Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and loan cost so you can plan your home purchase or refinance with clarity and confidence.
Your Mortgage, Made Simple
Buying a home is a milestone, not a mystery. This calculator shows how your monthly payment breaks down, how much interest you’ll pay over time, and what small changes—like a slightly bigger down payment—can do for your budget.
What’s In Your Monthly Payment?
- Principal: The part that reduces your loan balance.
- Interest: The cost of borrowing the bank’s money.
- Other costs (not included here): Many lenders also collect property taxes, homeowner’s insurance, and possibly HOA dues. Add those on top for a full monthly picture.
How to Use This Tool
- Enter your home price and down payment.
- Add the annual interest rate and loan term in years.
- Hit Calculate to see your monthly payment, total interest, and total paid over the life of the loan.
Quick Example
On a $400,000 home with a $40,000 down payment, a 30-year term, and a 6.5% rate, your monthly payment (principal + interest) would be roughly in the low $2,000s. Increase the down payment to $60,000 or shorten the term to 20 years and you’ll see total interest fall fast.
Smart Ways to Save
- Compare terms: 30-year loans lower the payment; 15–20-year loans slash total interest.
- Bump the down payment: A few extra thousand can reduce your monthly cost and interest paid.
- Rate shopping: Even a 0.25% lower rate can save thousands over time.
- Pay a little extra: Adding a small amount to principal each month shortens your payoff timeline.
Glossary (Plain English)
- Principal: The amount you still owe on the loan.
- Interest Rate: What the lender charges you each year to borrow.
- Term: How long you’ll take to repay the loan (usually 15–30 years).
- Amortization: The schedule showing how each payment splits between principal and interest.
What This Calculator Includes—and Doesn’t
This tool covers principal and interest on a fixed-rate mortgage. It does not include taxes, insurance, PMI, or HOA fees. Add those to your result to estimate your full monthly cost.
💡 FinFormulas focuses on clarity first—no sign-ups, no data storage, and no fluff. Just clean math to help you plan a home you can genuinely afford.
Ready to compare scenarios? Try our Loan Calculator for other borrowing, or see long-term investing trade-offs with the Investment Calculator.