🏠 Mortgage Calculator

About this Mortgage Calculator

The mortgage calculator separates your down payment from the amount you actually borrow, then works out the monthly payment, the total interest over the life of the loan and the total of all payments. Try different down payments, rates and terms to see how each one changes the true cost of a home.

How to use it

1. Enter the home price and your down payment.
2. Enter the annual interest rate and the term in years.
3. Click Calculate for the monthly payment and total interest.

Example

A $300,000 home with $60,000 down at 6.5% for 30 years means a loan of $240,000, a monthly payment of $1,516.96 and total interest of about $306,107.

Frequently asked questions

Does the monthly payment include tax and insurance?

No. This is the loan payment (principal and interest) only. Property tax, home insurance and any HOA fees would be added by your lender on top.

How does a bigger down payment help?

It reduces the loan amount, which lowers the monthly payment and cuts the total interest a lot over a long term.

Is a shorter term better?

A shorter term means higher monthly payments but far less total interest. Compare 15 and 30 years here to see the trade-off.

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