Mortgage Calculator

Calculate your monthly mortgage payment, total interest, and full amortization schedule for any home loan.

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How your mortgage payment is calculated

Your monthly payment combines principal repayment and interest using an amortizing formula — meaning your payment stays constant but the split shifts over time. Early payments are mostly interest; later payments go mostly to principal.

M = P x [r(1+r)n] / [(1+r)n - 1]
P = loan amount, r = monthly interest rate, n = total payments

Look beyond the principal-and-interest payment

A mortgage payment is only one part of the cost of owning a home. Before deciding what feels affordable, estimate property taxes, homeowners insurance, utilities, maintenance, possible association dues, and mortgage insurance when applicable. These costs can change over time.

Run several scenarios rather than searching for one “right” answer. Compare a lower and higher home price, different down payments, and more than one loan term. A longer term can reduce the required monthly payment, while a shorter term may reduce total interest; the trade-off is cash flow versus the speed at which you build equity.

This calculator is an educational estimate, not a loan offer or affordability decision. Lenders use their own underwriting standards and may include costs this calculation does not. Before making an offer, review the official loan estimate and make room in your budget for repairs and an emergency fund.

Read Understanding Mortgage Costs Before You Buy for a checklist.

Frequently asked questions

How much house can I afford?
A common rule is your total housing costs should not exceed 28% of gross monthly income. On an $80,000 salary that is about $1,867 per month. Try different home prices in this calculator until you find a comfortable payment.
Should I get a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay significantly less total interest and build equity faster. A 30-year mortgage gives you lower monthly payments and more cash-flow flexibility. Use both terms in this calculator and compare the total interest paid.
What is PMI and when do I pay it?
Private Mortgage Insurance is required when your down payment is less than 20%. It typically costs 0.5-1.5% of your loan per year. Once your equity reaches 20%, you can usually request its removal from your lender.