Estimate your monthly payment, total interest, and full amortization in seconds — from home price, down payment, rate, and loan term. No signup, instant results.
What is a mortgage payment? A monthly mortgage payment (principal & interest) is calculated as M = P · [ r(1+r)n ] / [ (1+r)n − 1 ], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments (years × 12). This calculator applies that formula and shows total interest paid over the life of the loan.
| After | Balance | Interest paid |
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It uses the amortization formula on the loan amount (home price minus down payment), the monthly interest rate, and the number of monthly payments. Early payments are mostly interest; later payments are mostly principal.
Property taxes, homeowners insurance, PMI (if your down payment is under 20%), and HOA dues. These can add hundreds per month — budget for them separately.
Usually yes on total interest: a 15-year loan has higher monthly payments but far less interest over its life than a 30-year loan at the same rate. Try both in the term selector to compare.
20% avoids PMI on conventional loans, but many programs allow less. A larger down payment lowers the loan amount and your monthly payment.