Estimate your monthly mortgage payment based on home price, down payment, interest rate and loan term.
M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1) where P = loan amount, r = monthly rate, n = months.
For a $320,000 loan at 6.5% for 30 years: r = 0.065/12 = 0.005417, n = 360. M ≈ $2,022.62/month, total interest ≈ $408,142.
A mortgage calculator helps you understand the true cost of a home before you sign a 30-year commitment. By adjusting the home price, down payment, interest rate and loan term, you can see how each variable moves your monthly payment and long-term interest.
Use this home loan calculator to compare loan scenarios, plan a bigger down payment, or see how a shorter term saves interest.
Using the amortization formula M = 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.
No — this calculator estimates principal and interest only. Property taxes, homeowners insurance and PMI are typically added on top.
Conventional loans commonly require 5–20%. A larger down payment lowers your monthly payment and may eliminate PMI.