Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and see how principal and interest break down over the life of the loan.
Use calculatorQuestions & answers
How to Use the Mortgage Calculator
Enter the home price, your down payment, the interest rate, and the loan term. The calculator instantly shows your estimated monthly principal and interest payment, the total amount you'll pay over the life of the loan, and the total interest cost. The bar chart visualizes how much of your total cost goes to principal versus interest.
The Mortgage Payment Formula
M = monthly payment
P = loan principal (price − down payment)
r = monthly interest rate (annual rate ÷ 12)
n = total number of payments (years × 12)
Example Calculation
For a $400,000 home with a $80,000 down payment (20%) at 6.5% for 30 years:
- Loan principal: $400,000 − $80,000 = $320,000
- Monthly rate: 6.5% ÷ 12 = 0.5417%
- Number of payments: 30 × 12 = 360
- Monthly payment: $2,022
- Total paid over 30 years: about $728,000, of which roughly $408,000 is interest
Monthly Payment by Loan Term
On a $320,000 loan at 6.5% interest:
| Term | Monthly Payment | Total Interest |
|---|---|---|
| 30 years | $2,022 | $408,000 |
| 20 years | $2,386 | $252,600 |
| 15 years | $2,788 | $181,800 |
| 10 years | $3,634 | $116,100 |
Disclaimer: Estimates are for informational purposes only and do not include taxes, insurance, or PMI. This is not financial advice. Consult a licensed mortgage professional.