Mortgage Calculator
Estimate monthly mortgage payment from home price, down payment and interest rate.
Results are provided for general informational use. Verify important financial, health or legal figures before relying on them.
About this Mortgage Calculator
The Mortgage Calculator estimates a fixed monthly principal-and-interest payment for a home loan. It subtracts your down payment from the home price to find the loan amount, then applies the standard amortization formula used by most fixed-rate mortgages.
For related tasks, try Loan EMI Calculator, Car Loan Calculator or Compound Interest Calculator.
How the calculation works
The loan amount equals home price minus down payment. The monthly payment uses the standard amortization formula: payment = 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.
How to use it
- Enter the home price and down payment.
- Enter the annual interest rate and loan term in years.
- Calculate to see the monthly payment, total payment and total interest.
Practical example
For a 300,000 home with a 60,000 down payment, a 6% annual rate and a 30-year term, the loan amount is 240,000 and the calculator returns a fixed monthly principal-and-interest payment.
Frequently asked questions
Does this include property tax and insurance?
No. This estimates principal and interest only; taxes, homeowners insurance, mortgage insurance and HOA fees are not included.
What loan term should I use?
Common fixed-rate terms are 15, 20 and 30 years; use whichever matches your actual loan offer.
Can I compare different down payments?
Yes. Change the down payment amount and recalculate to see how it affects the monthly payment.
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