score, down payment, and loan type.

How much house can I afford?

A common guideline is that your monthly housing costs should not exceed 28% of your gross monthly income. Use this calculator to find a payment that fits comfortably within your budget.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but significantly less total interest. A 30-year mortgage offers lower monthly payments but costs more over the life of the loan. Use the calculator to compare both options.