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Mortgage Calculator

Estimate your monthly payment, total interest, and payoff cost on a home loan.

$2,023
/ month
Loan amount
$320,000
Total interest
$408,142
Total paid
$728,142

What this tool does

Estimates your monthly principal-and-interest payment on a fixed-rate home loan from the home price, down payment, interest rate, and term — plus the total interest you'd pay over the life of the loan and the total amount repaid.

Calculated instantly in your browser as you type.

How to use this tool

1Enter the home price and the down payment you plan to put in — the loan amount is the difference.
2Enter the annual interest rate you've been quoted and the term in years (usually 15 or 30).
3Read the monthly payment, then the total interest and total paid over the full term.
4Try a larger down payment or a shorter term to see how much interest each one saves.

What's in the payment — and what isn't

This shows principal and interest only. Your actual monthly bill from a lender usually also includes, via an escrow account:

  • Property tax
  • Homeowners insurance
  • Private mortgage insurance (PMI), typically required with less than 20% down
  • HOA or condo dues, where they apply

The calculation uses the standard amortisation formula — the same one lenders use:

M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

where P is the loan amount, r is the monthly rate (annual ÷ 12), and n is the number of payments (years × 12). Early payments are mostly interest; the principal share grows every month.

FAQ

Why is my real mortgage bill higher than this estimate?
Lenders bundle property tax, homeowners insurance, and often PMI or HOA dues into the monthly payment. Principal and interest is usually the largest single piece, but not the whole bill.
15-year or 30-year term?
A 15-year loan has a higher monthly payment but a much lower rate and far less total interest. A 30-year keeps the monthly figure affordable but costs more overall. Run both here and compare the total-interest numbers.
How much does a bigger down payment save?
Two ways: it shrinks the loan (less interest on a smaller balance) and, once you hit 20% down, it usually removes PMI. Try 10% vs 20% in the tool to see the monthly and lifetime difference.
Does this handle extra or biweekly payments?
Not directly — it assumes equal monthly payments for the full term. As a rule of thumb, one extra payment a year on a 30-year loan knocks roughly four to five years off it.
Is my data sent anywhere?
No. Everything is calculated locally in your browser and never leaves your device.

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