Mortgage Calculator
Estimate your monthly mortgage payment including principal and interest. Compare 15-year and 30-year terms, adjust your down payment, and see total interest paid over the life of the loan.
Understanding Mortgage Payments
A mortgage payment consists of principal (the loan balance) and interest (the cost of borrowing). Most mortgages use amortization, meaning each monthly payment is the same amount but the ratio of principal to interest shifts over time.
Amortization Formula
M = P[r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the loan principal, r is the monthly interest rate, and n is the total number of payments.
Additional Costs
This calculator shows principal and interest only. Your actual payment may also include property taxes, homeowners insurance, PMI (if down payment is less than 20%), and HOA fees.