Mortgage Calculator

How to Use the Mortgage Calculator

Our free Mortgage Calculator helps you estimate your monthly mortgage payments. Simply enter the home price, your down payment, the interest rate, and the loan term (length of the mortgage).

Understanding the Inputs

• Home Price: The purchase price of the home you want to buy.
• Down Payment: The amount of money you pay upfront. A higher down payment reduces your monthly payments and total interest.
• Interest Rate: The annual interest rate charged by the lender.
• Loan Term: The number of years you have to repay the loan. Common terms are 15 or 30 years.

Principal vs. Interest

Your monthly payment goes toward paying off two things: the principal (the amount you borrowed) and the interest (the cost of borrowing). In the early years of a mortgage, a larger portion of your payment goes toward interest. Over time, more goes toward the principal.