Mortgage Payment Calculator – Find Your Monthly Payment Instantly

Calculate your monthly mortgage payment in seconds. Enter home price, down payment, interest rate, and loan term. Free, no sign-up required.

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Estimated monthly payment
Down payment—
Loan amount (principal)—
Total interest paid—
Total cost over loan—

How to Use This Calculator

  1. Enter your Home price
  2. Enter your Down payment
  3. Enter your Annual interest rate
  4. Enter your Loan term
  5. Click Calculate to see your result
  6. Review the breakdown below the result

Frequently Asked Questions

How is a mortgage payment calculated?
Your monthly payment is calculated using the amortization formula: P × [r(1+r)^n] / [(1+r)^n - 1], where P = principal (home price minus down payment), r = monthly interest rate (annual rate ÷ 12), and n = total number of payments (loan term in years × 12). This calculator uses that exact formula.
What's not included in this estimate?
This calculator shows principal + interest only. Your actual monthly payment will typically include property taxes, homeowners insurance, and PMI (if your down payment is under 20%). Add roughly 1.2–1.5% of the home price annually for taxes and insurance, divided by 12.
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20%. It typically costs 0.5–1.5% of the loan amount annually. Once you reach 20% equity, you can request PMI removal.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but significantly lower total interest — often 40–50% less over the life of the loan. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility. Use this calculator to compare both side by side.
What interest rate should I use?
Use the rate you've been quoted by a lender, or check current average rates at Freddie Mac's weekly survey (PMMS). As of early 2026, 30-year fixed rates are in the 6.5–7.5% range. Your actual rate depends on your credit score, down payment, loan type, and lender.
How much house can I afford?
A common rule is to keep your total housing payment (PITI: principal, interest, taxes, insurance) under 28% of gross monthly income, and total debt under 36% (the 28/36 rule). Lenders will calculate your DTI (debt-to-income ratio) when you apply.
Should I put more than 20% down?
Putting 20%+ avoids PMI and reduces your monthly payment and total interest. However, keeping cash in reserve for emergencies or investing the difference can sometimes outperform the interest savings. It depends on your interest rate vs. expected investment returns.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is a quick informal estimate based on self-reported info. Pre-approval is a formal process where the lender verifies income, assets, and credit — it carries more weight with sellers and gives you a firmer rate and loan amount.