Mortgage Calculator — Monthly Payment & Amortization

Mortgage Calculator

Calculate your monthly mortgage payment, total interest, and total cost. Enter your loan details below.

Home Price ($):

Down Payment ($):

Annual Interest Rate (%):

Loan Term (years):

How to Calculate Your Mortgage Payment

Your monthly payment depends on the loan amount (price minus down payment), the interest rate, and the loan term. The formula is the same as a standard amortizing loan.

Frequently Asked Questions

How much house can I afford?
A common guideline is to keep your monthly mortgage payment below 28% of your gross monthly income.

What is a good mortgage interest rate?
Rates vary by market conditions and credit score. Compare offers from multiple lenders for the best rate.

Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay far less interest overall. A 30-year mortgage has lower monthly payments but more total interest.