Calculate your estimated monthly mortgage payment in seconds. Free, accurate, and no sign-up required.
Enter your home price, down payment amount, interest rate, and loan term. The calculator instantly shows your estimated monthly payment, total interest paid over the life of the loan, and total cost.
Your monthly mortgage payment is determined using the standard amortization formula. The key factors are your loan amount (home price minus down payment), your annual interest rate, and your loan term in months.
The formula calculates a fixed payment that covers both principal (paying down your loan) and interest (the cost of borrowing). Early in the loan, most of your payment goes toward interest. Over time, more goes toward principal.
Most financial advisors recommend keeping your total housing costs (mortgage, taxes, insurance) below 28% of your gross monthly income. For example, if you earn $7,000 per month, aim to keep housing costs under $1,960.