Calculate your monthly mortgage payment with a visual cost breakdown.
Enter the home price, your down payment amount as a dollar value or percentage, the annual interest rate, and choose your preferred loan term of 15, 20, or 30 years. The calculator instantly shows your estimated monthly payment, total interest paid, and the overall cost of the mortgage. A pie chart visualizes the proportion of principal versus interest in your total cost.
A mortgage is typically the largest financial commitment most people make. Your monthly payment depends primarily on the loan amount after your down payment, the interest rate, and the length of the loan term. Shorter terms mean higher monthly payments but significantly less interest paid overall. A 15-year mortgage can save you tens of thousands compared to a 30-year term, even at the same rate.
A larger down payment reduces both your monthly payment and total interest. Aim for at least 20 percent to avoid private mortgage insurance. Compare rates from multiple lenders, as even a quarter-point difference compounds over decades. Use this calculator to model different scenarios and find the balance between affordable monthly payments and minimizing long-term interest costs. All calculations run locally in your browser for complete privacy.