Mortgage Calculator
Estimate your monthly mortgage payment, loan amount and total interest from the home price, down payment, interest rate and loan term.
- Runs privately in your browser
- Free, no sign-up
- Updated
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How to use the Mortgage Calculator
- Enter the home price and your down payment as a percentage.
- Enter the yearly interest rate and choose the loan term.
- See your monthly payment, loan amount and total interest instantly.
Your monthly mortgage payment (principal and interest) is M = L × r ÷ (1 − (1 + r)−n), where L is the loan amount, r the monthly interest rate and n the number of monthly payments. A 320,000 loan at 6.5% over 30 years costs about 2,022.62 a month.
What is included
The payment shown is principal and interest only. Many lenders also collect property tax, home insurance and mortgage insurance (PMI) each month, so your real monthly cost is usually higher.
How the term changes the cost
| Loan: 320,000 at 6.5% | Monthly payment | Total interest |
|---|---|---|
| 30 years | ≈ 2,022.62 | ≈ 408,142 |
| 20 years | ≈ 2,385.83 | ≈ 252,600 |
| 15 years | ≈ 2,787.54 | ≈ 181,758 |
A shorter term means higher monthly payments but far less interest overall. A larger down payment lowers both, and with 20% or more you usually avoid mortgage insurance.
Frequently asked questions
Is the result exact?
It is an accurate estimate based on the numbers you enter. Your lender’s figures can differ slightly because of fees, rounding, insurance or different payment dates.
Which currency does it use?
Any. Enter amounts in your own currency — the maths is the same everywhere.
Does this include property tax and insurance?
No. It shows principal and interest only. Add your local property tax, home insurance and any mortgage insurance to get the full monthly cost.
How much should my down payment be?
It depends on the country and lender. 20% is a common benchmark because it often avoids mortgage insurance, but many loans allow less.
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