Mortgage Calculator
Estimate your monthly payment, see how much of each payment goes to interest, and plan ahead with confidence.
Loan Balance Over Time
How to Calculate Mortgage Payments
Your monthly mortgage payment is based on three main inputs: your loan amount, your interest rate, and your loan term. The calculator amortizes the loan, which means each payment is split between principal and interest. Early payments are mostly interest; later payments are mostly principal.
What Is Included in a Mortgage Payment?
A typical payment has two parts. Principal & Interest pays down the loan balance and covers the cost of borrowing. Taxes & Insurance are often collected by the lender and held in escrow to pay your property tax and homeowners insurance bills. If your down payment is less than 20%, you will usually also pay private mortgage insurance (PMI).
The 28/36 Rule
A common affordability guideline says your housing payment should stay under 28% of your gross monthly income, and your total debt payments should stay under 36%. Staying within these ratios helps lenders see you as a lower-risk borrower.
Extra Payments Save Interest
Adding even one extra payment per year can shave years off a 30-year mortgage and save tens of thousands in interest. Extra payments go directly to principal, which reduces the balance that future interest is calculated on.