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Mortgage Calculator

Estimate your monthly principal and interest for a fixed-rate mortgage.

Use this mortgage calculator to estimate the monthly principal and interest payment on a fixed-rate home loan. Enter the loan amount, the annual interest rate, and the term in years — the tool returns the monthly payment using the standard amortization formula.

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Result

Enter your values and tap "Calculate payment" to see your result.

How to use this calculator

Type your loan amount, the annual interest rate as a percentage, and the loan term in years. Tap Calculate payment to see your monthly principal and interest. To explore different scenarios, change any input and recalculate.

How it works

Use this mortgage calculator to estimate the monthly principal and interest payment on a fixed-rate home loan. Enter the loan amount, the annual interest rate, and the term in years — the tool returns the monthly payment using the standard amortization formula.

Frequently asked questions

Does this include taxes and insurance?

No. This calculation is principal and interest only. Property taxes, homeowners insurance, and private mortgage insurance are billed separately and add to your true monthly housing cost.

Can I model amortization?

Yes — the same inputs drive a full amortization schedule. Each monthly payment splits between interest (highest at the start) and principal (highest at the end).

How does the interest rate affect my payment?

Even a 0.5 percentage-point rate change can shift the monthly payment by tens to hundreds of currency units, and tens of thousands over a 30-year term.

What is the difference between fixed and adjustable rates?

A fixed-rate mortgage keeps the same interest rate for the entire term. An adjustable-rate mortgage (ARM) starts at a lower fixed rate, then adjusts on a schedule based on a market index.

Should I choose a 15-year or 30-year term?

A 15-year term has a higher monthly payment but far less total interest paid. A 30-year term has a lower monthly payment with more flexibility, at the cost of more interest over time.

How to use the Mortgage Calculator

Calculate your monthly mortgage principal and interest payment; compare loan amounts, terms, and rates; understand total interest paid over the life of a loan.

Example workflow

Enter loan amount, interest rate, and loan term. The calculator returns your monthly payment, total amount paid, and total interest cost — helping you compare a 15-year vs 30-year mortgage.

Common search topics

Regional use

Rates, costs, codes, and measurement standards vary by location. This calculator supports common use cases in:

Frequently asked questions

What does a mortgage payment include?

This calculator covers principal (the loan amount repaid) and interest. Your actual payment will also include property tax, homeowner's insurance, and possibly PMI — typically collected by your lender as an escrow addition.

How does the loan term affect total cost?

A 30-year mortgage has lower monthly payments but you pay significantly more interest over time. A 15-year mortgage costs more per month but dramatically reduces total interest — often by 40–60%.

What interest rate should I use for my estimate?

Use the current average rate for your loan type (30-year fixed, 15-year fixed, 5/1 ARM). Check Freddie Mac's weekly survey or a mortgage comparison site for current averages before running your estimate.

What is amortization?

Amortization is the schedule of how each payment is split between interest and principal. Early in the loan, most of your payment goes toward interest. As the balance drops, more goes toward principal.

Does this calculator handle adjustable-rate mortgages (ARMs)?

This calculator is designed for fixed-rate loans. For ARMs, the initial rate applies for a set period, then adjusts based on a market index. Use a dedicated ARM calculator for those scenarios.

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People also ask

What credit score do I need to get a mortgage?

Most conventional loans require a minimum score of 620, while FHA loans accept scores as low as 580 with 3.5% down. Scores above 740 typically unlock the best rates. A difference of 40–60 points can shift your rate by 0.25–0.5%, which compounds to tens of thousands of dollars over a 30-year term.

How much house can I afford on my income?

A common rule is that your total housing cost (PITI — principal, interest, taxes, insurance) should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. Lenders look at your debt-to-income ratio when qualifying you, not just the house price.

Is it worth paying points to lower my interest rate?

Each discount point costs 1% of the loan amount and typically lowers the rate by 0.25%. Divide the upfront cost by the monthly savings to find your break-even month. If you plan to stay in the home past the break-even point, buying points usually wins. If you may sell or refinance within five years, it usually does not.

Real-world scenarios

Rate shopping across three lenders

Run the same loan amount at 6.75%, 7.0%, and 7.25% and compare monthly payments and 30-year totals. A 0.5-point spread on a $400,000 loan produces roughly $120 in monthly difference and over $43,000 in total interest over the life of the loan — enough to justify spending a week getting multiple quotes.

15-year vs 30-year on the same purchase price

A $350,000 loan at 6.75%: the 30-year payment is about $2,270/month; the 15-year is about $3,100/month. The 15-year saves roughly $175,000 in interest but requires $830 more each month. Use the calculator to see whether the payment difference fits your budget before choosing a term.

Modeling a 20% vs 10% down payment

A larger down payment reduces the loan principal and eliminates PMI (typically 0.5–1.5% of the loan annually). On a $450,000 home, going from 10% to 20% down saves roughly $150–$225/month in PMI alone, plus reduces your monthly payment by lowering the base amount financed.