Estimate your monthly home-loan payment and total interest
Monthly payment
84,686
Total paid
35,567,998
Total interest
5,567,998
Interest share
15.7%
Loan amount (84%)
Interest (16%)
Amortization formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
M = monthly payment, P = principal, r = monthly rate, n = number of payments. This assumes a fixed-rate, fully amortizing mortgage with equal monthly payments.
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What is a mortgage calculator?
A mortgage calculator estimates the monthly payment on a home loan from three inputs: the amount borrowed, the annual interest rate, and the repayment term in years. It assumes a fixed-rate, fully amortizing loan — the kind where you pay the same amount every month and the balance reaches zero at the end of the term. Knowing the monthly figure before you buy is the foundation of a realistic budget, and adjusting the rate or term shows how strongly each one moves the total cost of the home.
How to use it
1. Enter the loan amount (the price minus your down payment).
2. Enter the annual interest rate as a percentage.
3. Enter the term in years (commonly 15, 20, or 30).
The monthly payment, total amount paid, and total interest update instantly. Try a few rates and terms to see how the trade-off between monthly affordability and lifetime cost shifts.
Formula and definition
The monthly payment M for a fully amortizing loan is:
M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
where P is the principal, r is the monthly rate (annual rate ÷ 12 ÷ 100), and n is the number of payments (years × 12). Total paid is M × n and total interest is the total paid minus the principal. When the rate is zero the payment is simply the principal divided by the number of months.
Reading your results
The monthly payment is the number to weigh against your income — many lenders look for housing costs at or below about 28% of gross monthly income. Total interest is the price of borrowing: stretching the term lowers the monthly payment but raises lifetime interest, while a shorter term does the opposite. Remember this estimate covers only principal and interest — property taxes, insurance, and fees are extra, so the true monthly outlay is usually higher.
Frequently asked questions
Does this include taxes and insurance? ▾
No. It covers principal and interest only. Property tax, homeowners insurance, PMI, and HOA dues are not included and should be budgeted separately.
What is amortization? ▾
Amortization spreads the loan into equal payments. Early payments are mostly interest; over time more of each payment goes toward the principal.
How can I pay less interest overall? ▾
Choose a shorter term, secure a lower rate, or make extra principal payments. Even small extra payments early on cut total interest noticeably.
Is the rate fixed or variable here? ▾
This calculator assumes a fixed rate for the whole term. With an adjustable-rate mortgage the payment can change, so treat the result as an approximation.
This tool provides a general estimate for educational purposes only and is not financial advice or a loan offer. Actual terms, fees, and rates vary by lender. Consult a qualified professional before making borrowing decisions.