💰 Finance
Mortgage Calculator
Estimate your monthly mortgage payment, total interest paid, and full loan cost breakdown — instantly and for free.
Enter Your Loan Details
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20%
2%15%
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Monthly Payment
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Principal + Interest + Tax + Insurance
P&I Only
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Loan Amount
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Total Interest
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Total Cost
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Payoff Date
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How to Use This Calculator
1
Enter the home price
Use the listing price or an estimate of what you expect to pay. This is the total purchase price before your down payment.
2
Set your down payment
Enter the amount you plan to put down. Most conventional loans require at least 20% to avoid PMI. The percentage will update automatically.
3
Adjust the interest rate
Use the slider to set your expected rate. Check current 30-year fixed rates with your lender or on Bankrate for an accurate estimate.
4
Add taxes and insurance
Property tax and home insurance vary by location. Your full monthly payment includes these costs — most lenders collect them via escrow.
5
Review your results
See your full monthly payment breakdown, total interest paid over the life of the loan, and your estimated payoff date.
What Your Results Mean
Understanding each figure helps you make a more informed decision about your loan.
Monthly Payment (P&I)
The core payment covering principal and interest only. This is what your lender will quote you.
Total Monthly Payment
P&I plus your estimated property tax and home insurance, collected monthly via escrow.
Total Interest Paid
The total amount you'll pay the lender above and beyond what you borrowed — often the most eye-opening figure.
Payment Breakdown Bar
Shows what portion of your payments go toward principal (building equity) vs. interest (cost of borrowing).
Frequently Asked Questions
What is a good mortgage interest rate?
A "good" rate depends on the current market, your credit score, and loan type. As of 2026, rates for a 30-year fixed mortgage generally range between 6–7.5% for well-qualified buyers. Rates above 7.5% are considered high; below 6% would be favorable in the current environment. Always compare at least 3 lenders before committing.
How much down payment do I need?
The minimum depends on loan type: 3–5% for conventional loans, 3.5% for FHA loans, and 0% for VA and USDA loans. However, putting down less than 20% on a conventional loan typically requires Private Mortgage Insurance (PMI), which adds to your monthly cost. A larger down payment reduces your loan amount, monthly payment, and total interest paid.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but you pay significantly less total interest and build equity faster. A 30-year mortgage has lower monthly payments giving you more cash flow flexibility, but costs considerably more over the life of the loan. Try both options in the calculator above to compare the difference for your specific situation.
Does this calculator include PMI?
This calculator does not automatically include PMI. If your down payment is less than 20%, add an estimated PMI cost (typically 0.5–1.5% of the loan amount annually, divided by 12) to your monthly payment manually. PMI is usually removed once you reach 20% equity in the home.
How accurate is this mortgage calculator?
This calculator uses the standard mortgage amortization formula and provides accurate estimates based on your inputs. Actual payments may differ slightly due to lender-specific fees, exact property tax rates, insurance costs, and rounding. Use these results for planning and comparison — get a formal Loan Estimate from your lender for official figures.