Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and total loan cost based on your home price, down payment, interest rate, and loan term.
Calculate your mortgage payment
Select your currency and enter your home and loan details. Property tax and homeowners insurance are optional.
Your estimated monthly payment
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| Home price | — |
| Down payment | — |
| Loan amount | — |
| Interest rate | — |
| Loan term | — |
| Total principal & interest | — |
| Total interest | — |
Step-by-step calculation
What is a mortgage payment?
A mortgage payment is the amount paid toward a home loan on a regular basis. The principal-and-interest portion of a typical fixed-rate mortgage depends on the loan amount, interest rate, and loan term.
Actual housing costs can also include property taxes, homeowners insurance, mortgage insurance, association fees, maintenance, and other expenses.
How is a mortgage payment calculated?
First, the down payment is subtracted from the home price to determine the mortgage principal. The monthly principal-and-interest payment is then calculated using the interest rate and number of monthly payments.
M = monthly principal-and-interest payment
P = loan principal
r = monthly interest rate
n = number of monthly payments
Mortgage calculator example
If a property costs 400,000 units of the selected currency and the down payment is 80,000, the loan amount is 320,000.
The calculator then uses the selected interest rate and loan term to calculate the monthly principal-and-interest payment.
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Important: This calculator is provided for general informational and educational purposes only and does not constitute financial, mortgage, tax, legal, or investment advice. Results are estimates based on the information entered and standard mathematical formulas. Actual mortgage payments, rates, fees, taxes, insurance costs, loan qualification, and total borrowing costs may differ. Always verify important financial information with a qualified professional or your lender before making financial decisions.