Using the Mortgage Payment Calculator
How to estimate a mortgage payment
Enter the purchase price, down payment, annual interest rate, and loan term. The calculator subtracts your down payment from the price and estimates the monthly principal-and-interest payment using a standard fixed-rate amortization formula. Try a few rates or terms to see how each changes the estimate.
What this mortgage estimate includes
The result covers principal and interest only. It does not include property taxes, homeowners insurance, mortgage insurance, HOA dues, closing costs, or other lender charges. For a realistic monthly housing budget, add those costs separately and ask lenders for written Loan Estimates.
Why the down payment, rate, and term matter
A larger down payment reduces the amount borrowed. A lower interest rate reduces the share of each payment going to interest. A longer term generally lowers the monthly payment while increasing the total interest paid over the life of the loan. Compare both the monthly amount and the total cost before choosing a loan.
Frequently asked questions
Does this include taxes and insurance?
No. This estimate shows principal and interest. Taxes, insurance, mortgage insurance, HOA dues, and closing costs depend on the property, location, and loan.
Is this a lender quote?
No. Rates, fees, eligibility, and payment schedules differ by lender. Use the result to explore scenarios, then compare official loan disclosures.
How is the monthly payment calculated?
For a fixed-rate loan, the calculation uses the principal, monthly interest rate, and number of monthly payments to estimate equal monthly principal-and-interest payments.
Related tools: browse all free money calculators, or see how My Clear Money builds and explains its estimates.