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, and property tax, insurance and PMI add to what you actually pay each month. This calculator keeps those pieces apart: principal and interest are calculated exactly as a standard amortized loan, and tax, insurance and PMI appear as their own lines so they are never mistaken for interest.
If the down payment is more than the price, or the rate or term is not valid, it tells you what to fix instead of showing zeros.
A mortgage calculator computes the monthly principal-and-interest payment, loan amount, total interest and total repayment for a home loan from the home price, down payment (as an amount or a percentage), interest rate and loan term. It also shows the full amortization schedule, and lets you add property tax, home insurance, PMI and an extra monthly payment to see a fuller monthly cost and how much sooner and cheaper the loan could be.
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, repayment amount and the amortization schedule.
Adjust rates and terms, or add tax, insurance, PMI and an extra payment, to compare home loan 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.
Type an amount or a percentage. Whichever box you type in, the other one follows.
Under Optional, enter a property tax rate, a yearly insurance cost and, if the down payment is under 20%, an estimated PMI rate to see the total monthly payment.
Enter an extra monthly amount to see the time and interest saved, then open the amortization schedule or download it as CSV.
Run the same home price, down payment and rate through both terms to compare the monthly payment against the total interest.
Best For
Input
Home price 350,000, down payment 50,000, rate 6.5%, term 30 yearsResult
Loan amount 300,000.00, monthly payment 1,896.20, total interest 382,633.47, total repayment 682,633.47Adding 1.2% property tax and 1,800 a year in insurance adds 350.00 and 150.00 to the monthly cost without changing the interest or the repayment figures above.
Add tax and insurance to see a fuller monthly payment than principal and interest alone.
Change the down payment and watch the loan amount, monthly payment, interest and PMI change together.
See how much sooner the mortgage ends and how much interest you save with an extra amount each month.
Problem
Solution
The four main results are principal and interest only. Tax, insurance and PMI appear in the monthly breakdown when you enter them.
Problem
Solution
No lender's PMI rate is assumed. With a down payment under 20% the tool reminds you to enter your own estimate; with 20% or more the PMI rate is not applied.
Problem
Solution
That is refused with a message on the down payment field. A down payment equal to the price means no loan.
Problem
Solution
For a refinance, enter the remaining balance as the home price with a down payment of 0, plus the new rate and term.
A longer term lowers the payment but usually raises the total interest by a lot.
Type 20 to see the loan with a 20% down payment and no PMI.
The breakdown says how many payments carry PMI before the balance reaches 80% of the price.
Adjustable rates, interest-only periods and balloon payments aren't modelled.
They use the rates and amounts you enter and stay constant over the loan. Real tax and insurance change over time and PMI rules differ by lender.
The tool is for estimates, not an offer. Compare real lender offers before deciding.
One extra amount is added to every payment. One-off lump sums aren't supported.
A term in years must come to a whole number of months; switch to months for an exact value.
A mortgage payment has more parts than the loan repayment itself.
| Principal and interest | Total monthly payment | |
|---|---|---|
| What it includes | The loan repayment only - the main results on this page | Principal and interest plus property tax, home insurance and PMI |
| How it is calculated | Standard amortized-loan formula | Adds your tax, insurance and PMI estimates each month |
| Where you see it | Monthly Payment, Total Interest, Total Repayment | The monthly payment breakdown, when you enter optional costs |
Which should you use?
Use principal and interest to compare loans, and the total monthly payment to judge what a home will really cost each month.
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. Principal and interest follow the standard formula; tax, insurance and PMI are estimates from the rates you enter and are kept separate. The FAQ below covers the down payment, PMI, the schedule and the extra payment.
This calculator doesn't work that out from your income - it calculates the payment for a home price you enter. To test affordability, try a price, add property tax, insurance and any PMI under Optional, and compare the total monthly payment with your budget. Lenders decide the limit from your income, existing debts and their own debt-to-income rules.
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. The four main results cover principal and interest; optional fields add your property tax rate, insurance and an estimated PMI as separate lines 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.
Optionally. The main results (monthly payment, loan amount, total interest and total repayment) are principal and interest only. Under Optional you can enter a property tax rate, yearly insurance and an estimated PMI rate (used when the down payment is under 20%), and they appear as separate lines in a monthly payment breakdown - never as part of the interest.
Yes - the term can be any whole number of months up to 100 years. A longer term lowers the payment but adds a lot of interest: on a $400,000 home with $80,000 down at 6.5%, a 30-year loan is $2,022.62 a month with $408,142 of interest, while a 50-year loan is $1,803.89 a month with $762,336 of interest - about $219 less each month for roughly $354,000 more interest.
Yes. The schedule lists every payment's principal, interest and remaining balance, adds calendar months when you enter a first payment month, and downloads as a CSV file. An optional extra monthly payment rebuilds the schedule and shows the months and interest you would save.
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