Mortgage Calculator
Crunching numbers…
Estimated Total Monthly Payment
Amortization Schedule (Yearly)
| Year | Beginning Balance | Principal Paid | Interest Paid | Ending Balance |
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Mortgage Payment Calculator — Estimate Your Monthly Payment Instantly
Use our free mortgage payment calculator to find out exactly how much your monthly house payment will be before you talk to a lender. Enter your home price, down payment, interest rate, and loan term to get an instant breakdown of your principal and interest, property taxes, homeowners insurance, and HOA fees — all in one place.
Whether you are a first-time homebuyer budgeting for your first purchase or a homeowner refinancing to a lower rate, this tool gives you a clear, accurate picture of what you will owe each month. Our calculator uses the standard US amortization formula and shows you a full year-by-year amortization schedule so you can see exactly how your loan balance decreases over time.
Understanding your mortgage payment upfront helps you shop smarter, negotiate better, and avoid stretching your budget. Most financial advisors recommend keeping your total housing payment below 28% of your gross monthly income — our calculator makes it easy to test different scenarios until you find a payment that fits comfortably within your budget.
How to use this mortgage calculator
Step 1
Enter the home price and your planned down payment amount or percentage.
Step 2
Enter the annual interest rate you expect to qualify for based on your credit score.
Step 3
Select your loan term — 10, 15, 20, 25, or 30 years — and add optional tax and insurance figures.
Step 4
Click Calculate to instantly see your monthly payment, total interest paid, and full amortization table.
Frequently asked questions
What is included in a monthly mortgage payment?
A typical monthly mortgage payment includes four components often called PITI — principal, interest, taxes, and insurance. Principal reduces your loan balance, interest is the lender’s fee for borrowing, property taxes are collected monthly and paid to your local government, and homeowners insurance protects the property. If your community has an HOA, those fees are added on top.
How much down payment do I need to buy a house in the US?
Conventional loans typically require 5% to 20% down. Putting down 20% eliminates private mortgage insurance (PMI), which can save you $100 to $200 per month. FHA loans allow as little as 3.5% down for buyers with credit scores of 580 or higher. First-time buyer programs in many states offer down payment assistance grants that can lower this further.
Is a 15-year or 30-year mortgage better?
A 30-year mortgage gives you a lower monthly payment but costs significantly more in total interest over the life of the loan. A 15-year mortgage has a higher monthly payment but builds equity faster and saves tens of thousands in interest. Use this calculator to compare both options side by side — just change the loan term and click Recalculate to see the difference instantly.
What interest rate should I use in the calculator?
Use the current average 30-year fixed mortgage rate as a starting point — you can find today’s rates on Bankrate or Freddie Mac’s weekly survey. Your actual rate will be higher or lower depending on your credit score, loan size, down payment, and lender. Borrowers with credit scores above 740 typically qualify for the best available rates.
How is the monthly mortgage payment calculated?
Your monthly principal and interest payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments. This calculator applies this formula automatically and also breaks down the full amortization schedule year by year.