Mortgage Calculator
Estimate your monthly mortgage payment after a down payment.
$
$
%
How to Use
Enter the home price, down payment, annual interest rate, and loan term to estimate your fixed monthly mortgage payment. The down payment reduces the amount you finance before the amortization schedule is calculated.
Formula
Financed = HomePrice − DownPayment; M = Financed × r(1+r)^n / ((1+r)^n − 1)
Examples
$300,000 home, $60,000 down, 5% for 30 years
homePrice: 300000, downPayment: 60000, annualRate: 5, termYears: 30
$1,288.37/month
Frequently Asked Questions
- Does this include property taxes or insurance?
- No — this estimates only the principal-and-interest portion of your payment. Property taxes, homeowners insurance, PMI, and HOA fees are not included and will add to your actual monthly cost.
- How does the down payment affect my payment?
- Your down payment is subtracted from the home price first — the amortization is calculated only on the remaining financed amount, so a larger down payment lowers your monthly payment.
- Is this a substitute for a lender quote?
- No. Actual mortgage rates, terms, and approval depend on your lender, credit profile, and local market — treat this as a planning estimate only.