Free online mortgage calculator to estimate monthly home loan payments, mortgage interest, total repayment, and loan amount from property price and down payment.
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Financial Calculation Disclaimer
Results from this calculator are estimates based on user-supplied numbers for informational and planning purposes only. Actual interest rates, loan terms, taxes, and financial outcomes may vary depending on your institution, jurisdiction, and market conditions. This tool does not constitute professional financial, tax, or investment advice.
The monthly payment is only part of the picture - the total interest paid over a 20-30 year term often exceeds the original loan amount, which changes how many buyers evaluate their options. This mortgage calculator online free computes both the monthly payment and the total interest cost using a standard amortized-loan formula, so you can compare how loan amount, down payment, interest rate, and term each affect the total cost of a mortgage.
A mortgage calculator computes the monthly principal-and-interest payment, total interest cost, and total repayment for a home loan from the home price, down payment, interest rate, and loan term you enter - helping you understand the true cost of a property purchase before approaching a lender.
Add property price, down payment, mortgage APR, and loan duration.
The calculator applies a standard amortized mortgage payment formula.
Check monthly payment, total mortgage interest, and repayment amount.
Adjust rates and terms to compare home loan affordability options.
Enter the home price, down payment, annual interest rate, and loan term to see the monthly principal-and-interest payment, loan amount, total interest, and total repayment.
Run the same home price, down payment, and rate through both loan terms to compare the monthly payment against the total interest - a shorter term raises the payment but cuts total interest substantially.
Increase the Down Payment figure to see the Loan Amount, Monthly Payment, and Total Interest all drop together, since a larger down payment reduces the amount actually financed.
Enter your remaining balance as the Home Price (with Down Payment set to 0), plus the new rate and term, to estimate a refinance's new monthly payment.
Since this calculator computes principal and interest only, add your local property tax, homeowners insurance, and any PMI on top of the Monthly Payment figure for a full housing-cost estimate.
Best For
Input
Home Price 300,000, Down Payment 60,000, Annual Interest Rate 6.5%, Loan Term 30 yearsResult
Loan Amount 240,000.00, Monthly Payment 1,516.96, Total Interest 306,106.77, Total Repayment 546,106.77The loan amount (home price minus down payment) is run through the standard amortized-loan formula at a monthly rate of 6.5% / 12; Total Interest is the difference between Total Repayment and the Loan Amount - here, more than the loan amount itself over 30 years.
Enter a home price you're considering, along with your expected down payment and rate, to see the monthly payment before talking to a lender.
Re-run the same price and rate at 15 and 30 years to compare the monthly payment against the total interest for each term.
Increase the down payment to see the resulting drop in loan amount, monthly payment, and total interest.
Problem
Solution
The Monthly Payment figure is principal and interest only - it doesn't include property tax, homeowners insurance, or PMI, all of which typically add to a real monthly mortgage bill.
Problem
Solution
This calculator returns the loan amount, monthly payment, total interest, and total repayment for the whole term as single totals - it doesn't produce a month-by-month or year-by-year payment breakdown.
Problem
Solution
The Down Payment field expects a currency amount, not a percentage - convert a percentage (like 20% of the home price) to a dollar figure before entering it.
Problem
Solution
This calculator works forward from a home price to a monthly payment - it doesn't work backward from a target monthly payment or income to suggest a maximum affordable home price.
Since only principal and interest are calculated, add your area's property tax rate, a homeowners insurance estimate, and PMI (if your down payment is under 20%) to the Monthly Payment figure for a realistic total.
There's no side-by-side comparison view - enter one scenario, note the results, then change the Loan Term or Down Payment and compare the new numbers manually.
The Annual Interest Rate field drives the entire calculation - use the rate a lender has actually quoted you rather than a rough guess, since even a small rate difference changes the total interest substantially over a 30-year term.
A lower monthly payment from a longer term usually means paying significantly more in total interest - weigh both figures, not just the payment, when comparing loan terms.
This calculator computes principal and interest only. Property tax, homeowners insurance, and PMI aren't calculated or included in the Monthly Payment figure.
Results are single totals for the entire loan term (Monthly Payment, Loan Amount, Total Interest, Total Repayment) - there's no month-by-month or year-by-year payment breakdown.
PMI isn't calculated even when the down payment is under 20% - factor it in separately if it applies to your loan.
The calculator works forward from a home price to a payment - it doesn't accept a target monthly payment or income and solve backward for a maximum affordable home price.
There's no percentage-of-price input for the down payment - it must be entered as a currency figure.
Selecting a different currency changes the currency code shown next to each figure - it doesn't convert the entered values using an exchange rate.
If Down Payment exceeds Home Price, the Loan Amount is held at zero rather than showing a specific warning message, so every result displays as zero.
A longer loan term lowers the monthly payment but raises the total interest paid - both come from the same amortization formula.
| Shorter Term (e.g., 15 years) | Longer Term (e.g., 30 years) | |
|---|---|---|
| Monthly Payment | Higher - more principal repaid each month | Lower - the same principal spread over more payments |
| Total Interest | Lower - fewer months for interest to accrue | Higher - often exceeding the loan amount itself |
| Same loan amount and rate? | Yes - only the term changes between the two | Yes - only the term changes between the two |
Which should you use?
Use Monthly Payment to check what fits your budget, and Total Interest to see the full cost of a longer term - the cheaper-looking monthly payment isn't the cheaper loan overall.
Mortgage calculator visitors are sizing one of the largest financial decisions of their lives, so the numbers need to be exactly what they claim to be. This calculator computes principal and interest only - not the full monthly housing cost - and the FAQs below cover exactly what's included, what isn't, and how to read the total interest figure alongside the payment.
A common rule of thumb is to keep the home price within 2.5 to 3 times your gross annual income. A household earning $80,000 per year can typically afford a home between $200,000 and $240,000, assuming a standard down payment and debt load. Your actual limit depends on your interest rate, existing debts, and lender's debt-to-income requirements.
A full monthly mortgage payment typically includes four parts - Principal (repaying the loan), Interest (the lender's cost for the loan), Property Tax (collected monthly into escrow), and Insurance (homeowners insurance, also held in escrow). This is often abbreviated as PITI. This calculator covers principal and interest only - add your local tax and insurance estimates for a complete monthly housing cost.
A 15-year mortgage has higher monthly payments but significantly lower total interest - often half the interest cost of a 30-year loan. A 30-year mortgage has lower monthly payments, which frees up cash flow. The right choice depends on your monthly budget and how quickly you want to build equity. Use this calculator to compare both terms at your home price.
A larger down payment reduces the loan amount directly, which lowers both the monthly payment and total interest paid. Putting down 20% also eliminates Private Mortgage Insurance (PMI), which typically adds 0.5% to 1% of the loan per year to your costs.
No. This calculator computes principal and interest only. Add your local property tax rate, homeowner's insurance premium, and any PMI separately to get your full estimated monthly housing cost.
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