Mortgage Calculator

Calculate your monthly mortgage payment including taxes, insurance, and PMI. Free mortgage calculator with amortization schedule and affordability analysis.

A mortgage calculator estimates your monthly home loan payment based on the home price, down payment, interest rate, and loan term. It uses the standard amortization formula used by virtually all U.S. lenders, so the result mirrors what you would see on a Loan Estimate form. Beyond the principal-and-interest payment, this calculator also alerts you when a down payment below 20% triggers Private Mortgage Insurance (PMI) — a real cost many first-time buyers overlook. Understanding your monthly payment before you shop for homes helps you set a realistic budget. Adjust the home price, try 15-year versus 30-year terms, and see how a larger down payment reduces both your monthly obligation and the total interest paid over the life of the loan. No sign-up, no credit check — just instant numbers you can trust.

principal

loan

Result

1,516.96

Breakdown

Loan Amount
240,000

About Mortgage Calculator

What is mortgage calculator?

A mortgage calculator estimates your monthly home loan payment based on the home price, down payment, interest rate, and loan term. It uses the standard amortization formula used by virtually all U.S. lenders, so the result mirrors what you would see on a Loan Estimate form. Beyond the principal-and-interest payment, this calculator also alerts you when a down payment below 20% triggers Private Mortgage Insurance (PMI) — a real cost many first-time buyers overlook. Understanding your monthly payment before you shop for homes helps you set a realistic budget. Adjust the home price, try 15-year versus 30-year terms, and see how a larger down payment reduces both your monthly obligation and the total interest paid over the life of the loan. No sign-up, no credit check — just instant numbers you can trust.

How to use this calculator

  1. Enter your home price.
  2. Enter your down payment.
  3. Enter your loan term.
  4. Enter your interest rate.
  5. Click the "Calculate" button.
  6. View your result instantly — the main result is displayed prominently at the top with a detailed breakdown below it.

When to use this calculator

  • Comparing monthly payments across different home prices and down payment amounts
  • Deciding between a 15-year and 30-year mortgage term
  • Estimating the impact of PMI when putting down less than 20%
  • Budgeting for a home purchase before talking to a lender
  • Teaching first-time buyers how mortgage amortization works

How the calculation works

This calculator uses the standard fixed-rate mortgage amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments (loan term in years times 12). For example, a $300,000 home with 20% down ($60,000) leaves a $240,000 loan. At 6.5% over 30 years (360 payments), r = 0.005417 and M = 240,000 × [0.005417 × (1.005417)^360] / [(1.005417)^360 − 1] ≈ $1,517 per month for principal and interest. Total interest is then (M × n) − P.

Frequently Asked Questions

How are monthly mortgage payments calculated?▼
Monthly mortgage payments use the 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 number of payments.
What is PMI and when do I need it?▼
PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It protects the lender, not you.

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