Calculate monthly payments, down payment and total interest for your home loan
| Year | Payment | Principal | Interest | Balance |
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This free mortgage calculator helps you estimate your monthly home loan payment before you talk to a lender. Enter the home price, down payment, interest rate and loan term to see your payment, total interest and total cost. You can also add property tax, home insurance, HOA fees and PMI to get a fuller picture of what owning a home really costs each month.
A full yearly amortization schedule shows how much of each year's payments goes to principal and how much goes to interest, so you can see how your loan balance falls over time.
For a fixed-rate loan, the monthly principal and interest payment uses this formula:
Example: a $400,000 home with a $80,000 down payment gives a $320,000 loan. At 7.1% for 30 years, the principal and interest payment is about $2,151 per month. Property tax, insurance, HOA and PMI are then added on top.
The main part is principal and interest on the loan. This calculator also adds your yearly property tax and home insurance (divided by 12), any monthly HOA fees, and PMI if your down payment is below 20%. Together these give a more realistic monthly cost than principal and interest alone.
Many lenders ask for 3% to 20% of the home price depending on the loan type. A down payment of 20% or more usually avoids PMI and lowers your monthly payment. Try different down payment values above to see how the payment and total interest change.
PMI (private mortgage insurance) protects the lender when your down payment is under 20%. It is usually a small percentage of the loan amount per year. This calculator applies PMI only when your down payment is below 20%, and you can set the rate in the Optional Costs box.
A 15-year mortgage has a higher monthly payment but far less total interest. A 30-year mortgage has a lower monthly payment but costs much more interest over time. For a $320,000 loan at 7.1%, the 30-year payment is about $2,151 per month with roughly $454,000 in interest, while the 15-year payment is about $2,894 per month with roughly $201,000 in interest.
Even a small change in rate has a big effect on a long loan. Move the interest rate slider by 0.5% and watch the monthly payment and total interest update instantly.
It uses the standard fixed-rate mortgage formula, so results are a good estimate for planning. Your actual payment can differ because of lender fees, taxes that change over time, and the exact loan terms. Always confirm numbers with your lender.
Disclaimer: This calculator gives estimates for educational purposes only and is not financial advice. Actual loan terms, taxes and fees depend on your lender and location.