How does my down payment affect the loan?

A larger down payment lowers your loan amount and loan-to-value ratio, which can reduce your rate and remove the need for mortgage insurance.

Should I choose a shorter or longer term?

Shorter terms have higher monthly payments but much lower total interest. Longer terms lower the monthly payment but cost more overall.

Are these numbers a quote?

No. These are estimates for illustration only. Actual rates and terms depend on your credit, lender, and the property.

Mortgage Calculator

Estimate your monthly mortgage payment based on home price, down payment, rate, and term.

Home Price

$250,000$3,000,000

Down Payment

$20% of price

Loan Term

Interest Rate (APR)

Typical rates: 5.99% - 35.99%

OPTIONAL — FULL MONTHLY COST

Property Tax/ YEAR

Home Insurance/ YEAR

Your Estimated Payment

Monthly Payment

$1,516.96

principal & interest

30-year fixed at 6.50%

Loan amount$240,000.00

Loan-to-value (LTV)80%

Total interest$306,106.77

Total payment$546,106.77

Monthly total (tax + insurance)$1,916.96

Disclaimer: This calculator provides estimates only. Actual rates, terms, and monthly payments may vary based on your creditworthiness, lender requirements, and other factors. Rates shown are for illustrative purposes. Contact lenders for actual rates and terms.

How the Mortgage Calculator Works

Enter Your Details

Choose your home price, down payment, interest rate, and term.

See Instant Results

View your estimated monthly payment, total interest, and full monthly cost.

Request with Confidence

Know your numbers, then check your rate with no impact to your score.

Understanding Your Results

Monthly Payment: Your principal and interest payment each month. Property tax and homeowners insurance are added separately in the monthly total.

Loan-to-Value (LTV): Your loan amount as a percentage of the home price. A larger down payment lowers LTV and your rate.

Total Interest: What you'll pay in interest over the life of the loan. A shorter term or larger down payment reduces it significantly.

Person reviewing mortgage calculator results on a laptop

Financial charts and a calculator on a desk

Tips for Using This Calculator

Aim for 20% down: A larger down payment usually avoids private mortgage insurance.

Consider shorter terms: A 15-year term costs more monthly but far less in total interest.

Include tax & insurance: Add them to see your true monthly cost of ownership.

Compare rates: Even a 0.25% rate difference adds up over 30 years.

Mortgage FAQs

We are here to answer your questions

This calculator shows principal and interest. Your full monthly cost can also include property tax, homeowners insurance, and any mortgage insurance — shown here as the monthly total.