Mortgage Calculator

Home Price

Down Payment

Loan Term (Years)

Yrs

Interest Rate

Monthly Payment

—

Principal and Interest

Quick Tips

A higher down payment reduces your loan amount and monthly payment.
A shorter loan term means higher monthly payments but significantly less total interest paid.
Interest rates greatly impact the total cost of your mortgage over time.
Don't forget to budget for property taxes, home insurance, and maintenance costs.
Making one extra payment a year can shave years off your mortgage.

History

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About Mortgage Calculator

The Mortgage Calculator helps you estimate your monthly home loan payment in seconds. Simply enter the home price, down payment, loan term, and interest rate to see your standard monthly payment, interest-only payment, and a breakdown of principal versus interest. Whether you're planning to buy your first home, refinance an existing loan, or just comparing different loan scenarios, this tool gives you a quick and accurate picture of what you can expect to pay each month. It also helps you understand how changes in down payment, loan term, or interest rate affect your total cost over the life of the loan.

How to Use

Enter the Home Price the total purchase price of the property.
Enter your Down Payment the upfront amount you plan to pay.
Enter the Loan Term in years (e.g., 15, 20, or 30).
Enter the Interest Rate offered by your lender.
Click Calculate to see your estimated Monthly Payment, along with Standard Repayment, Interest Only, and Principal & Interest breakdowns.

Frequently Asked Questions

How is my monthly mortgage payment calculated?

Your monthly payment is calculated based on the loan amount (home price minus down payment), the interest rate, and the loan term using the standard amortization formula.

Does this calculator include property tax and insurance?

No, this calculator estimates principal and interest only. Property taxes, home insurance, and HOA fees should be added separately for a full monthly cost estimate.

How does the down payment affect my monthly payment?

A larger down payment reduces your loan amount, which lowers both your monthly payment and the total interest paid over the loan term.

What's the difference between a 15-year and 30-year mortgage?

A 15-year mortgage has higher monthly payments but significantly less total interest paid, while a 30-year mortgage has lower monthly payments but more interest over time.

Is this Mortgage Calculator free to use?

Yes, it's completely free with no sign-up required.

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