Mortgage Calculator
Estimate your monthly home loan payment, total interest over the life of the loan, and a year-by-year amortization summary.
This calculator provides estimates only and is not financial advice. Consult a qualified financial advisor for personalized guidance.
How to use this calculator
Enter the loan amount, annual interest rate, and loan term in years, then click Calculate Payment. The results show your monthly payment, total interest over the life of the loan, and total payment, along with a year-by-year amortization summary showing how much of your payment goes to principal versus interest each year and your remaining loan balance. This calculator covers principal and interest only — it does not include property taxes, homeowners insurance, or PMI.
How is this calculated?
This calculator uses the standard loan 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 (your annual rate divided by 12), and n is the total number of monthly payments (loan term in years × 12). Each month, part of your payment covers interest on the remaining balance and the rest reduces the principal — early payments are interest-heavy, and later payments are increasingly principal-heavy. That shifting split is what the amortization summary above shows year by year.
Frequently Asked Questions
How much house can I afford?
A common guideline is to keep your total monthly housing cost at or below 28% of your gross monthly income. Enter a few loan amounts into the calculator above to see how the monthly payment changes, and compare that figure against your budget — remember this tool only covers principal and interest, not taxes, insurance, or PMI.
What is a good mortgage interest rate?
A "good" rate depends on the current market, your credit score, loan type, and down payment size — it changes frequently, so there is no fixed number that is always good. Shopping quotes from multiple lenders in the same week is the most reliable way to know if a rate you're offered is competitive.
How is my monthly mortgage payment calculated?
Your payment is calculated with the standard loan amortization formula, using your loan amount, interest rate, and loan term. See the "How is this calculated" section below for the full formula and a breakdown of each variable.
Does this calculator include property taxes and insurance?
No. This calculator estimates principal and interest only. Property taxes, homeowners insurance, PMI, and HOA fees are not included, so your actual monthly housing payment will typically be higher than the number shown here.