Mortgage Calculator
Calculate monthly mortgage payments, total interest costs, and full amortization schedule
How to Use the Mortgage Calculator
Enter the home price, your down payment amount, the annual interest rate, and desired loan term to instantly calculate your monthly principal and interest payment. The calculator also factors in monthly property tax and homeowner's insurance estimates to show your total monthly housing cost (often called PITI — Principal, Interest, Taxes, and Insurance).
Down Payment Impact
A larger down payment reduces your loan amount, monthly payment, and total interest paid. Putting down 20% or more typically eliminates the requirement for Private Mortgage Insurance (PMI), which can add 0.5–1.5% of the loan amount per year to your costs. Our calculator shows the down payment percentage to help you evaluate if you've reached the 20% threshold.
Comparing Loan Terms
A 30-year mortgage has lower monthly payments but significantly higher total interest costs. A 15-year mortgage costs more monthly but saves tens of thousands in interest and builds equity faster. Use our term selector to compare different scenarios. For most homeowners, the choice depends on monthly cash flow needs versus long-term savings goals.