Mortgage Calculator

Calculate your monthly mortgage payment, total interest, and total amount paid over the life of your loan. Enter the home price, down payment percentage, interest rate, and loan term to get instant results.

Enter Your Measurements

Home Price($)

Down Payment(%)

Interest Rate (Annual)(%)

Loan Term(years)

Results

Monthly Payment

1,516.96

Loan Amount

240,000.00

Total Interest Paid

306,106.77

Total Amount Paid

546,106.77

Down Payment Amount

60,000.00

Formula

M = P × [r(1+r)^n] / [(1+r)^n - 1], where M = monthly payment, P = principal, r = monthly rate, n = number of payments

How to Use This Calculator

How to Use

1
Enter the total home price.
2
Enter your down payment percentage (typically 3-20%).
3
Enter the annual interest rate offered by your lender.
4
Choose your loan term (15, 20, or 30 years are common).
5
Review your monthly payment and total interest cost.

Frequently Asked Questions

What is the difference between fixed and variable rate mortgages?

Fixed-rate mortgages have the same interest rate for the entire loan term, providing stable monthly payments. Variable-rate (ARM) mortgages have rates that change periodically, potentially lowering initial payments but increasing risk.

How much should I put down on a house?

Down payments typically range from 3% to 20%. A 20% down payment avoids private mortgage insurance (PMI), but 5-10% is common for many buyers. Lower down payments mean higher monthly payments and more total interest paid.

What affects my mortgage interest rate?

Interest rates depend on credit score, loan amount, down payment percentage, loan term, market conditions, and the type of loan (conventional, FHA, VA, etc.). Better credit scores typically get lower rates.

In-Depth Guides

📖

Complete Mortgage Guide: Calculate Payments, Rates & Affordability

Everything you need to know about mortgages: down payment requirements, PMI, fixed vs ARM, 15 vs 30-year comparison, debt-to-income ratios, and how to improve approval odds.

📖

What Is a Good Debt-to-Income Ratio? (DTI Guide)

Learn how debt-to-income ratio is calculated, what lenders consider good vs bad, the 43% rule for mortgages, and how to lower your DTI fast.

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About This Calculator

This calculator uses the formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where M = monthly payment, P = principal, r = monthly rate, n = number of payments. All calculations follow industry-standard methods. Results are estimates — always verify with a licensed professional for structural or code-compliant work.

Built and maintained by the CalcSmart team. Last updated March 2026.

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