Free Online Mortgage Calculator
Enter home price, down payment, interest rate, and loan term to see your estimated monthly payment and total interest. Figures are for principal and interest only—add taxes and insurance for your full housing budget.
Estimates principal and interest only. Add taxes, insurance, and HOA for your full housing payment.
20% of $300,000 · Loan $240,000
Monthly P&I
$1,517
Total paid
$546,107
Total interest
$306,107
How this mortgage calculator works
We subtract your down payment from the home price to get the loan amount, then apply the standard fixed-rate amortization formula for your monthly principal-and-interest payment.
This estimate does not include property taxes, homeowners insurance, HOA fees, or PMI. Lenders may round differently, so treat the result as a planning number—not a binding quote.
Tip: Run the same home price with a 15-year and 30-year term side by side. The shorter loan costs more per month but far less interest over time.
Already know your loan amount? Try the EMI calculator for monthly payment and amortization.
Worked examples
Sample numbers you can try in the calculator above. Your lender's quote may differ slightly.
$300,000 home, 20% down
A common first-buyer scenario. Total interest over 30 years is roughly $305,000 on top of the $240,000 principal.
$240,000 loan · 6.5% APR · 30 years
Monthly P&I: About $1,516/month P&I
15-year vs 30-year on the same loan
The 15-year payment is higher each month, but you pay off the home sooner and spend much less on interest overall.
$240,000 at 6.5%
Monthly P&I: 15 yr ≈ $2,089/mo · 30 yr ≈ $1,516/mo
Smaller down payment
A 10% down payment raises the financed amount to $360,000. You may also owe PMI until you reach 20% equity—not included here.
$400,000 home · 10% down · 7% · 30 years
Monthly P&I: About $2,394/month P&I
Refinance check
Useful when comparing a new rate to your current loan. Confirm payoff date and closing costs with your lender.
$200,000 balance · 5.5% · 25 years remaining
Monthly P&I: About $1,228/month P&I
Frequently asked questions about the mortgage Calculator
What does the monthly mortgage payment include?
This tool shows principal and interest (P&I) only. Your full payment often also includes property taxes, insurance, HOA dues, and PMI if your down payment is under 20%.
How is the monthly payment calculated?
We use the standard fixed-rate formula on the loan amount (price minus down payment), your annual rate divided by 12, and the number of months in the term.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan has higher monthly payments but less total interest. A 30-year loan lowers the monthly bill but costs more interest over time. Compare both in the calculator.
Does a larger down payment reduce my payment?
Yes. Putting more down lowers the amount you borrow, which reduces both the monthly payment and total interest.