AIAZHHow To Use
- Enter the total home price you are considering in the "Home Price" field.
- Input your down payment amount — the more you put down, the lower your monthly payment.
- Enter the annual interest rate and the loan term in years (typically 15 or 30).
- Click "Calculate Mortgage" to see your monthly payment, total interest, and total payment.
- Adjust any value and recalculate to compare different down payments, rates, or loan terms.
Frequently Asked Questions
How is the monthly mortgage payment calculated?
The monthly payment is calculated using the standard amortization formula: M = P × r × (1+r)^n / ((1+r)^n - 1), where P is the loan amount (home price minus down payment), r is the monthly interest rate, and n is the number of monthly payments.
Does the calculator include property taxes and insurance?
No, this calculator shows principal and interest only. Actual monthly payments may also include property taxes, homeowners insurance, and PMI if your down payment is less than 20%.
How does the down payment affect my mortgage?
A larger down payment reduces your loan amount, which lowers your monthly payment and total interest. A down payment of 20% or more also eliminates the need for Private Mortgage Insurance (PMI).
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly lower total interest. A 30-year mortgage has lower monthly payments but you pay more interest over the life of the loan. Use this calculator to compare both scenarios.
Is my financial information stored or shared?
No. All calculations are performed locally in your browser. Your home price, down payment, and rate information never leave your device.
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It protects the lender and adds to your monthly payment. This calculator does not include PMI — consult your lender for exact figures.
Complete Payment Breakdown
See your monthly mortgage payment, total interest over the loan term, and the full amount you will pay including principal.
Adjustable Down Payment
Compare how different down payment amounts affect your monthly payments and total interest. A larger down payment saves thousands in interest.
100% Private & Secure
Your financial details never leave your device. All mortgage calculations happen locally in your browser.
Free & No Signup
No account needed, no email required. Use the mortgage calculator unlimited times for different scenarios.
Calculate Your Monthly Mortgage Payment Instantly
Our free mortgage calculator helps you understand the true cost of buying a home. Enter the property price, your down payment, interest rate, and loan term to see your estimated monthly payment and total interest. All calculations happen in your browser with no data uploaded.
How Down Payment Size Affects Your Mortgage
The size of your down payment has a major impact on your mortgage. A 20% down payment not only reduces your monthly payment but also eliminates PMI. Use this calculator to see how increasing your down payment by even 5% can save you thousands in interest over the life of the loan.
Compare 15-Year vs 30-Year Mortgage Scenarios
Choosing between a 15-year and 30-year mortgage is one of the biggest financial decisions you will make. A 15-year term saves significantly on total interest but requires higher monthly payments. Our calculator lets you compare both options side by side by adjusting the loan term.
Plan Your Home Purchase with Confidence
Knowing your estimated monthly mortgage payment before you start house hunting helps you set a realistic budget. Factor in your down payment savings, current interest rates, and preferred loan term to find a home price range that works for your financial situation.