Estimate your monthly payment, total cost, and see a full year-by-year breakdown instantly.
Fill in your loan details and click Calculate to see your results.
Uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is loan amount, r is monthly rate, and n is total payments.
Putting down 20% avoids PMI (Private Mortgage Insurance), which typically costs 0.5–1.5% of your loan annually until you reach 20% equity.
A 1% difference in rate on a $300k loan changes your payment by ~$175/month and total interest by ~$60,000 over 30 years.
Your total monthly payment includes principal (paying down your loan), interest (cost of borrowing), property tax, and homeowner's insurance — often called PITI. If your down payment is less than 20%, PMI is also typically added.
A 15-year mortgage builds equity faster and saves tens of thousands in interest, but has higher monthly payments. A 30-year mortgage has lower payments giving more monthly flexibility. The right choice depends on your income stability and financial goals.
This calculator does not automatically include PMI. If your down payment is less than 20%, add roughly 0.5–1% of the loan amount annually to your estimate to account for PMI until you reach 20% equity.
This tool provides close estimates for planning purposes. Your actual payment will vary based on your credit score, lender fees, exact tax rates, and insurance premiums. Always confirm with a licensed mortgage professional before making decisions.
Generally, a score of 740+ gets you the best available rates. Scores between 620–739 can still qualify but may face higher rates. Below 620 may require government-backed loans (FHA, VA) or a larger down payment.
Our free mortgage calculator helps you estimate your monthly mortgage payment based on the home price, down payment, loan term, and interest rate. Simply enter your loan details above and click Calculate to instantly see your estimated monthly payment, total interest paid over the life of the loan, and a complete year-by-year amortization schedule.
This tool is perfect for first-time home buyers, homeowners looking to refinance, or anyone comparing different loan scenarios. Use it to answer questions like: How much house can I afford? What happens if I put 20% down? How much do I save with a 15-year vs 30-year mortgage?
A monthly mortgage payment consists of four parts, often called PITI: Principal (paying down your loan balance), Interest (the cost of borrowing), Taxes (property taxes), and Insurance (homeowner's insurance). This calculator includes all four components for a realistic estimate of your true monthly housing cost.
The principal and interest portion is calculated using the standard amortization formula. In the early years of your loan, most of your payment goes toward interest. Over time, more goes toward principal as your balance decreases.
Mortgage rates in 2025 vary depending on your credit score, loan type, and lender. Borrowers with excellent credit (740+) typically qualify for the best rates. A difference of even 0.5% in your interest rate can mean tens of thousands of dollars over the life of a 30-year mortgage, so it pays to shop multiple lenders before committing.
A 15-year mortgage has higher monthly payments but significantly less total interest paid — often saving $100,000 or more on a $300,000 loan. A 30-year mortgage offers lower monthly payments and more financial flexibility. Use our calculator to compare both scenarios with your specific loan amount and see the exact dollar difference in total interest paid.