This mortgage calculator helps homebuyers estimate monthly payments before speaking with a lender. Adjust the principal, interest rate, and term to compare affordability scenarios and understand the lifetime cost of borrowing.
Interactive calculator
Estimated monthly payment
$2,270.09
Principal and interest only
Total of all payments
$817,233.60
Total interest paid
$467,233.60
How to use
Step 1
Enter the loan amount you expect to borrow after the down payment.
Step 2
Set the annual interest rate offered by your lender or a hypothetical rate you want to test.
Step 3
Choose the number of years in the mortgage term to compare affordability and total cost.
Formula and method
Monthly mortgage payments use the standard amortization formula M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is principal, r is monthly interest, and n is the number of monthly payments.
Frequently asked questions
No. This version focuses on principal and interest so it stays fast and easy to compare. Property tax, homeowners insurance, HOA dues, and PMI can be added later when evaluating a final budget.
Spreading the balance across more months reduces the required monthly payment, but it typically increases the total interest paid over the life of the loan.
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Calculate the final sale price and savings from a discount percentage.