Loan Calculator
Work out monthly loan payments, total interest and total cost.
Mortgage Calculator
Estimate your monthly mortgage payment and the total cost of your home loan.
Disclaimer: This calculator gives estimates only and is not financial, tax, or legal advice. Figures can differ from lender, employer, or official calculations. Please confirm important decisions with a qualified professional. See our full disclaimer.
The mortgage payment formula
M = P × r(1+r)n / ((1+r)n − 1), where M is the monthly principal-and-interest 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). If the interest rate is 0%, the payment is simply P ÷ n.
Worked example
For a $400,000 home with $80,000 down, the loan is $320,000. At 6.5% over 30 years (n = 360, r = 0.005417), M ≈ $2,022.62 per month for principal and interest, before taxes, insurance and HOA fees.
How to use this calculator
- Enter the home price and your down payment.
- Add the interest rate and loan term.
- Optionally add annual property tax, annual insurance and monthly HOA fees.
- Select Calculate to see the full monthly payment and total interest.
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Frequently asked questions
How is a monthly mortgage payment calculated?
It uses M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate and n is the number of monthly payments.
Does this calculator include taxes and insurance?
Yes. If you enter annual property tax and home insurance, they are divided by 12 and added to the monthly total, along with any monthly HOA fees.
Is the result a guaranteed quote?
No. It is an estimate only. Your lender's figures may differ because of fees, exact rates and escrow rules.