Home Mortgage Calculator: Estimate Monthly Payments Fast

Estimate your monthly home loan payment before buying a property or reviewing your mortgage options. Enter your home price, down payment, interest rate, and loan term to calculate your estimated monthly principal-and-interest payment and explore how your mortgage balance changes over time.

This calculator subtracts your down payment from the home price to estimate the mortgage amount. It then uses your annual interest rate and repayment term to calculate the monthly payment for a standard fixed-rate repayment mortgage.

The amortization breakdown shows how much principal and interest you pay during a selected year, along with your remaining loan balance. These estimates can help you compare different loan amounts, interest rates, and repayment periods before speaking with a lender.

The calculator estimates principal and interest only. Principal reduces the amount you owe, while interest is the cost of borrowing from your lender.

Your actual monthly housing costs may also include property taxes, homeowners insurance, private mortgage insurance (PMI), and homeowners association (HOA) fees. These expenses are not included in the displayed payment, so account for them separately when setting your home-buying budget.

Your down payment reduces the amount you need to borrow. For example, if you purchase a $400,000 home with an $80,000 down payment, your estimated mortgage amount is $320,000.

A larger down payment can reduce your monthly principal-and-interest payment and the total interest paid over the loan term. For many conventional US mortgages, putting down less than 20% may mean paying PMI, although requirements vary by loan type and lender.

A higher mortgage interest rate generally increases your monthly payment and total borrowing cost. A lower rate can reduce both, while a shorter repayment term usually means higher monthly payments but less interest over the life of the loan.

Compare different scenarios before deciding what fits your budget. You can use the 30-Year Mortgage Calculator to explore a common repayment term or the Mortgage Affordability Calculator to estimate a suitable home price based on your finances.

Your amortization schedule shows how each monthly payment is divided between principal and interest. Early in a typical repayment mortgage, a larger share of the payment goes toward interest. As the outstanding balance declines, more of each payment generally goes toward principal.

Select a year in the calculator to review the estimated principal repaid, interest paid, and remaining balance at the end of that year. The schedule assumes the interest rate and regular payment remain unchanged and that payments are made as scheduled.

Accuracy note: These results are estimates based on the figures you enter, not a mortgage offer or lender approval. Actual payments and balances may differ because of lender calculations, fees, rate changes, payment timing, and other loan terms.