Mortgage Calculator

About this tool

A mortgage is the biggest loan most people ever take, and small differences in rate or term translate into tens of thousands of dollars over the life of the loan. Guessing at the monthly payment is not good enough when the stakes are this high.

This mortgage calculator shows your exact monthly payment from the home price, down payment, interest rate, and loan term - plus the total you will pay and how much of it is interest.

How to use

Enter the home price and your down payment in dollars, the annual interest rate as a percentage, and the loan term in years (30 and 15 are the most common).

Press Calculate Mortgage to see your monthly payment for principal and interest, the total paid over the life of the loan, and the total interest. Try different down payments or rates to feel how much each choice costs you.

The math behind it

Monthly payments use the standard amortization formula: M = P x r / (1 - (1+r)^-n), where P is the loan amount (price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments.

For example, a $240,000 loan at 6.5% for 30 years gives a monthly payment of about $1,517. Note this covers principal and interest only - taxes and insurance are usually extra.

Frequently asked questions

Related tools