Enter home price, down payment, interest rate, and loan term to see your monthly payment and total cost before you sign anything.
Estimate your monthly mortgage payment based on home price, down payment, interest rate and loan term.
Monthly mortgage payments are calculated using the standard amortization formula: M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where M is monthly payment, P is loan amount (home price minus down payment), r is monthly interest rate (annual rate ÷ 12), and n is total payments (years × 12).
For a $300,000 home with a $60,000 down payment (20%), 6.5% annual rate, and 30-year term: P = $240,000, r = 0.065/12 = 0.00542, n = 360. Monthly payment = $1,517.86. Total paid over 30 years = $546,428 — meaning you pay $306,428 in interest on a $240,000 loan.
A larger down payment reduces both your loan amount and your monthly payment. It also eliminates Private Mortgage Insurance (PMI), which lenders require when your down payment is under 20% (typically 0.5–1% of the loan amount annually). On a $300,000 home, PMI can add $100–200/month to your payment — a cost not included in basic mortgage calculators.
A 15-year mortgage has higher monthly payments but dramatically lower total interest. On the same $240,000 loan at 6.0%: 30-year = $1,439/month, $277,993 total interest. 15-year = $2,026/month, $124,631 total interest. The 15-year saves $153,362 in interest but costs $587 more per month. Run both scenarios to find which fits your cash flow. Read the mortgage calculator guide →
Enter a home price of $350,000, a down payment of $70,000 (20%), an annual rate of 6.75% and a term of 30 years. The loan amount is $280,000, and the monthly principal and interest payment is $1,816.07. Over 30 years you would pay $373,787 in interest.
| Scenario | Loan amount | Monthly payment | Total interest |
|---|---|---|---|
| 20% down, 30 years | $280,000 | $1,816.07 | $373,787 |
| 10% down, 30 years | $315,000 | $2,043.08 | $420,510 |
| 20% down, 15 years | $280,000 | $2,477.75 | $165,994 |
Putting 10% down instead of 20% raises the payment by about $227 a month and the total interest by almost $47,000 – and with less than 20% down, most lenders also require mortgage insurance, which this calculator does not include. Choosing a 15-year term raises the payment by about $662 but cuts total interest by more than half.
The result covers principal and interest only. Your real monthly housing cost also includes property tax, homeowner's insurance, possibly mortgage insurance and HOA fees. Add them before deciding what you can afford. To see how each payment splits between interest and principal, use the amortization calculator.
Using the amortization formula: M = P × [r(1+r)^n] ÷ [(1+r)^n - 1], where P is loan principal, r is monthly interest rate (annual ÷ 12), and n is number of monthly payments (years × 12).
No — this calculator shows principal and interest only. Your actual monthly housing cost (PITI) also includes Property taxes, Insurance (homeowners), and potentially PMI (if down payment < 20%). Add $300-800/month for these costs depending on your location and home value.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It typically costs 0.5-1% of the loan amount annually, added to your monthly payment. PMI is removed once your equity reaches 20%.
A 30-year mortgage has lower payments but far higher total interest. A 15-year mortgage costs more per month but saves tens of thousands in interest. Choose 30-year if cash flow is tight; choose 15-year if you can handle higher payments and want to build equity faster.