Mortgage Calculator
Calculate your monthly mortgage repayments and total interest over the full loan term.
Down payment
Loan term
How it works
M = P × [r(1 + r)^n] / [(1 + r)^n − 1] M = Monthly payment P = Principal (home price − down payment) r = Monthly interest rate (annual ÷ 12 ÷ 100) n = Total number of payments (years × 12) Total Interest = (M × n) − P Total Cost = Home Price + Total Interest
Enter your home price, down payment (as amount or percentage), and interest rate. Select your loan term (10–30 years) and optionally add property tax and home insurance. The calculator shows your exact monthly payment, total interest over the loan life, and a year-by-year amortization breakdown. Use the extra payment calculator to see how small increases in your monthly payment can shorten the loan and save thousands in interest.
Why this matters
A mortgage is typically the largest financial commitment you'll make. A 0.5% difference in interest rate adds tens of thousands in interest over 30 years. A 10% higher down payment shrinks your loan and monthly obligation significantly. This calculator lets you test scenarios instantly: What if I put down 20% instead of 10%? What if rates drop to 6%? What if I pay an extra $200/month? Seeing the impact—months saved, interest saved—makes the financial stakes clear and helps you make an informed decision.
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Learn more
The complete guide to mortgage calculator
Formulas, examples, and tips explained in plain English