Mortgage Calculator
Monthly payment, interest & total cost.
100% private — runs in your browser, nothing is uploaded.
Estimated monthly payment
$1,516.96
Loan amount
$240,000.00
after $60,000.00 down
Total interest paid
$306,106.77
over 30 years
Total cost of home
$606,106.77
price + interest + extras
Estimates only — your lender's exact figures will differ. Calculated locally in your browser.
How to use the Mortgage Calculator
- 1Enter the home price
Type the purchase price of the property.
- 2Set your down payment
Enter the percentage you'll pay upfront.
- 3Add rate and term
Enter the yearly interest rate and loan length in years.
- 4Read the breakdown
See the monthly payment, total interest and total cost — optionally with tax and insurance.
Examples
| Input | Output |
|---|---|
$300,000 home, 20% down, 6.5%, 30 yr | $1,516.96/mo P&I |
$300,000 home, 20% down, 6.5%, 15 yr | $2,090.61/mo P&I |
Free mortgage payment calculator
This mortgage calculatorshows what a home loan really costs. Enter the price, down payment, interest rate and term, and it instantly returns the monthly principal-and-interest payment, the total interest you'll pay over the life of the loan, and the all-in cost of the home. Optional yearly property tax and insurance fields fold escrow costs into the monthly figure, the way lenders usually quote it.
See the true cost of interest
The monthly payment is only half the story. On a typical 30-year loan, total interest can approach the amount you borrowed — sometimes more. Comparing a 15-year and a 30-year term side by side in this tool makes the trade-off concrete: a higher monthly payment against dramatically less interest. The same goes for rate shopping — even half a percent changes the lifetime cost by tens of thousands on a typical loan.
Private, instant and free
Every calculation runs locally in your browser using the standard amortization formula, so your financial details are never uploaded. Use it to sanity-check lender quotes, test down-payment scenarios, or budget before house hunting. For other money math, try the loan/EMI calculator or the compound interest calculator.
Frequently Asked Questions
How is a monthly mortgage payment calculated?
The standard amortization formula is M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r the monthly interest rate and n the number of monthly payments. This tool applies it instantly as you type.
What does a 20% down payment change?
A bigger down payment shrinks the loan amount, which lowers both the monthly payment and the total interest. In many markets 20% down also lets you avoid private mortgage insurance (PMI).
Why does a 30-year loan cost so much more than a 15-year loan?
Interest accrues on the outstanding balance every month, and a 30-year loan keeps that balance high for twice as long. The monthly payment is lower, but the total interest can be roughly double.
Does this calculator include property tax and insurance?
Yes, optionally. Enter yearly property tax and home insurance amounts and the tool adds one-twelfth of each to the monthly figure, the way most lenders escrow them.
Is this an exact quote?
No — it's a close estimate using the standard formula. Your lender's exact payment can differ slightly due to fees, PMI, rounding and the specific day interest starts accruing.
Is my financial data private?
Yes. Everything is calculated locally in your browser — no numbers you enter are uploaded or stored anywhere.