Mortgage Calculator
Estimate your monthly home loan payment, total interest and total cost in seconds.
Estimated Monthly Payment
$0
| Total of payments | $0 |
| Total interest paid | $0 |
| Number of payments | 0 |
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How the mortgage calculator works
This calculator estimates your fixed monthly mortgage payment based on three inputs: the loan amount (principal), the annual interest rate, and the loan term in years. It uses the standard amortization formula:
M = P · r · (1 + r)n / ((1 + r)n − 1)
where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12).
What's included
The result shows your monthly principal and interest payment, the total amount you will pay over the life of the loan, and the total interest. Property taxes, homeowners insurance, PMI and HOA fees are not included — your actual housing payment may be higher.
Tips to lower your payment
- Make a larger down payment to reduce the loan amount.
- Shop multiple lenders to secure a lower interest rate.
- Consider a shorter term — higher monthly payment, far less total interest.