Mortgage Payment Calculator
Estimate your monthly principal & interest payment, see the interest-vs-principal breakdown, and share your exact scenario via a link.
How the formula works
Monthly principal & interest is calculated with the standard amortization formula:
M = P × [ r(1 + r)^n ] / [ (1 + r)^n − 1 ]
- P — loan principal (home price minus down payment)
- r — monthly interest rate (annual rate ÷ 12)
- n — total number of monthly payments (years × 12)
Worked examples
$450,000 home, $90,000 down
6.5% rate · 30 yr term
$2,275.44/mo
$300,000 home, $60,000 down
5.75% rate · 30 yr term
$1,400.57/mo
$250,000 home, $50,000 down
4.25% rate · 15 yr term
$1,504.56/mo
Frequently asked questions
How is my monthly mortgage payment calculated?
Your payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate, and n is the total number of monthly payments.
Does this include property taxes and insurance?
No. This calculator estimates principal and interest only. Property taxes, homeowners insurance, and any HOA dues would be added on top of the amount shown here.
How does a larger down payment change my payment?
A larger down payment reduces the amount you finance, which lowers both your monthly payment and the total interest paid over the life of the loan.
What happens if I choose a shorter loan term?
A shorter term (e.g. 15 years instead of 30) increases your monthly payment but significantly reduces total interest paid, since the balance is paid off faster.
Can I share or bookmark my calculation?
Yes. Every input you change is saved to the page URL, so you can bookmark it, refresh the page, or copy the link to share your exact scenario.