Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization schedule with down payment.
How to Use the Mortgage Calculator
- Enter the home price and down payment amount.
- Input the annual interest rate and loan term in years.
- Click Calculate Mortgage to see monthly payment, total interest, and total cost.
- Use the Advanced tab to include property tax, insurance, and HOA fees.
Formula & Method
Monthly Payment:M = P[r(1+r)^n] / [(1+r)^n - 1]
Where P = principal (home price - down payment), r = monthly interest rate, n = total payments (years × 12).
Total Cost: Total = M × n + down payment
Examples
| Home Price | Down | Rate | Term | Monthly | Total Interest |
|---|---|---|---|---|---|
| $300,000 | $60,000 | 6.5% | 30 yr | $1,517 | $206,016 |
| $500,000 | $100,000 | 7.0% | 30 yr | $2,661 | $458,036 |
Frequently Asked Questions
What is PMI?
Private Mortgage Insurance is required when your down payment is less than 20% of the home price.
How is the monthly payment calculated?
Using the standard amortization formula that considers principal, interest rate, and loan term.
Does this include closing costs?
No, closing costs are separate and typically 2-5% of the loan amount.
Can I calculate bi-weekly payments?
Not yet; this calculator shows monthly payments only.
What is a good interest rate?
Rates vary by market conditions; check current rates from multiple lenders.
People Also Ask
How accurate is this calculator?
Our calculators use standard mathematical formulas and provide accurate results.
Can I use this on my phone?
Yes, all tools are fully responsive and work on any device.