Mortgage Calculator
Estimate your monthly mortgage payment from the home price, down payment, interest rate, and loan term. This is useful when comparing houses and loan offers in the United States, where a 30-year or 15-year fixed mortgage is common.
Disclaimer: Results are estimates for planning only and are not financial advice. Interest rates, fees, taxes, and lender terms vary. Check with your bank or a qualified financial adviser before borrowing or investing.
How to use
- Enter the home price and your planned down payment.
- Enter the annual mortgage interest rate.
- Choose 30, 20, or 15 years, or another term.
- Click Calculate to see the loan amount and the monthly principal and interest payment.
- Add property tax and insurance separately if you want the full monthly housing cost.
Frequently asked questions
What does the mortgage payment include?
This result is principal and interest only. A real monthly housing payment often also includes property taxes, homeowners insurance, and, with a small down payment, private mortgage insurance.
How much does a 20% down payment change the payment?
A larger down payment lowers the loan amount, so the monthly payment and total interest both fall. It may also remove the need for private mortgage insurance.
Is a 15-year mortgage always better than a 30-year mortgage?
A 15-year term usually saves a lot of interest but has a much higher monthly payment. Choose the term you can afford comfortably every month, not only the cheapest total.
Why do two lenders quote different payments?
Rates, points, fees, and closing costs differ. Compare the annual percentage rate and the full loan estimate, not only the monthly payment.