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About the mortgage calculator
A mortgage is the biggest loan most people ever take, so a small change in the interest rate or the loan term can mean tens of thousands of dollars. This calculator shows the number that matters first: your monthly payment.
Type the home price, the down payment, the interest rate and the loan term. The result updates as you type. Open More options to add property tax, home insurance, mortgage insurance and monthly fees, so you see the *real* monthly cost, not only the bank's part.
You also get the loan amount, the total interest, the date the mortgage is paid off, and a chart of how the balance goes down year by year.
How to use it
- Type the home price and the interest rate per year
- Set the down payment as a percent or as an amount — the buttons give 5%, 10%, 20% and 25%
- Choose the loan term (30 years is the common one in the USA)
- Open More options for property tax, insurance, fees and an extra payment per month
- Tick Show a table for each year to see interest, principal and balance for every year
What is in a mortgage payment?
Most monthly payments have four parts, often called PITI:
| Part | What it is |
|---|---|
| Principal | The part that pays down the loan |
| Interest | What the bank charges for lending you the money |
| Taxes | Property tax, usually paid into an escrow account |
| Insurance | Home insurance — and mortgage insurance if your down payment is small |
The first two make the principal and interest line in the result. The calculator adds the rest from More options.
Monthly payment examples
Loan of 80% of the price (20% down), 30 years at 6.5%, principal and interest only:
| Home price | Loan | Monthly payment | Total interest |
|---|---|---|---|
| $250,000 | $200,000 | $1,264 | $255,089 |
| $300,000 | $240,000 | $1,517 | $306,107 |
| $400,000 | $320,000 | $2,023 | $408,142 |
| $500,000 | $400,000 | $2,528 | $510,178 |
| $600,000 | $480,000 | $3,034 | $612,214 |
How the interest rate changes the payment
A $320,000 loan over 30 years:
| Rate | Monthly payment | Total interest |
|---|---|---|
| 5.0% | $1,718 | $298,419 |
| 5.5% | $1,817 | $334,093 |
| 6.0% | $1,919 | $370,682 |
| 6.5% | $2,023 | $408,142 |
| 7.0% | $2,129 | $446,428 |
| 7.5% | $2,237 | $485,495 |
| 8.0% | $2,348 | $525,297 |
Each extra 0.5% costs about $100 more every month on this loan.
15 years or 30 years?
A shorter loan has a higher payment, but you pay far less interest. On a $320,000 loan:
- 30 years at 6.5%: $2,023 a month, $408,142 interest
- 15 years at 6.0%: $2,700 a month, $166,062 interest
Short loans usually have a lower rate too. Choose the loan term to compare both in seconds.
Pay extra, save a lot
Even a small extra payment per month goes straight to the principal. On the $320,000 loan at 6.5% for 30 years, an extra $200 a month pays the mortgage off in about 23 years and 5 months and saves about $105,000 in interest. Type your extra amount under More options to see your own numbers.
What is PMI?
Mortgage insurance (PMI) is common in the USA when your down payment is under 20%. It protects the lender, not you, and often costs about 0.3%–1.5% of the loan per year. This calculator adds 0.5% automatically below 20% down on English pages — type your own rate to change it, or type 0 to switch it off. It usually ends when you own about 20% of the home.
Frequently asked questions
How do I calculate my monthly mortgage payment?
The bank's part is loan × r ÷ (1 − (1 + r)^−n), where r is the monthly interest rate (the yearly rate ÷ 12) and n is the number of monthly payments. The calculator does this for you, then adds tax, insurance and fees.
How much house can I afford?
A common guide is that your total housing cost should be 28%–36% of your income before tax. Try different home price values until the monthly payment fits. The Rent Affordability Calculator uses the same idea.
Is a bigger down payment better?
Usually yes. It makes the loan smaller, lowers the interest you pay, and at 20% or more it removes mortgage insurance in the USA. Keep some cash for repairs and an emergency fund too.
Does the calculator include property tax and insurance?
Only if you type them under More options: tax as a percent of the home price per year, and insurance as a yearly amount. Leave them empty to see only principal and interest.
What is a yearly table for?
It shows, for every year, how much of your payments went to interest and how much to principal, and the balance left. In the first years most of the payment is interest.
Is this an offer or financial advice?
No. It is a planning tool. Your real rate, fees and rules come from your lender.
Good to know
- Works with any currency — choose it at the top
- Your numbers are saved only in this browser
- Nothing you type is sent anywhere
Related tools
- Auto Loan Calculator — the same idea for a car
- Loan Calculator — any loan, any term
- Rent Affordability Calculator — rent or buy?
- Compound Interest Calculator — what savings grow to
- Emergency Fund Calculator — cash for the unexpected
