Mortgage Payment Calculator

Enter your numbers below. No sign-up. No ads between you and the answer.

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Estimated monthly payment (principal + interest)
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Monthly savings after refinancing
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Estimated maximum home price (28% DTI)
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Interest saved with extra payments

How to Use This Calculator

  1. Enter your Home price
  2. Enter your Down payment
  3. Enter your Annual interest rate
  4. Select your Loan term
  5. Click Calculate to see your result
  6. Switch tabs above to explore refinance, affordability, amortization, and extra payment scenarios

Frequently Asked Questions

How is a mortgage payment calculated?
Your monthly payment is calculated using the amortization formula: P × [r(1+r)^n] / [(1+r)^n - 1], where P = principal (home price minus down payment), r = monthly interest rate (annual rate ÷ 12), and n = total number of payments (loan term in years × 12). This calculator uses that exact formula.
What's not included in this estimate?
This calculator shows principal + interest only. Your actual monthly payment will typically include property taxes, homeowners insurance, and PMI (if your down payment is under 20%). Add roughly 1.2–1.5% of the home price annually for taxes and insurance, divided by 12.
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20%. It typically costs 0.5–1.5% of the loan amount annually. Once you reach 20% equity, you can request PMI removal.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but significantly lower total interest — often 40–50% less over the life of the loan. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility. Use this calculator to compare both side by side.
What interest rate should I use?
Use the rate you've been quoted by a lender, or check current average rates at Freddie Mac's weekly survey (PMMS). As of early 2026, 30-year fixed rates are in the 6.5–7.5% range. Your actual rate depends on your credit score, down payment, loan type, and lender.
How much house can I afford?
A common rule is to keep your total housing payment (PITI: principal, interest, taxes, insurance) under 28% of gross monthly income, and total debt under 36% (the 28/36 rule). Use the Affordability tab above to calculate your number.
Should I put more than 20% down?
Putting 20%+ avoids PMI and reduces your monthly payment and total interest. However, keeping cash in reserve for emergencies or investing the difference can sometimes outperform the interest savings. It depends on your interest rate vs. expected investment returns.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is a quick informal estimate based on self-reported info. Pre-approval is a formal process where the lender verifies income, assets, and credit — it carries more weight with sellers and gives you a firmer rate and loan amount.