Mortgage Calculator
Estimate your monthly mortgage payment from the home price, down payment, interest rate, and loan term. Instantly see the monthly principal-and-interest payment, the loan amount, the total you'll repay, and the total interest over the life of the loan.
ToolsSoup's Mortgage Calculator estimates your monthly home loan payment in seconds. Enter the home price, your down payment, the annual interest rate, and the loan term in years, and you instantly see the monthly principal-and-interest payment, the loan amount you'll actually borrow, the total you'll repay over the life of the loan, and the total interest you'll pay. It uses the same amortization formula lenders use, so the numbers match a real mortgage estimate. Everything runs in your browser: no uploads, no sign-up, and your figures never leave your device.
What is a mortgage calculator?
A mortgage calculator takes a home price, a down payment, an annual interest rate, and a repayment term and tells you what your fixed monthly principal-and-interest payment will be, how much you'll repay in total, and how much of that is interest. Instead of working through the amortization formula by hand, you type a few numbers and read the answer right away. It works for any fixed-rate, fully amortizing home loan and updates live as you change any value, so you can compare scenarios instantly.
How to calculate a mortgage payment
Estimating a mortgage payment takes four quick steps, and this tool does the math automatically as you type:
- Enter the home price — the full purchase price of the property.
- Enter your down payment. The calculator subtracts it from the price to find the loan amount.
- Enter the annual interest rate (APR) as a percentage.
- Enter the loan term in years. Read the monthly payment, the loan amount, the total you'll repay, and the total interest below.
What is the mortgage payment formula?
The monthly payment formula for a fixed-rate mortgage is M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount (home price minus down payment), r is the monthly interest rate (the annual rate divided by 100 and then by 12), and n is the number of monthly payments (years × 12). The monthly rate compounds each month over the term, which is why early payments go mostly toward interest. If the interest rate is 0%, the payment is simply the loan amount divided by the number of months. This calculator runs that math for you instantly as you change any number.
Does this include property taxes and insurance?
No. This calculator shows the principal-and-interest portion of your payment — the part determined by the loan amount, interest rate, and term. A full monthly housing payment (sometimes called PITI) also includes property taxes, homeowners insurance, and, if your down payment is below 20%, private mortgage insurance (PMI), plus any HOA dues. Those costs vary by location and lender, so to budget your true monthly cost, add your local tax and insurance estimates on top of the principal-and-interest figure shown here.
Why use this mortgage calculator?
- Instantly shows the monthly payment, loan amount, total repaid, and total interest for any home loan.
- Subtracts your down payment automatically to calculate the amount you actually borrow.
- Uses the standard lender amortization formula for accurate, realistic estimates.
- Handles 0% interest and non-round amounts cleanly, rounding money to two decimals.
- Updates live as you type, runs entirely in your browser, and is 100% free with no ads or sign-up.
Frequently asked questions
How do I calculate a monthly mortgage payment?
Subtract your down payment from the home price to get the loan amount, then apply the amortization formula M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 100 ÷ 12), and n is the number of months. Enter the price, down payment, rate, and term above and the calculator does it instantly.
What is the monthly payment on a $300,000 home with $60,000 down at 6.5% for 30 years?
About $1,516.96 a month in principal and interest on the $240,000 loan. Over the 30-year term you'd repay roughly $546,106.77 in total, of which about $306,106.77 is interest. Change any field above to see your own numbers.
Does this mortgage calculator include taxes and insurance?
No. It calculates the principal-and-interest payment only. Property taxes, homeowners insurance, PMI, and HOA dues are added on top by your lender, so add your local estimates to find your full monthly housing cost.
How does the down payment affect my payment?
The down payment reduces the loan amount, since you borrow the home price minus what you pay up front. A larger down payment means a smaller loan, a lower monthly payment, and less total interest over the life of the mortgage.
Why does a longer term mean more total interest?
A longer term spreads the loan over more payments, which lowers each monthly payment but keeps a balance accruing interest for longer. The result is a smaller monthly payment but a larger total interest cost — a 30-year mortgage costs much more in interest than a 15-year one at the same rate.