Mortgage Calculator
Calculate your monthly mortgage payment and total interest.
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How is the monthly mortgage payment calculated?
The monthly payment uses the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly rate, and n is total payments.
What is included in a mortgage payment?
A basic mortgage payment includes principal and interest. Your actual payment may also include property taxes, homeowner's insurance, and PMI if your down payment is less than 20%.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest. A 30-year mortgage offers lower payments but costs more overall.
How much house can I afford?
A common guideline is the 28/36 rule: spend no more than 28% of gross monthly income on housing costs and no more than 36% on total debt.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20%. It protects the lender and usually costs 0.5-1% of the loan annually.