Finance calculator
What will my mortgage payment be?
Estimate your monthly mortgage payment using home price, down payment, interest rate, and loan term. This calculator focuses on principal and interest so you can quickly compare scenarios before layering in taxes or insurance.
Try the calculator
Enter your loan details and see the payment update instantly.
How mortgage payments work
A fixed-rate mortgage spreads repayment evenly across the full loan term. Each payment includes interest on the remaining balance plus a portion of principal. Over time, the interest portion falls while principal grows.
The standard formula is: Payment = P x (r(1+r)^n) / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
Example scenario
Suppose you buy a $360,000 home with a $60,000 down payment, resulting in a $300,000 loan. At 6.25% for 30 years, the payment is about $1,847 per month (principal and interest only). Use the calculator to test different rates or terms.
What this means
- - A shorter term (15 years) increases the monthly payment but lowers total interest.
- - Even a small rate change can shift the payment by hundreds of dollars.
- - Down payments reduce the loan amount and may avoid mortgage insurance.
- - Compare payments at multiple price points to set a realistic budget.
What to do next
Run your payment against your real monthly income and keep housing costs within a range that still lets you save.
FAQ
How is a mortgage payment calculated?
Mortgage payments use the standard amortization formula that combines principal, interest rate, and number of payments to produce a fixed monthly amount.
Does the calculator include taxes and insurance?
This calculator estimates principal and interest only. Property taxes, homeowners insurance, and HOA fees vary by location and should be added separately.
What happens if my interest rate is 0%?
With a 0% rate, the payment is simply the loan amount divided by the total number of months in the term.