This mortgage calculator estimates monthly principal-and-interest payments, total interest, and the long-term cost of a home loan.
Finance
Mortgage Calculator
Calculate mortgage payment, extra costs and total interest.
Calculator
About this calculator
Formula notes
For a fixed-rate fully amortizing loan, payment is based on principal, annual rate, and the number of monthly periods.
Worked examples
- Example: a 1000000 home with 300000 down at 4% for 30 years gives a 700000 loan, principal-and-interest payment of about 3341.91 per month, and total interest of about 503087.
- A $400,000 home with 20% down leaves a $320,000 loan; at 6.5% for 30 years, principal and interest are about $2,023 per month before taxes, insurance, and fees.
How to use it
- Enter the loan amount, interest rate, and term.
- Include extra monthly costs if the form supports them.
- Compare total interest across a few rate or term scenarios.
Frequently asked questions
Does this include taxes and insurance?
Only if you enter those extra costs. The core formula covers principal and interest.
Is the calculated payment the full monthly housing cost?
Usually not. Add property tax, homeowners insurance, mortgage insurance, association fees, utilities, and maintenance as applicable.
Limits and interpretation
- Property tax, insurance, association fees, mortgage insurance, closing costs, rate locks, and escrow can materially change monthly and upfront cost.
- The calculation assumes a fixed fully amortizing loan and does not model adjustable rates, interest-only periods, points, or refinancing.