Finance Calculators
Mortgage Calculator
A mortgage is the biggest financial commitment most people ever make — and small rate differences cost tens of thousands over 30 years. This calculator shows yo
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How to use this calculator
- Enter the home price and your down payment (or the loan amount directly).
- Enter the annual interest rate and loan term in years.
- See your monthly principal & interest payment, total interest, and total cost.
- Try different rates and terms to compare scenarios side by side.
The formula
Monthly payment = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r the monthly rate, and n the number of payments. This covers principal and interest; taxes, insurance, and PMI are separate.
Worked example
A $320,000 loan at 6.5% for 30 years: monthly payment ≈ $2,022; total interest ≈ $408,000 — more than the loan itself. At 5.5%, the payment drops to ≈ $1,817 and total interest to ≈ $334,000. One percentage point saves roughly $74,000.
About this tool
A mortgage is the biggest financial commitment most people ever make — and small rate differences cost tens of thousands over 30 years. This calculator shows your monthly payment, total interest, and total cost, so you can compare loan scenarios with clear eyes.
Frequently asked questions
Does this include property tax and insurance?
No — this calculates principal and interest only. Your actual monthly housing payment will be higher once property taxes, homeowner's insurance, and any PMI are added.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan has much higher monthly payments but dramatically less total interest and usually a lower rate. A 30-year loan costs more overall but keeps payments manageable. Run both scenarios above.
How does a bigger down payment help?
It reduces the loan amount (less interest), lowers your monthly payment, and — at 20% down — typically eliminates private mortgage insurance (PMI).
Is this financial advice?
No. This is an educational estimate for planning. Talk to a licensed mortgage professional before making borrowing decisions.