Mortgage Calculator
Estimate your monthly mortgage payment based on home price, down payment, interest rate, and loan term. See a breakdown of principal versus interest over the life of your loan.
How to Use
Enter the total home price, your down payment amount or percentage, the annual interest rate offered by your lender, and the loan term in years (typically 15 or 30). The calculator will show your monthly payment, the total amount you'll pay over the loan's life, and a summary of how much goes to interest versus principal.
Formula
Where M is the monthly payment, P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate / 12), and n is the total number of payments (years × 12). This formula calculates a fixed monthly payment that fully amortizes the loan over the specified term.