Mortgage Calculator
House-hunting and doing the mental math on every listing? Type the price, down payment, rate, and term — see the real monthly number in a blink.
How to use
- Enter the home price. That's the listing price — what the seller is asking, before your down payment.
- Set your down payment. Type either the dollar amount or the percentage; the two stay in sync automatically. Twenty percent is the classic target because it usually avoids private mortgage insurance.
- Add the rate and term. Enter the annual interest rate and the loan length in years — 30, 20, and 15 are the standard choices.
- Read your numbers. You'll see the monthly principal-and-interest payment, the loan amount, total interest over the life of the loan, and the total you'll pay. Copy the summary to compare listings side by side.
Frequently asked questions
How do I calculate my monthly mortgage payment?
Use the amortization formula: M = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount (price minus down payment), r is the monthly rate (APR ÷ 12 ÷ 100), and n is the total number of monthly payments. For a $350,000 home with 20% down ($70,000) at 6.5% APR over 30 years, the loan is $280,000 and the monthly payment comes to about $1,769.79. This calculator runs the same math instantly.
Does this mortgage calculator include taxes and insurance?
No — it shows principal and interest (P&I) only. A real monthly housing payment also includes property taxes, homeowners insurance, and possibly PMI or HOA dues (together called PITI). Taxes and insurance vary wildly by location, so treat the P&I number here as the core of the payment and add your local tax and insurance estimates on top.
Is a 15-year or 30-year mortgage better?
It depends on your cash flow. A 15-year term at the same rate has a much higher monthly payment but you pay far less interest overall and build equity faster; a 30-year term keeps the monthly payment lower, freeing cash for investing or emergencies. Try both terms in the calculator above and compare the total interest — the difference is usually eye-opening.
What does a 20% down payment actually save me?
Two things: a smaller loan (so less interest), and usually no private mortgage insurance, which lenders require below 20% down and can add $100–$300+ per month. On a $350,000 home, 20% down means borrowing $280,000 instead of $332,500 at 5% down — a difference of tens of thousands in interest over 30 years. Enter both scenarios above to see your exact numbers.
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