Mortgage Calculator
Estimate your monthly mortgage payment in seconds. Enter the home price, your down payment, the interest rate and the loan term, and this calculator returns the monthly principal and interest payment along with the total interest you will pay over the life of the loan.
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Monthly payment (principal & interest)
$1,769.97
Loan amount$280,000.00
Total interest$357,189.10
Total of payments$637,189.10
Payments360
How it works
The standard monthly payment formula for a fixed rate mortgage is:
M = P × [ r(1 + r)n ] ÷ [ (1 + r)n − 1 ]
where M is the monthly payment, P is the loan amount (price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). Property tax, insurance and HOA fees are not included in this estimate.
Frequently asked questions
What does this mortgage calculator include?
It calculates the principal and interest portion of your monthly payment. Property taxes, homeowners insurance and HOA dues are not included and would raise the total.
How does the down payment affect my payment?
A larger down payment reduces the loan amount, which lowers both the monthly payment and the total interest paid over the term.
Does a shorter loan term save money?
Usually yes. A 15 year term has higher monthly payments than a 30 year term but far less total interest because you borrow for less time.
Is the interest rate monthly or annual?
Enter the annual interest rate. The calculator converts it to a monthly rate internally.