Mortgage Calculator is a free tool that works out your monthly payment, total interest and payoff schedule from the home price, down payment, rate and term. Add property tax, insurance and HOA to see the full housing cost. Everything is calculated in your browser and nothing is uploaded.
How to estimate a mortgage payment
- Enter the Home price and your Down payment in percent or dollars.
- Set the Interest rate and Loan term, then add yearly tax, insurance and monthly HOA.
- Read the Total per month figure and check the yearly table to see when principal overtakes interest.
- Try an Extra per month amount to see how much sooner the loan ends.
What a $400,000 home looks like at 6.5%
With 20% down, the $320,000 loan costs about $2,022 a month in principal and interest over 30 years, plus roughly $550 for tax and insurance in the defaults above. Total interest is about $408,000 — more than the loan itself, which is why the rate and the term dominate the decision.
15 years or 30 years?
A 15-year term roughly doubles the principal-and-interest payment but can halve the total interest. Use the term selector to compare, and if the 15-year payment is too tight, keep the 30-year term with a fixed extra payment: you get most of the saving with the freedom to skip it in a hard month. To weigh a car or personal loan the same way, use the Loan Calculator.
Frequently asked questions
What does P&I mean?
Principal and interest: the part of the payment that repays the loan itself plus the lender’s interest. Tax, insurance and HOA are added on top to get the full monthly housing cost.
Why is the first year mostly interest?
Interest is charged on the remaining balance, which is largest at the start. As the balance falls, the same payment covers more principal, so the split shifts every month.
How much does an extra $200 a month save?
On a typical 30-year loan it can cut years off the term and tens of thousands in interest. Enter it in the extra-payment box to see your exact payoff date.
Is this a mortgage quote?
No. It is a planning estimator using the standard amortization formula. Lenders add fees, use exact day counts and round differently, so confirm any decision with them.
Last updated