Mortgage Calculator
Estimate monthly mortgage payments, total interest, payoff schedule, and loan scenarios.
Monthly Payment
$1,517
Principal & Interest
$1,517
Loan Amount
$240,000
Total Interest
$306,107
Total Cost
$546,107
Cost Breakdown
How This Mortgage Calculator Helps You Plan
Use this free mortgage calculator to estimate the real monthly cost of a home loan before you talk to a lender or make an offer. Enter the loan amount, interest rate, term, and optional down payment to see the estimated principal and interest payment, total interest over the life of the loan, and an amortization-style breakdown. It is useful for comparing 15-year vs. 30-year loans, testing different interest rates, and understanding how a larger down payment changes your budget. Results are for planning only and should be checked with your lender, because taxes, insurance, HOA fees, closing costs, and local rules can change the final payment.
Core Features
Monthly principal and interest estimate
Total payment and lifetime interest summary
Principal vs. interest breakdown for quick comparison
Common Use Cases
Compare loan terms before applying
Run the same loan amount through 15-year, 20-year, and 30-year terms to see how the monthly payment and lifetime interest change before talking to a lender.
Estimate affordability while house hunting
Check whether a listing price fits your budget by adjusting the down payment, interest rate, and repayment period before you schedule a showing or make an offer.
Test interest rate and down payment scenarios
Model how a larger down payment or a different mortgage rate affects the amount financed, the monthly payment, and the long-term cost of the loan.
How to Calculate Your Mortgage Payment in 5 Steps
- 1
Enter the home price or total amount you expect to borrow.
- 2
Add your down payment if you want the calculator to estimate the financed amount.
- 3
Type the annual interest rate as a percentage, such as 6.75.
- 4
Choose the loan term in years, commonly 15, 20, or 30 years.
- 5
Review the monthly payment, total interest, and payment breakdown before comparing another scenario.
Mortgage Calculator FAQs: Your Questions Answered
It uses the standard fixed-rate amortization formula with your loan amount, monthly interest rate, and total number of payments. The result estimates principal and interest, not every possible homeownership cost.
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