Mortgage Calculator
Estimate the monthly principal-and-interest payment on a fixed-rate home loan from the purchase price, down payment, interest rate, and term.
- Amount financed = $350,000.00 − $70,000.00 = $280,000.00. Down payment is 20.0%.
- Monthly rate = 6.5% / 12 = 0.541667% and 360 payments.
- Monthly principal and interest = P·i·(1+i)^n / ((1+i)^n − 1) = $1,769.79.
- Total paid = $1,769.79 × 360 = $637,124.57; total interest = $357,124.57.
Embed Mortgage Calculator
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All calculations run locally in your browser. Your entered values are not sent to an external service.
How to Use the Mortgage Calculator
Enter the home price and the cash down payment, then the annual interest rate and the term in years. Select Calculate Payment to see the amount financed and the fixed monthly principal-and-interest payment.
- Enter the purchase price.
- Enter the down payment in dollars. The tool reports that amount as a percent of the price.
- Enter the annual rate and the term, then select Calculate Payment.
This estimate is principal and interest only. A lender’s monthly figure often adds property taxes, homeowners insurance, and mortgage insurance. Those extras are not computed here.
The Mortgage Payment Formula
P is the amount financed (price minus down payment), i is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments (years times 12). Equal payments bring the balance to zero at the end of the term.
When the rate is zero, the payment is simply P divided by n. A 15-year $300,000 loan at 0% is $1,666.67 per month and no interest.
Mortgage Calculator Examples
Twenty percent down on a 30-year loan
A $350,000 home with $70,000 down finances $280,000. At 6.5% for 30 years there are 360 payments of about $1,769.79. Total paid is about $637,124.57, of which about $357,124.57 is interest.
A 15-year mortgage
Financing $320,000 at 6% for 15 years gives 180 payments of about $2,700.34. The monthly payment is higher than a 30-year loan on the same principal, but total interest is much lower — about $166,061.53.
Ten percent down
A $250,000 home with $25,000 down finances $225,000. At 7% for 30 years the payment is larger than the 20% example because more is borrowed and the rate is higher.
Interest-free term
A $300,000 balance at 0% over 15 years is $300,000 ÷ 180 = $1,666.67 per month, with $0.00 interest.
How This Differs from the Loan Calculator
The Loan Calculator starts from an amount you already plan to borrow. This page starts from a home price and a down payment, then derives the amount financed. Use the Loan Calculator for a personal loan or a known principal. Use this page when the question is “what would the house payment be if I put this much down?”
The Auto Loan Calculator adds a trade-in. Simple Interest uses I = Prt and does not amortize a monthly payment.
Common Mortgage Mistakes
Treating the monthly payment as the full housing cost
This tool reports principal and interest only. Taxes, insurance, HOA dues, and mortgage insurance can add hundreds of dollars.
Entering the down payment as a percent in the dollar box
Enter dollars. A 20% down payment on $350,000 is $70,000, not 20.
Comparing 15-year and 30-year payments without total interest
The 15-year payment is higher, but the interest total is usually much smaller.
Using the annual rate as if it were monthly
Enter the annual rate. The calculator divides by 12.
A down payment equal to the price
If you pay cash, there is no mortgage to amortize. The down payment must be less than the price.
Mortgage Calculator FAQs
How is a mortgage payment calculated?
Subtract the down payment from the price, then use the amortization formula with a monthly rate and the number of months.
Does this include taxes and insurance?
No. It estimates principal and interest only.
What is the amount financed?
Home price minus the down payment.
Can I enter a 0% rate?
Yes. The payment is the amount financed divided by the number of months.
How is this different from the Loan Calculator?
This page starts from price and down payment. The Loan Calculator starts from a known loan amount.
Are my numbers sent to a server?
No. The calculation runs locally in your browser.
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Reviewed by Prof. Dr. Khalil Mudassar (PhD) · Last updated: [mc_modified_date]
Sources
Disclaimer
This calculator is for general educational use and provides estimates only. It is not financial, tax, or lending advice. Confirm the rate, fees, taxes, insurance, and closing costs with a licensed lender before you decide.