Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and total cost.
Loan details
Estimated monthly payment
$1288.37
- Loan amount
- $240,000
- Total interest over 30 years
- $223,814
- Total payment
- $463,814
How to use this mortgage calculator
This mortgage calculator helps home buyers estimate their monthly principal and interest payment based on the purchase price, down payment, interest rate, and loan term. Adjust the inputs to compare different scenarios before you talk to a lender or make an offer on a property.
Use this tool to quickly understand how changes in rate or loan term affect affordability, total interest paid, and long-term cost of home ownership. It is ideal for first-time buyers, investors, and agents who need clear payment estimates during showings or consultations.
People also ask about mortgage calculators
What does a mortgage calculator help me figure out?
A mortgage calculator helps you estimate your monthly home loan payment based on the price, down payment, interest rate, and loan term you enter. It lets you quickly compare different scenarios before you talk to a lender or make an offer. You can experiment with those inputs anytime using our Mortgage Calculator.
How does a mortgage calculator work behind the scenes?
Most mortgage calculators use a standard loan amortization formula that spreads your balance, interest rate, and term over fixed monthly payments. Each payment includes both principal and interest, with interest paid first and principal paid down over time. For a detailed payoff schedule, try our Loan Amortization Calculator.
What information do I need before using a mortgage calculator?
To get useful results, you should know your target home price, expected down payment, approximate interest rate, and preferred loan term in years. Many buyers test different down payment amounts to see how the loan size and monthly payment change. You can plan those scenarios with our Down Payment Calculator.
Does a mortgage calculator include taxes, insurance, and HOA fees?
Many mortgage calculators show only principal and interest, while some estimate the full PITI payment: principal, interest, property taxes, and homeowners insurance. Your real monthly housing cost may also include mortgage insurance and HOA dues, so be sure to add those amounts when using the Mortgage Calculator.
How accurate is a mortgage calculator compared to a lender quote?
A mortgage calculator provides an estimate based on your inputs and simple assumptions about taxes, insurance, and fees. Your final payment can differ once a lender reviews your credit, income, and exact closing costs. You can also model future refinance scenarios with our Refinance Calculator before you apply.
How much of my income should my mortgage payment be?
Many guidelines suggest keeping your housing payment around 28–30% of your gross monthly income and your total debts within 36–43%. A dedicated affordability tool can translate your income and debts into a target price range. You can run those numbers with our Affordability Calculator and then test exact payments in the Mortgage Calculator.
Should I compare 15-year vs 30-year mortgages in a calculator?
Yes, comparing 15-year and 30-year terms in a mortgage calculator shows you the trade-off between a higher payment and much lower total interest. Shorter terms pay off the loan faster, while longer terms keep monthly payments lower. You can switch terms in the Mortgage Calculator and review the payoff pattern using the Loan Amortization Calculator.
How does the interest rate change my monthly mortgage payment?
Even a small change in interest rate can significantly raise or lower your monthly mortgage payment and total interest over time. Higher rates push more of each payment toward interest, while lower rates help you build equity faster. You can see the impact instantly by adjusting the rate in our Mortgage Calculator.
Can I use a mortgage calculator before I'm pre-approved?
You can and should use a mortgage calculator before getting pre-approved to explore price ranges and monthly payments. It helps you set realistic expectations and focus on homes that fit your budget. To compare owning versus renting, you can also use our Rent vs Buy Calculator.