About the Mortgage Calculator

A mortgage is typically the largest financial commitment most people will make. This mortgage calculator helps you understand the true cost of buying a home by factoring in the home price, down payment, interest rate, and loan term. It uses the standard amortization formula to calculate your fixed monthly payment.

The down payment is a crucial factor. A larger down payment reduces your loan amount, which means lower monthly payments and less total interest paid. Most lenders require at least 3-5% down for conventional loans, while 20% down eliminates the need for private mortgage insurance (PMI). This calculator does not include PMI, property taxes, or homeowners insurance — your actual monthly housing cost may be higher.

Comparing 15-year and 30-year terms is important. A 15-year mortgage has higher monthly payments but saves you tens of thousands of dollars in interest. Use the term buttons to quickly compare options.