Free Mortgage Calculator
Enter the home price, down payment, interest rate and term to get your monthly principal-and-interest payment — plus the loan amount, total interest and total lifetime cost of the mortgage.
How to Use the Mortgage Calculator
- Enter the home price and down payment %.
- Enter the annual rate and loan term.
- Click Calculate Mortgage for monthly payment and total interest.
Features
Computes the amortizing payment from the financed amount after down payment, then totals interest over the full term so you grasp the true price of the house, not just the sticker price.
Benefits & Use Cases
Home buyers test affordability before house-hunting, compare 15 vs 30-year terms, and see how a bigger down payment shrinks both payment and lifetime interest.
Tips
This covers principal and interest only — taxes, insurance and HOA (PITI) add hundreds more monthly. Get those estimates from local listings.
Frequently Asked Questions
How is the monthly payment calculated?
With the standard mortgage formula on the loan amount (price minus down payment), using the monthly rate over the term in months.
What is a good down payment?
20% avoids private mortgage insurance in the US, but many buyers put down less — the tool shows the tradeoff.
15-year vs 30-year mortgage?
15-year means higher payments but far less total interest; 30-year is easier monthly but costs much more over time.
Does it include property tax and insurance?
No — it covers principal and interest. Add local tax and insurance estimates for the full PITI payment.
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