Mortgage Calculator
Estimate your monthly payments and total cost of a home loan.
A mortgage payment is made up of principal (the amount borrowed) and interest (the cost of borrowing). With a fixed-rate mortgage, your monthly payment stays the same for the life of the loan, but the split between principal and interest changes over time — more goes to interest early on, and more to principal later.
Where M is monthly payment, P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments.
Your down payment directly affects the loan principal. A larger down payment means a smaller loan, lower monthly payments, and less total interest paid. Many buyers aim for 20% down to reduce monthly costs and avoid private mortgage insurance (PMI).