- Enter home price, down payment percent, annual interest rate, and loan term in years. Term is years (15 or 30 is typical), not months.
- Click Calculate. The payment uses standard amortization: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is price after the down payment, r is the monthly rate, and n is months.
- Read monthly principal and interest, total paid, and total interest. Property tax, homeowners insurance, and PMI are not included.
Mortgage Calculator
The Mortgage Calculator is a tool to estimate your monthly mortgage payments.
Configuration for this calculator is missing.
How to Use This Tool
Learn More About Mortgage Calculator
Understanding Mortgage Calculations
The mortgage calculator uses a standard amortization formula to determine the monthly payment.
Amortization Formula
The formula considers the principal loan amount, interest rate, and loan term to arrive at the monthly payment.
- M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where: M = Monthly Payment P = Principal Loan Amount i = Monthly Interest Rate (annual rate divided by 12) n = Number of Payments (loan term in months)
About
The Mortgage Calculator is a tool to estimate your monthly mortgage payments. Enter the home price, down payment percentage, interest rate, and loan term (15 or 30 years) to calculate the principal and interest portion of your monthly payment.
Examples
30-year loan, 20% down at 4%
Home price $300,000, 20% down, 4% APR, 30 years
Input
{
"home_price": 300000,
"down_payment_percent": 20,
"interest_rate": 4,
"term": 30
}Output
Home price: $300000.00 Down payment (20%): $60000.00 Loan amount: $240000.00 Rate: 4% APR Term: 30 years (360 payments) Monthly principal & interest: $1145.80 Total paid: $412486.82 Total interest: $172486.82 Taxes, insurance, and PMI are not included.
15-year loan, 10% down at 3.5%
Home price $500,000, 10% down, 3.5% APR, 15 years
Input
{
"home_price": 500000,
"down_payment_percent": 10,
"interest_rate": 3.5,
"term": 15
}Output
Home price: $500000.00 Down payment (10%): $50000.00 Loan amount: $450000.00 Rate: 3.5% APR Term: 15 years (180 payments) Monthly principal & interest: $3216.97 Total paid: $579054.86 Total interest: $129054.86 Taxes, insurance, and PMI are not included.
Use Cases
- Estimating monthly mortgage payments for a home purchase
- Comparing different mortgage options
- Determining the affordability of a home
- Planning a budget for homeownership