Free Mortgage Calculator, Estimate Your Monthly Payment

Before committing to a home loan, knowing the actual monthly payment, not just the headline interest rate, matters for real budgeting. The Mortgage Calculator estimates monthly payments instantly from loan amount, interest rate, and term.

What this tool actually does

• Calculates estimated monthly payment from loan amount, interest rate, and loan term
• Shows the breakdown between principal and interest
• Shows total interest paid over the life of the loan

How to use it, step by step

1. Open the Mortgage Calculator.
2. Enter the loan amount, interest rate, and loan term.
3. Read the estimated monthly payment and total interest instantly.

Why estimate this before applying

A mortgage's monthly payment depends on more than just the sticker price of a home, the interest rate and loan term both change the number significantly. Estimating this ahead of time helps set a realistic budget before you're deep into the home-buying process, and helps compare how different loan terms or down payments affect affordability.

Common use cases

• Estimating affordability before house hunting
• Comparing how a 15-year versus 30-year term changes the monthly payment
• Seeing how a larger down payment reduces monthly cost

Frequently asked questions

Does this include taxes and insurance?

The core calculation covers principal and interest, the largest components of a mortgage payment; actual total monthly cost may also include property tax and insurance, which vary by location.

Is this a loan offer?

No, this is an estimation tool for planning purposes, not a loan application or official offer.

Try it yourself

Get a realistic monthly payment estimate from the Mortgage Calculator before you start house hunting.