Estimate your monthly mortgage payment in seconds. Enter your loan amount, interest rate, and loan term to see an estimated principal-and-interest payment, total interest, and total amount repaid.
This mortgage calculator is designed for planning and comparison. Try different loan amounts, down payments, rates, and terms to understand how each choice can affect your monthly budget.
How to use the Mortgage Calculator
- Enter the amount you expect to borrow. This is usually the home price minus your down payment.
- Add the annual interest rate offered or estimated by a lender.
- Choose the loan term, such as 15, 20, or 30 years.
- Select Calculate to view your estimated monthly principal-and-interest payment.
For a more complete monthly housing estimate, also include property taxes, homeowners insurance, mortgage insurance, and any homeowners association fees where applicable.
Mortgage payment example
Suppose you borrow $300,000 at a fixed interest rate of 6.5% for 30 years.
Your estimated monthly principal-and-interest payment would be about $1,896.20.
Over the full 30-year term, you would repay about $682,633.47 in principal and interest. That includes the original $300,000 loan amount plus about $382,633.47 in interest.
This example does not include property taxes, homeowners insurance, mortgage insurance, closing costs, or homeowners association fees.
How mortgage payments are calculated
For a standard fixed-rate mortgage, the monthly principal-and-interest payment is based on:
- The loan amount
- The annual interest rate
- The loan term
- The number of monthly payments
A longer loan term can reduce the monthly payment, but it will usually increase the total interest paid over the life of the loan. A shorter term can increase the monthly payment while reducing total interest.
The calculator uses the standard fixed-rate amortization method. At the beginning of the loan, a larger share of each principal-and-interest payment goes toward interest. As the balance falls, more of each payment goes toward paying down the principal.
Principal interest taxes and insurance
Your calculator result may show only principal and interest. Your actual monthly housing cost can be higher.
Principal is the amount borrowed. Interest is the cost charged by the lender for borrowing that money.
Many borrowers also pay for:
- Property taxes
- Homeowners insurance
- Mortgage insurance, if required
- Homeowners association or condo fees
- Maintenance and repair costs
Taxes and insurance may be collected through an escrow account and included in the amount paid to the mortgage servicer each month. HOA or condo fees are usually paid separately.
How to compare mortgage scenarios
Use this calculator to test one change at a time.
Try comparing:
- A larger or smaller down payment
- A 15-year versus 30-year loan term
- Different interest rates
- A lower-priced home with a smaller loan amount
- A payment estimate before and after adding taxes and insurance
Do not focus only on the lowest monthly principal-and-interest payment. A lower payment may come with a longer repayment term and a higher total interest cost. Consider whether the total monthly housing cost fits comfortably alongside your other expenses.
Frequently asked questions
Private mortgage insurance protects the lender not you and it’s usually required when your down payment
is under 20% of the home price. It’s added to your monthly payment on top of the principal-and-interest
figure this calculator shows. Once you’ve built enough equity (typically 20%), you can usually request its
removal ask your lender about their specific rules.
A 15-year term means higher monthly payments but far less total interest; a 30-year term lowers the payment
but you repay much more interest over the life of the loan, as the page’s amortization section explains. If
the 15-year payment still leaves room for savings and emergencies, it’s the cheaper loan. If it stretches you
thin, a 30-year term with occasional extra principal payments is a flexible middle ground.
A common lender guideline is the 28/36 rule: no more than 28% of gross monthly income on housing, and no
more than 36% on all debt combined. Enter a payment into the Mortgage Calculator, add taxes and insurance,
and check it against those percentages then sanity-check the result in the Budget Planner against your
real spending.
A fixed rate never changes, so your principal-and-interest payment is predictable for the whole term this
calculator assumes a fixed rate. An adjustable rate starts lower but can rise later, which suits buyers who
expect to sell or refinance within a few years. If you’ll stay put long-term, fixed is usually the calmer
choice.
Yes extra payments go straight toward principal, which shrinks the balance that future interest is charged
on. Even one extra payment a year on a 30-year loan can shave years off the term and save tens of thousands
in interest. Run your scenario in the calculator, then ask your lender how to designate extra payments as
principal-only.
Important limitations
This mortgage calculator provides estimates for planning purposes only. It does not provide a loan offer, approval decision, interest-rate quote, or financial advice.
Actual mortgage payments can differ because of lender fees, points, closing costs, credit profile, loan type, rate changes, property taxes, homeowners insurance, mortgage insurance, escrow adjustments, and local requirements. Review official lender documents carefully before making a home-buying or refinancing decision.
For a complete affordability view, use the Budget Planner to compare an estimated mortgage payment with your monthly income and expenses. You can also use the Percentage Calculator to calculate a down payment as a percentage of a home price.
Read our guide: $1,200 Mortgage Payment Is How Much House Can You Afford?
Reviewed by ToolsByMeh
Last reviewed: September 21, 2026
Methodology: standard fixed-rate mortgage amortization calculation.