Estimate monthly mortgage payments, total interest and loan cost.
What is a mortgage? A mortgage is a long-term loan used to buy a home, usually repaid in monthly installments over 15–30 years. Each payment covers loan principal plus interest, and a larger down payment means borrowing less and paying less interest overall.
Monthly payment (principal & interest)
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Down payment
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Loan amount
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Total interest
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Total cost of home
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Excludes property tax, insurance and HOA — your real payment will be higher.
Tip: calculate first — your result is included when you share.
📚 Related guide: Wondering what salary actually buys you? Read How Much House Can I Afford on My Salary? — the 28/36 rule, a worked example and the hidden costs to watch.
A mortgage is usually the biggest financial commitment of your life, so understanding the monthly payment before you buy is essential. A mortgage calculator estimates your monthly payment from four numbers: the home price, your down payment, the interest rate and the loan term.
Enter those four values and press Calculate Mortgage. You'll see the monthly payment for principal and interest, the down payment amount, the total interest paid over the life of the loan, and the true total cost of the home. Comparing a 30-year and a 15-year term side by side is eye-opening: the 15-year payment is higher, but the total interest is often less than half.
Three levers move your payment the most. A bigger down payment shrinks the loan directly. A lower interest rate compounds over decades — even 0.5% matters on a large loan. And a shorter term trades a higher monthly payment for dramatically less interest. As a rule of thumb, lenders like your housing payment to stay under about 28% of gross monthly income.
Note that this calculator covers principal and interest only. Your real monthly bill also includes property tax, homeowner's insurance and possibly HOA fees or private mortgage insurance (usually required when the down payment is under 20%). For a general-purpose loan check, see our EMI / Loan Calculator.
Frequently Asked Questions
How much house can I afford?
A common rule is that your monthly housing payment (including tax and insurance) should be no more than 28% of your gross monthly income, and total debts no more than 36%.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but much lower total interest and builds equity faster. A 30-year mortgage is easier on monthly cash flow. Choose based on what you can comfortably afford.
What is PMI?
Private Mortgage Insurance is usually required when your down payment is below 20%. It protects the lender, not you, and adds to your monthly cost until you build enough equity to remove it.
Does the calculator include property tax and insurance?
No — it shows principal and interest only, so treat it as the base payment. Add local property tax, insurance and any HOA fees for the full picture.
Should I make a bigger down payment?
If you can reach 20%, you avoid PMI and pay less interest overall. But don't empty your emergency fund to do it — keep 3–6 months of expenses in reserve.
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