Enter your home price, down payment, interest rate, and loan term below to see your estimated monthly mortgage payment, broken down into principal, interest, taxes, and insurance. The calculation happens instantly as you type, no sign-up needed.
Enter Your Loan Details
How This Mortgage Calculator Works
Fill in the home price, how much you plan to put down, the interest rate your lender quoted, and the loan term. The calculator instantly shows your estimated monthly payment split into principal and interest, plus property tax and insurance if you add those numbers. It also shows the total interest you would pay over the life of the loan and the total amount paid overall.
The down payment field already has a default value filled in so you can see a working example right away. Change any number and click Calculate Monthly Payment again to update the results.
What Goes Into a Monthly Mortgage Payment
A typical monthly mortgage payment is made up of several parts, often shortened to the acronym PITI.
- Principal. The portion of your payment that goes toward paying down the actual loan balance.
- Interest. The cost of borrowing the money, calculated as a percentage of what you still owe.
- Taxes. Property tax charged by your local government, often collected monthly and held in escrow by your lender.
- Insurance. Homeowners insurance, and sometimes mortgage insurance if your down payment is below 20%.
Early in a loan, most of each payment goes toward interest rather than principal. Over time, that balance shifts, and more of each payment starts paying down the actual loan amount.
How Much Should Your Down Payment Be?
A 20% down payment is the traditional benchmark because it lets you avoid private mortgage insurance, an extra monthly cost lenders charge when you put down less. That said, many buyers put down far less, and some loan programs allow a down payment as low as 3% to 5%.
A larger down payment reduces your loan amount, which lowers both your monthly payment and the total interest you pay over the loan term. Try adjusting the down payment field in the calculator above to see exactly how much difference it makes for your numbers.
Frequently Asked Questions
Is this mortgage calculator free to use?
Yes, completely free with no limit on how many times you can use it, and no account is required.
Does this calculator give me an exact payment amount?
It gives a close estimate based on the numbers you enter. Your actual payment may vary slightly depending on your lender’s exact terms, closing costs, mortgage insurance, and any HOA fees that are not included here.
Why is my total interest so much higher than my loan amount?
On a long loan term like 30 years, interest adds up significantly, especially in the earlier years when the balance is highest. A shorter loan term or a lower interest rate both reduce the total interest paid.
Should I include property tax and insurance in the calculation?
If you want to see your full expected monthly housing cost, yes. If you only want to compare principal and interest across different loan scenarios, you can leave those fields at zero.