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Mortgage Payment Calculator
Use this free mortgage payment calculator to estimate a monthly house payment based on home price, down payment, interest rate, and loan term. It is designed for high-intent searches like mortgage calculator, monthly mortgage payment calculator, and house payment calculator.
Interactive calculator
$
$
% / yr
Monthly Payment
$2,023
Total Interest
$408,142
Total Cost
$728,142
LTV Ratio
80.0%
Cost breakdown
Principal $320,000Interest $408,142
How the math works
Formula
M = P × r(1 + r)^n / [(1 + r)^n − 1]
- MFixed monthly payment
- PPrincipal — the loan amount
- rMonthly interest rate (annual rate ÷ 12)
- nTotal monthly payments (years × 12)
Plain English
Your monthly payment is fixed, but in the early years almost all of it goes toward interest. As you pay down principal the interest portion shrinks and more of each payment reduces the balance. At 7% on a $400,000 loan you pay roughly $2,660/month for 30 years — the very first payment is about $2,333 interest and only $327 principal.
How to use this calculator
- 1
Enter the home price, your down payment, and the expected mortgage rate.
- 2
Choose a loan term such as 15, 20, or 30 years.
- 3
Compare the monthly payment with total interest and total cost to decide which structure fits your budget.
Why this number matters
Mortgage decisions are long duration decisions. A modest change in rate, down payment, or term can change total interest by tens or hundreds of thousands of dollars, so it is worth modeling several scenarios before you buy or refinance.
What this calculator helps you answer
- •What will my mortgage payment be on a $400,000 home?
- •How does a 15-year mortgage compare with a 30-year mortgage?
- •How much interest will I pay over the full term of the loan?
Frequently asked questions
Does this mortgage calculator include taxes and insurance?+
No. This version focuses on principal and interest so you can isolate the loan mechanics. Property taxes, insurance, HOA fees, and PMI should be added separately for a full housing cost estimate.
Why does a shorter mortgage term cost less overall?+
Shorter terms usually carry fewer total interest payments because you repay principal faster and interest has less time to accrue.
What is a good loan-to-value ratio?+
Lower LTV ratios usually reduce lender risk. Putting 20% down creates an 80% LTV, which is a common threshold for avoiding PMI on conventional mortgages.
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