Mortgage Calculator
Calculate monthly mortgage payments and total interest
Trying to get an idea of what a home loan could cost each month? Enter the loan details below to estimate the payment, the total interest, and how much you'd pay over the life of the loan.
Monthly Payment
$1,516.96
Total Interest
$306,106.77
Over loan lifetime
Total Payment
$546,106.77
How to Use This Calculator
- Enter the home price.
- Enter your down payment (the cash you're putting toward the home up front).
- Enter the interest rate you expect.
- Choose the loan term in years (commonly 15 or 30).
- Review the estimated monthly payment, total interest, and lifetime cost.
Why Use This Calculator?
- Comparing loan amounts to see what fits a monthly budget.
- Seeing how a different interest rate changes the payment.
- Testing a 15-year versus a 30-year term.
- Getting a rough payment figure before talking with a lender.
Real-World Examples
$300,000 home, 20% down, 6.5%, 30 years
A $240,000 loan at 6.5% for 30 years gives an estimated monthly payment around $1,517 (principal and interest only).
Shorter term, less interest
The same loan on a 15-year term raises the monthly payment but sharply cuts the total interest paid over the life of the loan.
What's included
The monthly payment covers principal and interest only. It does not include property taxes, home insurance, mortgage insurance, or HOA dues — those get added on top in the real world.
Frequently Asked Questions
Does the payment include taxes and insurance?
No. This estimate is principal and interest only. Your real monthly cost will be higher once taxes, insurance, and (if applicable) mortgage insurance are added.
What happens if I choose a longer term?
A longer term lowers the monthly payment but increases the total interest you pay over the life of the loan.
How does the interest rate affect my payment?
Even a small rate change moves the payment noticeably. Higher rates mean more of each payment goes to interest, especially early on.
Is this what a lender will quote me?
It's an estimate for planning. Your actual rate and payment depend on your credit, the loan product, and current market conditions.
Important Disclaimer
Results are estimates for principal and interest only and are not an offer of credit, a loan approval, or financial advice. Actual rates, fees, and payments vary. Consult a qualified lender for a real quote.
Privacy
The figures you enter stay in your browser — the estimate runs here on the page and isn't sent or saved.
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