Mortgage Calculator
Estimate your monthly mortgage payment. Adjust the home price, down payment, loan term, and interest rate to see how they affect your payment.
Estimated Monthly Payment
$1,556.64
Loan Amount
$240,000
Down Payment
$60,000
Total Interest
$320,389
How this is calculated
This is principal & interest only. We use the standard fixed-rate amortization formula for the monthly payment:
M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)- P = loan amount (home price − down payment)
- r = monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = number of payments (loan term in years × 12)
Total interest is the sum of every payment (M × n) minus the loan amount. The payment shown excludes property taxes, homeowners insurance, PMI, and HOA dues, which your lender adds to the full monthly housing cost.
This is an automated estimate, not legal, financial, or appraisal advice. Consult a licensed professional for matters affecting your specific situation.
Estimate only. Does not include taxes, insurance, PMI, or HOA fees. Consult a lender for exact figures.