Mortgage Payment Calculator
Mortgage Payment Calculator
Enter your values below and click Calculate
Use the Mortgage Payment Calculator above to calculate your monthly mortgage payment. Enter your loan amount, interest rate, and term to get an instant estimate.
How Mortgage Payments Are Calculated
Monthly mortgage payments use the standard amortization formula. The formula factors in your principal (loan amount), annual interest rate, and loan term to give you the fixed monthly payment amount that will pay off your loan over the specified period.
Frequently Asked Questions
How much house can I afford?
A common guideline is that your monthly mortgage payment should not exceed 28% of your gross monthly income. Use this calculator to find a payment amount, then compare it to your income.
Does this include taxes and insurance?
This calculator shows principal and interest only. Your actual payment will also include property taxes, homeowners insurance, and possibly PMI.
Should I choose a 15 or 30 year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage has lower payments but costs more over time. Run both scenarios to compare.