Mortgage Calculator

Calculate your monthly mortgage payment, total interest, and see full amortization. Essential for planning your home purchase.

Enter Your Measurements

Home Price($)

Down Payment($)

Interest Rate(%)

Loan Term(years)

Results

Monthly Payment

1,596.73

Loan Amount

240,000.00

Total Interest

334,821.36

Total Amount Paid

574,821.36

Formula

M = P × [r(1+r)^n] / [(1+r)^n - 1]

How to Use This Calculator

How to Use

1
Enter the home price and your down payment.
2
Enter the interest rate from your lender.
3
Select the loan term (typically 15 or 30 years).
4
View your monthly payment and total costs.

Frequently Asked Questions

What's the difference between 15 and 30-year mortgages?

30-year mortgages have lower monthly payments but pay much more interest. 15-year mortgages have higher monthly payments but save significantly on interest.

How much should I put down?

20% down avoids PMI (Private Mortgage Insurance). Less than 20% requires PMI, increasing costs. More than 20% reduces your loan amount.

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About This Calculator

This calculator uses the formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]. 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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