Mortgage Calculator
Estimate your monthly mortgage payment based on the loan amount, annual interest rate, and loan term in years, before you talk to a lender.
About this mortgage calculator
Before shopping for a home loan, it helps to know roughly what the monthly payment will look like at different loan amounts and rates. This calculator uses the standard amortization formula lenders use for fixed-rate mortgages.
How mortgage calculator works
The standard formula is: M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. For example, a $300,000 loan at 7% over 30 years comes to roughly $1,996 per month.
Common uses
- Estimating a monthly payment before house hunting
- Comparing payments across different interest rates
- Checking what loan term fits your budget
- Getting a quick number before meeting a loan officer
How to use this tool
- Enter the loan amount.
- Enter the annual interest rate.
- Enter the loan term in years.
- See your estimated monthly payment, total payment, and total interest.
What to know before using it
This estimates principal and interest only. It does not include property tax, homeowners insurance, or PMI, which most lenders add into an actual monthly payment, so treat this as a starting estimate, not your final number.
Privacy and browser-first processing
This tool runs entirely in your browser using JavaScript. Nothing you enter is uploaded or stored.
Frequently asked questions
Does this include property tax and insurance?
No, this calculates principal and interest only. Your actual monthly payment through a lender will usually be higher once taxes, insurance, and possibly PMI are included.
What interest rate should I use?
Use the rate a lender has quoted you, or a current average rate if you are just exploring, rates change often so check a current source for realistic numbers.