Enter a loan amount, interest rate, and term above, and you’ll see your estimated monthly payment instantly — along with the two numbers most calculators hide: the total interest you’d pay and the total cost of the loan over its life. The exact formula behind the result is shown further down the page, with sources.
How to use this calculator
- Loan amount — the amount you’re borrowing (home price minus your down payment).
- Interest rate — the annual rate you’ve been quoted, e.g. 6.5.
- Term — how many years you’ll repay over; 30 and 15 are the most common.
The result updates as you type, and the address bar updates too — copy the URL to share or save a specific scenario.
Reading the result like a lender
The headline number is your monthly principal and interest payment. Early in a mortgage, most of each payment is interest; the split shifts toward principal over time — that process is called amortization. The interest share of cost figure shows what portion of everything you’ll pay is interest rather than the home itself. On a typical 30-year loan at recent rates it is common for interest to approach half of the total paid — which is why rate shopping and extra principal payments matter so much.
What this estimate leaves out — on purpose
Your real monthly housing cost also includes property taxes, homeowners insurance, possibly PMI (usually required below 20% down), and HOA dues. These vary enormously by state, city, and property, so a single calculator field would give you false precision. Treat this result as the loan’s core cost, then add your local figures. When you’re ready to compare real offers, the CFPB’s Loan Estimate explainer shows how lenders must present the full picture.
Tips for lowering the payment
A larger down payment shrinks the principal directly. Improving your credit before applying typically earns a lower rate, and even a quarter point matters over 360 payments. Comparing at least three lenders is consistently shown to save money. And if the monthly budget allows, paying a little extra principal each month shortens the term and cuts total interest — a future amortization schedule tool here will let you model exactly that.
Browse all our calculators — each one shows its formula and sources, so you can check the math yourself. Files-based tools run privately in your browser too.