Free Online Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and total cost of your home loan. Enter your home price, down payment, interest rate, and loan term to see your monthly payment instantly.
How to Use the Mortgage Calculator
1. Enter the Home Price
This is the total purchase price of the property you are buying.
2. Enter Your Down Payment
The amount you pay upfront. A larger down payment reduces your loan amount and often your interest rate.
3. Set the Interest Rate and Loan Term
Your annual interest rate and the number of years to repay the loan. Common terms are 15, 20, or 30 years.
4. View Your Results
The calculator shows your monthly payment, total interest paid, and total repayment amount.
Understanding Your Mortgage Payment
A fixed-rate mortgage payment is calculated using the amortization formula:
Where M is the monthly payment, P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12).
Your actual payment also typically includes property taxes, homeowners insurance, and possibly private mortgage insurance (PMI), which are not included in this estimate.