Mortgage payment calculator
Estimate the monthly payment on a home loan.
Mortgage payment calculator estimates the standard amortized monthly payment on a home loan from the principal amount, annual interest rate, and loan term in years, along with the total amount paid and total interest over the life of the loan.
How to use
- Enter the loan amount, annual interest rate, and term in years.
- Click "Calculate" for the standard amortized monthly payment.
Common use scenarios
- Estimating monthly payments before applying for a mortgage.
- Comparing monthly payments across different loan amounts, rates, or terms.
- Understanding how much of a home purchase price is actually affordable monthly.
- Seeing the total interest cost over the life of a loan before committing.
✓Content & verification reviewed: 2026-08-25
How we verify Mortgage payment calculator
How to confirm the calculated payment matches standard amortization math.
Uses standard fixed-rate amortization
The calculation assumes a fixed interest rate for the entire loan term and standard monthly amortization (equal payments throughout) — it doesn't model adjustable-rate mortgages, interest-only periods, or other non-standard loan structures.
Total interest is total paid minus principal
The total interest figure is simply the total amount paid over the full term minus the original principal — a useful way to see the true cost of borrowing beyond just the monthly payment number.
Doesn't include taxes, insurance, or fees
This calculates only the loan principal and interest payment — it doesn't add property tax, homeowners insurance, private mortgage insurance, or HOA fees that might also be part of your actual total monthly housing payment.
Before you rely on the result
- The loan amount reflects your actual expected principal, not the full home price if you're making a down payment.
- The interest rate matches your actual quoted or expected rate, not a rough guess.
- You're aware this doesn't include property tax, insurance, or other fees often bundled into a real mortgage payment.
- You've compared a few different rate/term scenarios if you're still shopping for loan options.
Who this is for
- Prospective homebuyers estimating monthly payments before applying for a mortgage.
- Anyone comparing monthly payments across different loan amounts, rates, or terms.
- People figuring out how much of a home purchase price is actually affordable monthly.
- Anyone wanting to see total interest cost over a loan's life before committing.
Real-world examples
Budgeting before a home purchase
A prospective buyer estimates the monthly payment on a home they're considering, to check it fits comfortably within their monthly budget before making an offer.
Comparing 15-year vs. 30-year terms
Someone deciding between a 15-year and 30-year mortgage compares the monthly payment and total interest for both terms at the same rate, to understand the tradeoff between higher monthly payments and lower total interest.
Understanding the true cost of a loan
A buyer curious how much they'll actually pay in interest over 30 years calculates the total interest figure, which is often a significant multiple of the original loan amount.
Limitations
- Assumes a fixed rate and standard monthly amortization — it doesn't model rate changes, fees, or extra principal payments.
Frequently asked questions
Does this include property tax and insurance in the monthly payment?
No — it calculates only the loan principal and interest portion; real total housing payments often also include property tax, homeowners insurance, and possibly private mortgage insurance or HOA fees.
Can this model an adjustable-rate mortgage?
No — it assumes a single fixed interest rate for the entire term; for an ARM, you'd need to calculate each rate period separately using the fixed-rate assumption for that period.
What does the total interest figure actually represent?
It's the total amount you'll pay over the full loan term minus the original principal — essentially the total cost of borrowing the money, separate from repaying the principal itself.
Should I enter the full home price or just my loan amount?
Enter your actual loan principal — if you're making a down payment, that should be the home price minus your down payment, not the full purchase price.
🔒 Runs in your browser — nothing is uploaded. Results are for reference only; see the disclaimer. Last updated: 2026-08-25
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