Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and view your amortization schedule. Free mortgage calculator with instant results.
Enter Mortgage Details
Mortgage Summary
Monthly Payment
$1,516.96
Loan Amount
$240,000
Down Payment
$60,000
Total Interest
$306,107
Total Payment
$546,107
Payment Breakdown
How to Use the Mortgage Calculator
Our free mortgage calculator helps you estimate your monthly mortgage payment based on the home price, down payment, interest rate, and loan term. Simply enter your details above to get instant results.
Mortgage Payment Formula
The monthly mortgage payment is calculated using: M = P[r(1+r)^n]/[(1+r)^n-1]
- M = Monthly payment
- P = Principal loan amount
- r = Monthly interest rate (annual rate / 12)
- n = Total number of payments (years x 12)
Tips to Lower Your Mortgage Payment
- Make a larger down payment to reduce the principal
- Shop around for lower interest rates
- Consider a shorter loan term for less total interest
- Improve your credit score before applying
- Pay points to buy down your rate
Mortgage Calculator FAQ
How is a mortgage payment calculated?▼
A mortgage payment is calculated using the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal loan amount, r is the monthly interest rate, and n is the number of monthly payments.
What is a good mortgage rate?▼
A good mortgage rate depends on current market conditions. Generally, rates below the national average are considered good. Check current rates from multiple lenders to find the best deal.
How much house can I afford?▼
A general rule is that your monthly mortgage payment should not exceed 28% of your gross monthly income. Use our mortgage calculator to see what loan amount fits your budget.