Mortgage Calculator

A mortgage calculator helps you estimate your monthly mortgage payment based on the home price, down payment, interest rate, and loan term. It's an essential tool for anyone planning to buy a home or refinance an existing mortgage.

Our free calculator instantly computes your monthly principal and interest payment, total interest over the life of the loan, and total amount you'll pay. This helps you understand the true cost of homeownership and compare different loan scenarios.

Whether you're a first-time homebuyer or looking to refinance, this calculator gives you the information you need to make smart financial decisions about one of the biggest purchases of your life.

1. Enter the home price — The total purchase price of the property.
2. Enter your down payment — The amount you'll pay upfront.
3. Set the interest rate — Your expected annual mortgage rate.
4. Choose the loan term — 30, 20, 15, or 10 years.
5. Review results — See monthly payment, total interest, and total cost.

The monthly mortgage payment formula is:

M = P × [r(1+r)^n] / [(1+r)^n - 1]

Where: M = monthly payment, P = loan principal, r = monthly interest rate, n = total number of payments.