Mortgage Payment Calculator
Calculate monthly mortgage payments and amortization schedule.
Input
Total Monthly Payment
Payment Breakdown
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Understanding Your Monthly Mortgage Payment
Overview
A mortgage payment calculator estimates the monthly cost of a home loan from the loan amount, interest rate, and term. Seeing the payment and the total interest over 15, 20, or 30 years helps you judge how much house you can afford and how term length changes the lifetime cost. The calculation happens locally in your browser.
How to Use (Step by Step)
- 1
Enter the loan amount
Home price minus your down payment.
- 2
Add the rate and term
Use the annual rate and the term in years (the tool converts to months).
- 3
Check principal vs interest
Note how much of the total you pay is interest, especially on longer terms.
How It Works
The core principal-and-interest payment uses the 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. Early in the loan most of each payment is interest; over time the balance falls and more goes to principal. Property tax, insurance, and HOA dues are separate and add to the true monthly housing cost.
When to Use This
Comparing a 15-year and a 30-year mortgage to weigh lower total interest against a higher monthly payment. Estimating how a rate change affects affordability. Setting a price range before house-hunting.
Frequently Asked Questions
This estimates principal and interest. Add property tax, homeowners insurance, and any HOA or PMI separately to get your full monthly housing cost.
Important Notes
This calculator provides estimates for informational purposes only and is not financial advice. Real mortgage costs include taxes, insurance, and PMI that vary by property and lender — consult a qualified mortgage professional before making a decision.