Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and full amortization schedule. Updated with current 2026 rates.
The total purchase price of the home
Select the year you plan to start the mortgage
How to Use This Mortgage Calculator
Our free mortgage calculator helps you estimate your monthly home loan payment in seconds. Whether you are buying your first home, refinancing, or comparing loan offers, this tool gives you accurate results based on current market rates.
How to calculate mortgage payments
Your monthly mortgage payment is determined by three main factors:
- Loan amount — The home price minus your down payment
- Interest rate — The annual interest rate charged by your lender
- Loan term — How many years you take to repay the loan (most common is 30 years)
The formula our calculator uses: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Where: M = monthly payment, P = principal, i = monthly interest rate, n = number of payments
Understanding your total costs
Beyond your monthly payment, remember to budget for:
- Property taxes — Typically 0.5-2% of home value per year
- Homeowners insurance — Usually $1,000-$3,000 per year
- PMI (Private Mortgage Insurance) — Required if down payment is less than 20%
- HOA fees — Vary by community, $0-$1,000+ per month
- Closing costs — Typically 2-5% of the loan amount
30-Year vs 15-Year Mortgage
A 30-year mortgage offers lower monthly payments but you pay more total interest over the life of the loan. A 15-year mortgage has higher monthly payments but you become debt-free faster and pay significantly less total interest.