Does this include escrow for taxes and insurance?

No. You only see principal and interest. Your real housing payment is often higher when escrow and other items are billed monthly.

How do I enter a 15- or 30-year mortgage?

Use months: 180 for 15 years, 360 for 30. Any term your lender offers works as long as you convert years × 12.

Is the interest rate the same as APR?

Not always. APR bundles in some costs and is meant to help compare offers. For this calculator, use the loan’s stated interest rate used in the amortization schedule.

This page assumes the rate stays fixed for the entire term. For an ARM, use the initial fixed years only, or rerun the math when the rate resets.

Should I put less down if the payment is high?

A smaller down payment can raise the loan amount and may trigger mortgage insurance. Weigh monthly cash flow against total interest and insurance cost over time.

What's a good down payment for a mortgage?

20% avoids PMI and often gets a better rate. Many buyers put 5–10%; FHA allows 3.5%. Use our down payment calculator to see how different down payments affect the loan amount and payment.

Mortgage Calculator—Home Loan Monthly Payment Tool

Currency

Loan Amount (Principal)

Interest Rate (%)

Loan Term (months)

Monthly Payment

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Total Interest

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Total Payment

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30-year shortcut: dedicated 30-year calculator. More: home, car, personal, interest.

P&I only—no taxes, insurance, or PMI. Home · Car

Popular Calculations

Jump to the calculator you need—mortgage, car, personal, or by amount:

When to use this calculator

First-time buyer — See what $250k–$400k looks like at today’s rates before you shop.
Refinancing — Compare your current payment to a new rate. Even 0.5% can save thousands.
15 vs 30 years — Higher payment now, or pay more interest over time? Run both.
Budget check — Can you afford $2,000/month? Work backward with different amounts.

Current mortgage landscape (2025–2026)

Average 30-year fixed rates: about 6.5%–7.5% (credit and market dependent).

Down payment: 20% avoids PMI. First-timers often put 3%–10%. FHA allows 3.5%.

This tool shows principal and interest only—add taxes, insurance, and PMI to your budget. Use our down payment calculator to model different scenarios.

How your mortgage monthly payment is calculated

Simple: Fixed monthly payments over 15, 20, or 30 years. Each payment = interest + principal.

Early on, most goes to interest. Near the end, mostly principal. Three inputs drive the number: loan amount, rate, and term. Try our $200k, $300k, $400k, or 30-year calculators.

How to use this calculator

Select your currency — USD, GBP, EUR, or another to match your mortgage.
Enter the loan amount — The principal you’re borrowing (sale price minus down payment).
Enter the interest rate — Use the annual rate your lender quoted (e.g. 6.5 for 6.5%).
Enter the term in months — 360 for 30 years, 180 for 15 years, or any term your lender offers.
Click Calculate — See your monthly principal and interest payment, total repayment, and total interest.

Real-world example

A $300,000 mortgage at 6.5% for 30 years (360 months) gives a monthly payment of about $1,896. Over 30 years you’d pay roughly $682,600 in total—$382,600 in interest. With a 15-year term at the same rate, the payment rises to about $2,613, but total interest drops to around $170,300. Use the calculator above to compare your own scenarios.

More realistic examples

A $450,000 mortgage at 7% for 30 years ≈ $2,994/month and about $627,500 in total interest. A $350,000 loan at 6.75% for 30 years ≈ $2,270/month. Use our mortgage for $300k, mortgage for $400k, or mortgage for $500k for pre-filled amounts.

Term comparison: $300,000 at 6.5% APR

How loan term affects monthly payment and total interest:

Term	Monthly Payment	Total Interest
15 years	$2,613	$170,300
20 years	$2,238	$237,200
30 years	$1,896	$382,600

See 15-Year Mortgage and 30-Year Mortgage for dedicated calculators.

What affects your mortgage payment

Loan amount — A larger loan or smaller down payment increases the monthly payment and total interest.
Interest rate — Your credit score, loan type, and market rates all affect the rate. A half-point can change the payment by hundreds per month on a large balance.
Loan term — A 15-year loan has higher monthly payments but far less total interest than a 30-year loan.
Points and fees — Paying discount points can lower the rate; closing costs may be paid upfront or rolled in—check your estimate.

Why use a mortgage calculator

A mortgage calculator helps you estimate your monthly payment and total interest before you talk to a lender. Whether you are a first-time buyer or refinancing, knowing the numbers upfront lets you set a realistic budget and compare loan options.

Estimate your housing budget

Enter the loan amount (sale price minus down payment), annual rate, and term in months. The calculator shows principal and interest only—property tax, insurance, and PMI are separate. For a $250,000 mortgage at 6.5% for 30 years, expect about $1,580 per month in principal and interest. Add your local taxes and insurance to get a full picture of your housing cost.

Compare 15- versus 30-year terms

Shorter terms mean higher monthly payments but far less interest over the life of the loan. A $300,000 mortgage at 6.5% costs about $382,600 in interest over 30 years. The same loan over 15 years costs only $170,300 in interest—a savings of over $212,000—but the monthly payment rises from $1,896 to $2,613. Use this mortgage calculator to see how term length affects both your payment and total cost.

Stress-test rate changes

Even small rate changes matter on a large mortgage. A quarter-point drop on a $400,000 loan can save tens of thousands in interest over 30 years. Try different rates to see how market shifts or credit improvements might affect your payment. Compare with our 15-year mortgage or 30-year mortgage calculators for dedicated tools.

What to know when you shop

Try a few rate and term combinations—even a quarter-point on a large balance matters over decades. If your loan wraps fees into the balance, add them to the amount field. Compare with our car loan calculator, personal loan calculator, business loan calculator, or simple interest calculator.

Frequently asked questions

Does this include escrow for taxes and insurance?: No. You only see principal and interest. Your real housing payment is often higher when escrow and other items are billed monthly.
How do I enter a 15- or 30-year mortgage?: Use months: 180 for 15 years, 360 for 30. Any term your lender offers works as long as you convert years × 12.
Is the interest rate the same as APR?: Not always. APR bundles in some costs and is meant to help compare offers. For this calculator, use the loan’s stated interest rate used in the amortization schedule.
Can I model an ARM?: This page assumes the rate stays fixed for the entire term. For an ARM, use the initial fixed years only, or rerun the math when the rate resets.
Should I put less down if the payment is high?: A smaller down payment can raise the loan amount and may trigger mortgage insurance. Weigh monthly cash flow against total interest and insurance cost over time.
What’s a good down payment for a mortgage?: 20% avoids PMI and often gets a better rate. Many buyers put 5%–10%; FHA allows 3.5%. Use our down payment calculator to see how different down payments affect the loan amount and payment.