🏠 Mortgage Calculator
Enter your home loan amount, interest rate, and term to estimate your monthly mortgage payment, using the standard amortization formula lenders use.
How the Mortgage Calculator works
The calculator uses the standard fixed-rate amortization formula, spreading principal and interest across equal monthly payments over the loan term. This is an estimate — it does not include property tax, insurance, or PMI.
Step-by-step calculation
- 1Enter the home price or loan amount.
- 2Enter the interest rate and loan term.
- 3The monthly rate and number of payments are found.
- 4The amortization formula gives the monthly payment.
Worked example
A $300,000 loan at 6.5% for 30 years costs $1,896.20 a month in principal and interest.
Mortgage Calculator examples
| Home price ($) | Estimated monthly payment |
|---|---|
| 200,000 | ~$758.48 / month (estimate) |
| 300,000 | ~$1,390.55 / month (estimate) |
| 400,000 | ~$2,022.62 / month (estimate) |
| 500,000 | ~$2,654.69 / month (estimate) |
| 600,000 | ~$3,286.75 / month (estimate) |
Other inputs kept at the calculator's default values. Results calculated by this calculator.
Why use a Mortgage Calculator?
Know your monthly payment before you shop for a home or compare lender offers.
Important factors that can affect your results
- Property tax, insurance, PMI and HOA are extra.
- Your credit score changes the rate you get.
- A shorter term means higher payments but much less interest.
Frequently asked questions
Does this include property tax and insurance?
No — this estimates principal and interest only. Actual monthly housing costs are typically higher once taxes, insurance, and PMI are included.
Is this exact to the penny?
It uses the standard amortization formula lenders use, so it should be very close, but your actual rate and terms may differ slightly.
Related calculators
Last reviewed November 2026 · How we build and check our tools · Report a problem