Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and total cost of your home loan.
Results
Monthly Payment $0.00
Loan Amount $0.00
Total Interest $0.00
Total Cost $0.00
How it works
This mortgage calculator determines your monthly payment using the loan amortization formula:
- Subtract your down payment from the property price to get the loan amount
- Apply the amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]
- Calculate total interest by subtracting the loan amount from total payments
The result shows your principal and interest payment only. Property taxes, insurance, and PMI are not included.
Example Calculation
For a $300,000 home with $60,000 down payment (20%) at 6.5% interest for 30 years:
- Loan Amount: $240,000
- Monthly Payment: $1,517.27
- Total Interest: $306,217.57
- Total Cost: $606,217.57
FAQ
- How much down payment do I need for a mortgage?
- Down payment requirements vary by loan type and lender. Conventional loans typically require 5-20%, while FHA loans may accept as low as 3.5%. A larger down payment reduces your monthly payment and total interest paid.
- What is included in a mortgage payment?
- This calculator shows the principal and interest portion of your payment. Your actual monthly payment may also include property taxes, homeowners insurance (PITI), and private mortgage insurance (PMI) if your down payment is less than 20%.
- Should I choose a 15-year or 30-year mortgage?
- A 15-year mortgage has higher monthly payments but significantly lower total interest. A 30-year mortgage offers lower monthly payments but costs more over time. Choose based on your budget and financial goals.