Mortgage Payment Calculator
See what a home price actually costs each month before you start touring properties.
What This Calculator Does
Enter a home price, down payment, interest rate, and loan term to see the resulting monthly principal-and-interest payment and the total interest paid over the life of the loan.
Who Is This For
Buyers sizing up a target price range, owners comparing loan terms, and anyone who wants a concrete monthly number before submitting an offer.
How It Works
Enter the home price, down payment amount, expected interest rate, and loan term, then review the monthly payment and total interest the calculator returns.
Frequently Asked Questions
What determines my mortgage payment?
Loan amount, interest rate, and loan term set the principal-and-interest payment; property taxes, insurance, and any mortgage insurance are added separately to reach the full monthly payment.
How much down payment do I need?
Conventional loans start as low as 3% down for qualifying buyers and run to 20% or more, and government-backed programs can go lower still; a larger down payment reduces the loan amount and may remove a mortgage insurance requirement.
What is included in a full monthly payment?
A full payment usually bundles principal, interest, property taxes, and homeowners insurance, plus mortgage insurance when the down payment is below the lender's threshold.
Should I choose a 15-year or 30-year term?
A 15-year term raises the monthly payment but lowers total interest paid; a 30-year term keeps the payment smaller and preserves monthly cash flow. Compare both terms against your own budget and goals.