Mortgage Calculator
Estimate your monthly mortgage payment based on home price, down payment, loan term, and interest rate.
Quick Answer
This mortgage calculator computes your monthly payment based on loan amount, interest rate, and loan term using the standard amortization formula M = P × [r(1+r)^n]/[(1+r)^n–1]. Enter your home price, down payment, rate, and term to see your full payment breakdown including principal and interest.
How to Use This Calculator
Use this mortgage payment calculator to estimate how much house you can afford. Enter the total home price, then set your down payment percentage — most lenders require between 3% and 20%. Choose your loan term (15 or 30 years are the most common options) and enter the annual interest rate. This mortgage affordability calculator instantly shows your estimated monthly payment, total interest paid, and a full amortization breakdown showing how much goes to principal versus interest over the life of the loan.
How Mortgage Payments and Amortization Work
A mortgage payment consists of two parts: principal (reducing your loan balance) and interest (the cost of borrowing). In the early years, most of each payment goes toward interest. Over time, a larger share goes toward principal — this process is called amortization. Use this loan amortization calculator to see exactly how each payment is applied. A shorter loan term means higher monthly payments but significantly less total interest. Even a half-point difference in rate can save or cost tens of thousands of dollars over 15 to 30 years.
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Also try our free Mortgage Amortization Schedule template
Create a detailed mortgage amortization schedule. See exactly how much principal and interest you pay each month over the loan term.
Download Mortgage Amortization Schedule