Mortgage Calculator
Estimate your monthly principal & interest payment. Adjust any field and the result updates instantly.
Loan details
Added on top of principal & interest to estimate a total monthly housing cost.
How the mortgage payment is calculated
This calculator uses the standard fixed-rate 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 total number of monthly payments. It covers principal and interest only — your actual monthly housing cost may also include property tax, homeowners insurance, HOA dues, and private mortgage insurance (PMI) if your down payment is under 20%.
Conventional loans typically require at least 20% down to avoid private mortgage insurance. Loans below that threshold usually add a monthly PMI cost until you reach 20% equity.
A shorter term means less time for interest to accrue, so more of each payment goes toward principal — the monthly payment is higher, but the total interest paid over the life of the loan is substantially lower.
No — this is an estimate. Lenders factor in your credit score, debt-to-income ratio, loan type, and points, which can change your actual rate and payment.