Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and see how much home you can afford.
How it works
This mortgage calculator uses the standard mortgage payment formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is the monthly payment, P is the loan amount (home price minus down payment), r is the monthly interest rate, and n is the number of payments. It calculates your monthly payment, total interest paid, and total amount paid over the life of the loan.
Example
For a $300,000 home with a $60,000 down payment (20%), a 6.5% interest rate, and a 30-year term, your monthly payment would be $1,516.69. Over 30 years, you'll pay $305,999.04 in interest, for a total payment of $545,999.04.
Frequently asked questions
How much should I put down on a house?
A 20% down payment is ideal as it helps you avoid private mortgage insurance (PMI) and reduces your monthly payment. However, many loans allow down payments as low as 3-5%. The more you put down, the less you'll pay in interest over time.
What is included in a mortgage payment?
A typical mortgage payment includes principal (the loan amount), interest, property taxes, and homeowners insurance. This is often called PITI. Some payments may also include HOA fees or PMI if you put down less than 20%.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you'll pay significantly less interest over the life of the loan. A 30-year mortgage has lower monthly payments but costs more in total interest. Choose based on your budget and financial goals.
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