Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and see a complete amortization breakdown. Adjust home price, down payment, interest rate, and loan term.
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20.0% of home price
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How to Use the Mortgage Calculator
Our mortgage calculator helps you estimate your monthly home loan payment based on the home price, down payment, interest rate, and loan term. Simply enter your values above to see instant results. The calculator uses the standard amortization formula used by banks and lenders nationwide.
Understanding Your Mortgage Payment
Your monthly mortgage payment consists of principal and interest (P&I). The principal is the amount you borrowed, and interest is the cost of borrowing that money. In the early years of your mortgage, a larger portion of your payment goes toward interest. Over time, more of your payment goes toward reducing the principal balance.
Tips for Getting a Lower Mortgage Rate
A lower interest rate can save you tens of thousands of dollars over the life of your loan. Consider improving your credit score above 740, making a larger down payment (20% or more to avoid PMI), shopping multiple lenders, and considering a shorter loan term like 15 years for a lower rate.
Quick Tips
- 0120% down payment eliminates PMI
- 0215-year terms have lower rates than 30-year
- 03Credit score above 740 gets best rates
- 04Compare at least 3 lenders before deciding