Calculate Your Mortgage Payment Fast & Free

Before you make an offer on a house, there's one number that matters more than the listing price: what you'll actually pay every month. Our mortgage calculator gives you that number instantly. Enter your home price, down payment, interest rate, and loan term, and you'll see your estimated monthly payment along with the total cost over the life of the loan.

How the Calculation Works

This tool uses the standard amortization formula lenders use to price fixed-rate loans. Once you enter your loan amount, interest rate, and term, it works out your fixed monthly principal-and-interest payment, then shows how that payment breaks down over time.

Small changes move this number more than most people expect. Half a percentage point on your interest rate can shift your monthly payment by a meaningful amount, and over 30 years it adds up to tens of thousands of dollars in extra interest. A bigger down payment does the opposite, it shrinks your loan amount, lowers your monthly payment, and in many cases lets you skip private mortgage insurance entirely. Loan term matters too: a 15-year mortgage means a higher monthly payment but dramatically less interest paid overall, while a 30-year term keeps monthly costs lower but stretches the interest out over a much longer period.

What This Number Doesn't Include

The figure this calculator gives you is principal and interest the core of your loan payment. In practice, most homeowners pay more than that each month, because lenders usually bundle in property taxes, homeowners insurance, and, if your down payment is under 20%, private mortgage insurance. This combined total is often called PITI. Property taxes and insurance vary a lot by state and even by neighborhood, so it's worth getting a local estimate before you finalize your budget.

Fixed Rate or Adjustable Rate

If you're still deciding between loan types, the difference comes down to predictability versus flexibility. A fixed-rate mortgage locks your rate for the entire term, so your payment never changes regardless of what happens in the broader rate environment. An adjustable-rate mortgage typically opens with a lower rate for the first few years, then adjusts periodically based on market conditions. Fixed rates are easier to plan around long-term; ARMs can make sense if you expect to sell or refinance before the adjustment period kicks in.

A Few Ways to Lower Your Payment

Running different scenarios through the calculator is the fastest way to see what actually moves the needle, but a few strategies consistently help:

Putting down more upfront is the single biggest lever, even a modest increase in your down payment lowers both your loan amount and your monthly payment. If you're still building that down payment, our Savings Goal Calculator can help you map out how much to set aside each month to hit your target, and the Investment Calculator shows how that money could grow if you invest part of it while you save.

Improving your credit score before you apply often unlocks a meaningfully better rate, since lenders price risk directly into the number they offer you. And if you're weighing a 15-year loan against a 30-year one, it helps to see the full breakdown rather than just the monthly figure, our Amortization Calculator lays out exactly how much of every payment goes toward interest versus principal across the entire loan term.

Comparing This to Other Types of Loans

A mortgage is one specific kind of installment loan, but the underlying math, principal, rate, term, and monthly payment—applies to borrowing in general. If you want to compare how a mortgage stacks up against a personal loan or see the mechanics side by side, the Loan Calculator works the same way for any fixed-term loan. And once you've settled on numbers and just want to check a specific monthly payment quickly, the Payment Calculator is built for exactly that.

It's also worth remembering that mortgage interest is often tax-deductible if you itemize, which can meaningfully change what a loan actually costs you after tax. The Income Tax Calculator can help you see how that deduction plays into your overall tax picture for the year.

Frequently Asked Questions