Calculate monthly mortgage payment, total interest and full amortization schedule.
A mortgage calculator estimates your monthly home loan payment based on the home price, down payment, interest rate, and loan term — giving you a realistic number before you start house hunting or talk to a lender. It's usually one of the first things buyers check when figuring out what price range actually fits their budget.
It's easy to fall in love with a house that's outside your realistic monthly budget once taxes and interest are factored in. This tool exists so you can quickly test different home prices, down payments, and rates to see how the monthly payment shifts, before you're sitting across from a loan officer.
The calculation uses the standard mortgage amortization formula based on your loan amount (home price minus down payment), monthly interest rate, and number of payments. For a $300,000 home with a 20% down payment ($60,000) at 6.5% interest over 30 years, the estimated monthly payment lands around $1,517 — before property taxes or insurance, which vary by location and aren't included here.
No, this calculates principal and interest only. Taxes and insurance vary widely by location and would need to be added separately for a full monthly estimate.
A 15-year term has higher monthly payments but far less total interest, while a 30-year term is more affordable monthly but costs more in interest over time.
A larger down payment reduces the loan amount, which lowers both your monthly payment and the total interest paid over the loan.
This calculator assumes a fixed interest rate for the full term; adjustable-rate mortgages would need separate calculations as the rate changes.
Yes, you can enter your remaining balance and a new rate/term to see how refinancing might change your monthly payment.