See the real monthly payment on a home before you commit. Enter the price, your down payment, the rate, and the term — and get your monthly principal & interest, loan amount, and the total interest you'll pay over the life of the loan.
Principal & interest only — a planning estimate, not a loan offer. It excludes property taxes, homeowners insurance, PMI, and HOA dues, which your lender bundles into the real monthly payment.
The number this calculator shows is principal & interest (P&I) — the part that pays down the loan. It's computed with the standard amortization formula, where a fixed monthly payment gradually shifts from mostly interest to mostly principal over the term.
Monthly P&I = Loan × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
…where r is the monthly rate (annual ÷ 12) and n is the number of payments (years × 12).
Your lender's actual monthly bill usually adds property taxes, homeowners insurance, and — if you put down less than 20% — PMI, plus any HOA dues. Together those are often another 20–35% on top of P&I, so budget for the whole picture, not just this number.
With the amortization formula: the loan amount times the monthly interest rate, scaled so a fixed payment pays the loan off exactly over the term. Early payments are mostly interest; later ones are mostly principal. This calculator does the math and also shows total interest over the life of the loan.
Yes — a 15-year loan has a higher monthly payment but far less total interest than a 30-year loan at the same rate, because you're borrowing the money for half as long. Switch the term above to see the difference.
Property taxes, insurance, PMI, and HOA fees. This shows principal and interest only, so treat it as the floor of your real monthly housing cost, not the whole thing.
Related: mortgage payment by interest rate (cost per $100k, by rate) · real estate ROI calculator · Landlord Spreadsheet · real estate tools & templates.
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Yes. The Mortgage Payment Calculator is completely free, runs in your browser, and never asks for a signup, email, or download. Enter your numbers and the result updates instantly.
It uses standard formulas and recalculates the moment you change a value, so the math is exact for the inputs you enter. Treat the result as a reliable planning estimate; for decisions with legal or tax consequences, confirm the figures with a qualified professional.
Yes. The calculator is mobile-friendly and works on any phone, tablet, or computer — there is no app to install and nothing to save.
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Last reviewed: September 2026. Free to use, no signup — Mortgage Payment Calculator by ToolWise Digital.
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