Estimate your monthly home loan payment, total interest, and total cost. Enter your home price, down payment, interest rate, and loan term below.
This calculator uses the standard amortizing loan formula: M = P × [r(1+r)n] / [(1+r)n − 1], where P is the loan amount (price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). The result covers principal and interest only; it does not include property taxes, homeowners insurance, HOA dues, or PMI.
No. The estimate is for principal and interest only. Property taxes, homeowners insurance, PMI, and HOA fees are billed separately and can add a few hundred dollars per month.
Putting down 20% of the home price typically lets you avoid private mortgage insurance (PMI). Many loan programs allow much smaller down payments, but a larger down payment lowers your monthly payment and total interest.
A longer term (e.g., 30 years) lowers the monthly payment but increases total interest paid. A shorter term (e.g., 15 years) raises the monthly payment but saves a large amount of interest overall.
This calculator assumes a fixed rate for the full term. Adjustable-rate mortgages change over time, so your real payment could differ after the introductory period.
The math is exact for a fixed-rate amortizing loan, but your actual quote depends on lender fees, points, taxes, and insurance. Use this as a planning estimate, not a financial guarantee.
Disclaimer: This tool provides an estimate for general informational purposes only and is not financial advice. Loan terms, rates, taxes, and fees vary by lender and location. Consult a licensed mortgage professional before making decisions.