Mortgage Payment Calculator
Calculate your monthly principal and interest payment from home price, down payment, rate, and term.
How the calculation works
Subtracts your down payment from the home price to get the loan amount, then applies the standard fixed-rate amortization formula to find the level monthly principal-and-interest payment over the loan term. This is principal and interest only; it doesn't include property tax, homeowners insurance, PMI, or HOA dues, which are commonly added on top in an actual monthly mortgage bill.
Formula
Loan Amount = Home Price − Down Payment. Monthly Payment = Loan Amount × r ÷ (1 − (1 + r)^−n), where r is the monthly interest rate and n is the term in months.
Examples
$400,000 home, $80,000 down, 6.5% rate, 30-year term
$2,022.62/month, $408,142.36 total interest over the loan
$250,000 home, $50,000 down, 7% rate, 15-year term
$1,797.66/month, $123,578.18 total interest over the loan