Mortgage Calculator
Estimate monthly mortgage payments from price, down payment, rate and term.
How to use this tool
- Enter home price, down payment (amount or %).
- Set interest rate and loan term.
- Toggle property tax/HOA if you want them included.
- Calculate a full monthly payment breakdown and schedule.
How it works
Principal = price − down payment. Monthly rate = annual rate / 12. Payment follows the amortization formula; each month shows interest, principal and remaining balance.
Tips
- A 1% lower rate can save tens of thousands in interest.
- Extra principal payments shorten the term dramatically — see the schedule.
- Compare 15-year vs 30-year scenarios before choosing.
Limitations
Estimates don't include escrow items, PMI, points or fees unless added. Rates change daily — confirm with lenders.
Frequently asked questions
How is the monthly payment calculated?
Using the standard formula: P = L · r · (1+r)ⁿ / ((1+r)ⁿ − 1), where L is the principal, r is the monthly rate (annual / 12) and n is the number of monthly payments.
What else should I budget beyond the payment?
Property tax, homeowners insurance, HOA dues and maintenance — typically 1–2% of home value per year on top of the payment.
What does an interest rate of X% really cost?
The schedule shows total interest over the full term, so you can compare rates side by side.