Calculate your monthly mortgage payment, total interest, and total cost. Enter your loan details below.
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.
Frequently Asked Questions
How much house can I afford?<\/strong>
A common guideline is to keep your monthly mortgage payment below 28% of your gross monthly income.
What is a good mortgage interest rate?<\/strong>
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?<\/strong>
A 15-year mortgage has higher payments but far less total interest. A 30-year has lower payments but more interest.
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 payments but far less total interest. A 30-year has lower payments but more interest.
How to calculate your monthly mortgage payment using this free calculator.
Enter the home price
Type the total purchase price of the home in the Home Price ($) field.
Enter the down payment
Type the amount you will pay upfront. Enter 0 if no down payment.
Enter the annual interest rate
Type the annual interest rate as a percentage, for example 6.5 for 6.5%.
Enter the loan term
Type the number of years for the loan, for example 30 for a 30-year mortgage.
Click Calculate
Your monthly payment, total amount paid, and total interest will appear instantly below the button along with a chart.