$
%
%
📅
Monthly Payment
$0
Loan Amount$0
Total Interest$0
Total Cost$0
Calculate your monthly mortgage payment and see total interest costs over the life of your loan.
A mortgage calculator is a digital tool that estimates your monthly housing payment. It takes your home price, down payment, interest rate, and loan term (usually 30 years) to calculate exactly how much principal and interest you will owe each month.
Our mortgage calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is principal, r is monthly rate, and n is total payments. This gives you the exact monthly payment banks use.
Average 30-year fixed: 6.5-7% | 15-year fixed: 5.8-6.3% | ARM (5/1): 6-6.5%. Rates vary by credit score, down payment, and lender.
Most lenders use the 28/36 rule: your mortgage shouldn't exceed 28% of gross income, and total debt under 36%. On $80K salary, that's roughly $1,867/mo max payment, or a ~$350K home with 20% down.
A 30-year has lower payments but costs far more in interest. On a $320K loan at 6.5%, you'd pay $408K in interest over 30 years vs. $165K over 15 years—a $243K difference. Choose 15-year if you can afford 40% higher payments.
760+ gets you the best rates. 700-759 is good, 620-699 is fair. Below 620, expect rates 1-2% higher (costing $50K+ over the loan life). Check your score free at annualcreditreport.com.
This shows principal + interest only. Your actual payment includes property taxes (~1-2% of home value annually), homeowners insurance (~$1,500/yr), and possibly PMI if under 20% down. Add $300-600/mo for these.