Mortgage Calculator
Enter the home price, your down payment, the rate and the term. We work out your monthly payment, including tax and insurance, and the total interest over the loan.
This calculator gives estimates for information only. It is not financial, tax or legal advice. Real results depend on lender terms, fees and local rules.
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The formula
Principal and interest = P x r / (1 - (1 + r)^-n). Total monthly cost = principal and interest + property tax / 12 + insurance / 12 + HOA.
What goes into a mortgage payment
- Principal: pays down what you borrowed
- Interest: what the lender charges
- Property tax: usually collected monthly into an escrow account
- Insurance: home (and sometimes mortgage) insurance
- HOA or service charges: if the property has them
People often compare only the principal and interest figure, then get surprised by the bill. We show both so you see the real monthly cost.
A worked example
A 300,000 home with 20 percent down means borrowing 240,000. At 6.5 percent over 30 years, principal and interest is 1,516.96 a month. Add property tax of 1.2 percent (300 a month), insurance of 1,200 a year (100 a month) and the total is 1,916.96 a month.
Over 30 years you would pay about 306,000 in interest, more than the amount you borrowed. That is why the term and the rate matter so much.
15 years or 30 years?
A 15-year mortgage has a bigger monthly payment but a lower rate and far less interest. A 30-year loan keeps payments lower and gives you flexibility, and you can still pay extra when money allows. Compare both in the calculator.
How much house can I afford?
A common rule of thumb is to keep housing costs at or below about 28 percent of your gross monthly income, and total debts below about 36 percent. Lenders have their own limits, and your situation may differ.
Examples to check
Type these into the calculator above to see how it behaves. Every result below was produced by the same calculator code that runs on this page.
| What you enter | What you get |
|---|---|
| Home price ($): 300000; Down payment ($): 60000; Interest rate (% a year): 6.5; Loan term (years): 30; Property tax (% of price per year): 1.2; Home insurance ($ per year): 1200 | Monthly payment (principal and interest): $1,516.96; Total monthly housing payment: $1,916.96 |
| Home price ($): 450000; Down payment ($): 90000; Interest rate (% a year): 6; Loan term (years): 15; Property tax (% of price per year): 1; Home insurance ($ per year): 1500 | Monthly payment (principal and interest): $3,037.88; Total monthly housing payment: $3,537.88 |
| Home price ($): 200000; Down payment ($): 20000; Interest rate (% a year): 7; Loan term (years): 30 | Monthly payment (principal and interest): $1,197.54 |
Mortgage Calculator: frequently asked questions
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the money. APR also includes lender fees and some other charges, so it is a better way to compare offers. This calculator uses the interest rate you enter, so add fees separately if there are any.
Does paying extra each month really help?
Yes, a lot. Extra payments go straight to the principal, so you pay less interest on every later month. Try the extra payment box to see how many months and how much interest you save.
Is this financial advice?
No. It gives an estimate from the numbers you enter. Real offers depend on fees, tax and the lender or provider, so check the terms before you commit.
Is what I enter in this calculator saved or sent anywhere?
No. The calculation runs in your browser, so what you enter is not sent to our servers. We only count, anonymously, whether a tool ran successfully.
Is this calculator free to use?
Yes. It is free, needs no sign-up and has no usage limit.
Last reviewed: October 3, 2026