Mortgage Calculator
Calculate monthly mortgage payment, total interest, and amortization details.
Result
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What is this?
The Mortgage Calculator estimates the monthly payment for a home loan from the purchase price, down payment percentage, interest rate, and loan term, and shows the total interest you would pay over the life of the loan. It is the fastest way to test affordability before talking to a lender.
Enter a home price of 350,000 with 20 percent down, a 6.5 percent rate, and a 30-year term, and the tool derives the loan amount of 280,000 and the standard amortising payment. The total-interest line is often the eye-opener: on long terms at moderate rates, total interest can approach or exceed the original loan, which is why even a 0.5 percent rate reduction or a shorter term saves tens of thousands.
The 28 percent guideline offers a sanity check: lenders historically prefer housing costs at or below 28 percent of gross monthly income, so compare the computed payment against that ceiling. Note that the estimate covers principal and interest only; property tax, insurance, and any HOA fees come on top and vary by location.
Experiment freely - every scenario is computed on your device and nothing is submitted to any server.
Enter a home price of 350,000 with 20 percent down, a 6.5 percent rate, and a 30-year term, and the tool derives the loan amount of 280,000 and the standard amortising payment. The total-interest line is often the eye-opener: on long terms at moderate rates, total interest can approach or exceed the original loan, which is why even a 0.5 percent rate reduction or a shorter term saves tens of thousands.
The 28 percent guideline offers a sanity check: lenders historically prefer housing costs at or below 28 percent of gross monthly income, so compare the computed payment against that ceiling. Note that the estimate covers principal and interest only; property tax, insurance, and any HOA fees come on top and vary by location.
Experiment freely - every scenario is computed on your device and nothing is submitted to any server.
Formula
Monthly Payment = L x r x (1 + r)^n / ((1 + r)^n - 1)
L = loan amount (price minus down payment), r = annual rate / 12 / 100, n = months
L = loan amount (price minus down payment), r = annual rate / 12 / 100, n = months
Frequently Asked Questions
How much can I afford?
A common rule is your monthly payment should not exceed 28% of your gross monthly income.