Mortgage Calculator
Calculate your monthly mortgage payment from home price, down payment, rate and term — with property tax, insurance and total interest.
About the Mortgage Calculator
This mortgage calculator shows what a home will really cost per month. Enter the home price, your down payment (as a percentage or a fixed amount), the interest rate and the loan term, and it instantly computes your monthly principal-and-interest payment, the total interest over the life of the loan and the full payoff summary. Optional fields add annual property tax and home insurance for a complete monthly housing figure.
It uses the standard fixed-rate amortization formula — payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1) — where P is the amount borrowed, r the monthly rate and n the number of monthly payments. Results are plain numbers with no currency symbol, so they work equally for dollars, euros, pounds or rupees.
Small changes compound dramatically over a mortgage. On a 400,000 home with 20% down at 6.5% for 30 years, the P&I payment is about 2,023 and lifetime interest roughly 408,000 — nearly 1.3× the loan itself. Dropping to a 15-year term raises the payment to about 2,787 but slashes interest to around 182,000. Test scenarios here before talking to lenders.
How to Use the Mortgage Calculator
- 1Enter the home price and your down payment — toggle between percent and amount.
- 2Enter the annual interest rate and loan term in years.
- 3Optionally add property tax (% of home value per year) and annual home insurance.
- 4Read your monthly P&I, total monthly payment, total interest and payoff summary.
Frequently Asked Questions
How is a monthly mortgage payment calculated?
Fixed-rate mortgages use the amortization formula: payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly rate (annual ÷ 12 ÷ 100) and n the months. Each payment covers that month's interest first; the remainder reduces principal, so the interest share shrinks every month over the term.
How much down payment do I need for a house?
Norms vary by country and loan type: conventional US loans often allow 3–5% down, though 20% avoids private mortgage insurance (PMI); Indian home loans typically require 10–25% margin per RBI loan-to-value rules. A larger down payment lowers both the monthly payment and lifetime interest, and often earns a better rate — use the percent toggle here to compare.
Should I choose a 15-year or 30-year mortgage?
A 30-year term minimises the monthly payment; a 15-year term typically carries a lower rate and cuts lifetime interest by well over half, at the cost of a much higher payment. A common middle path is taking the 30-year for flexibility and voluntarily paying extra principal. Run both terms in this calculator and compare total interest.
What costs does the monthly payment include besides principal and interest?
Lenders often collect PITI: Principal, Interest, Taxes and Insurance. This calculator lets you add annual property tax (as a percentage of home value) and home insurance, spreading both across 12 months. It does not model PMI, HOA/society fees or maintenance, so budget separately for those — maintenance alone often runs about 1% of the home's value yearly.
How can I reduce the total interest on my mortgage?
Four levers matter most: a bigger down payment (less borrowed), a lower rate (shop multiple lenders and improve your credit score), a shorter term, and extra principal payments. Even one additional payment a year on a 30-year loan typically shortens the payoff by 4–5 years. Prepayment rules vary by lender and country, so check for penalties first.