Estimate your monthly home loan payment in seconds — principal and interest, total interest over the life of the loan, and the full cost of the home.
Buying a home is the biggest purchase most people ever make, and the headline price tells you almost nothing about what you will actually pay each month. This mortgage calculator turns three simple inputs — the loan amount, the interest rate and the term — into the number that really matters: your monthly principal-and-interest payment. It also shows the total amount repaid over the whole loan and how much of that is pure interest, so you can see the true cost of borrowing before you sign anything.
The tool covers the core of any fixed-rate repayment mortgage. It does not add property taxes, homeowners insurance, HOA dues or private mortgage insurance (PMI), which together make up the "PITI" figure your lender quotes — so treat the result as the loan portion of your payment and add those local costs on top. Because it runs entirely in your browser, nothing you type is stored or sent anywhere.
The calculator uses the standard amortization formula for a fixed-rate loan:
Each month, interest is charged on the outstanding balance and the rest of your payment reduces the principal. Early on, most of your payment is interest; later, most of it pays down the balance. This shift is called amortization, and it is why paying a little extra in the first years saves so much interest — you knock out balance that would otherwise have accrued interest for decades.
| Loan | Term | Rate | Monthly P&I | Total interest |
|---|---|---|---|---|
| $300,000 | 30 yr | 6.0% | $1,799 | $347,500 |
| $300,000 | 30 yr | 6.5% | $1,896 | $382,600 |
| $300,000 | 30 yr | 7.0% | $1,996 | $418,500 |
| $300,000 | 15 yr | 6.5% | $2,613 | $170,400 |
| $400,000 | 30 yr | 6.5% | $2,528 | $510,200 |
Principal and interest only. Taxes, insurance, HOA and PMI are extra. Figures rounded.
Don't confuse the loan amount with the home price. The calculator wants what you are borrowing — subtract your down payment first. Don't forget the extras. Property tax and insurance can add hundreds of dollars; lenders escrow these, so your real bill is higher than the P&I shown here. Watch the term, not just the rate. Stretching to 30 years lowers the payment but can double your total interest. And remember that an adjustable-rate mortgage (ARM) only fixes the rate for an introductory period — this tool assumes the rate stays constant, so use it for fixed-rate loans or for the fixed phase of an ARM.
It uses the amortization formula M = P·r·(1+r)ⁿ/((1+r)ⁿ−1), where P is the loan amount, r is the monthly interest rate and n is the number of monthly payments. Each payment covers the interest due that month plus a portion of the principal.
No. It shows only principal and interest. Property taxes, homeowners insurance, HOA fees and PMI are billed on top of this, so your full monthly housing cost will be higher than the figure shown.
A 15-year loan has a higher monthly payment but dramatically lower total interest. A 30-year loan is easier to afford month to month but costs far more overall. Choose based on the monthly payment you can sustain and your interest-saving goals.
On a $300,000 30-year loan, dropping from 6.5% to 5.5% lowers the monthly payment by roughly $190 and saves about $70,000 in total interest. Even a 0.25% lower rate is worth shopping for.
Yes, indirectly. Lower the loan amount or shorten the term to approximate paying down principal faster. Any extra you put toward principal reduces the balance that interest is charged on, which shortens the loan and cuts total interest.
Private mortgage insurance is usually required when your down payment is under 20%, and it is not included here. Add the lender's PMI quote to the monthly payment until you reach about 20% equity, at which point it can typically be removed.