Loans & Mortgages

Mortgage Calculator

Buying a home usually means financing the gap between the purchase price and your down payment. This calculator turns that gap into an estimated monthly payment so you can compare scenarios — a bigger down payment, a shorter term, a different rate — before you talk to a lender.

$0.00 / month

Loan Amount
Total Interest
Total Cost (incl. down payment)

How It Works

Your loan amount is simply the home price minus your down payment. That amount is then amortized — spread across equal monthly payments — using the same formula banks use for any fixed-rate loan: EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1], with n equal to your term in months.

This estimate covers principal and interest only. Real-world mortgage bills often add property taxes, homeowners insurance, and sometimes mortgage insurance or HOA fees, so treat this number as your baseline, not your final monthly housing cost.

Worked Example

A $300,000 home with a $60,000 down payment leaves a $240,000 loan. At 6.5% over 30 years, that comes out to roughly $1,517/month in principal and interest alone — about $546,000 paid in total, of which around $306,000 is interest. Switching to a 15-year term pushes the payment up to around $2,090/month, but cuts total interest to roughly $136,000, less than half — a useful trade-off to weigh if your budget can absorb the higher monthly payment.

Frequently Asked Questions

Does this include property taxes and insurance?
No — it calculates principal and interest only, which is the core loan repayment. Taxes, insurance, and HOA dues vary too much by location to estimate generically, so add those separately for a full picture of your housing cost.
How much should I put down on a home?
There's no universal answer, but a larger down payment lowers your loan amount, your monthly payment, and often your interest rate — while a smaller one preserves cash but usually costs more over the life of the loan and may require mortgage insurance.
What's the impact of choosing a 15-year term instead of a 30-year term?
A shorter term raises your monthly payment but dramatically cuts total interest paid, since you're borrowing the money for half as long. Try both terms in the calculator to see the trade-off in dollar terms.

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