Mortgage Calculator
Free mortgage calculator: monthly payment, total interest and loan amount from home price, down payment, rate and term, with tax and insurance.
Runs in your browser. Nothing you enter is uploaded.
How to use the Mortgage Calculator
- Enter the home price and your down payment.
- Enter the interest rate and loan term.
- Optionally add yearly property tax and insurance.
- Read the monthly payment and total interest.
How a mortgage payment is calculated
A standard fixed-rate mortgage is repaid in equal monthly instalments using the same reducing-balance formula as an EMI. Optional property tax and insurance are added to the monthly total.
M = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]
Worked example
A 2,40,000 loan (300,000 price minus 60,000 down) at 6.5% for 30 years has a principal-and-interest payment of 1,516.96 a month, with total interest of about 306,107.
Lower the total cost
- A 15-year term costs far less in interest than 30 years, at a higher monthly payment.
- Bigger down payments reduce the loan and may avoid mortgage insurance.
- Extra principal payments shorten the loan.
Frequently asked questions
How much is the monthly payment on a 30-year mortgage?
It depends on the loan, rate and term. For 240,000 at 6.5% the principal-and-interest payment is about 1,517.
Should I choose a 15 or 30 year term?
15 years costs much less interest but needs a higher payment. Choose the shortest term you can comfortably afford.
Does the result include fees?
No. Closing costs, origination fees and private mortgage insurance are not included.
What is included in the monthly total?
Principal and interest, plus one-twelfth of the yearly property tax and insurance you enter.