Free Monthly Mortgage Payment Calculator
Use this free mortgage payment calculator to estimate your monthly principal and interest payment, total interest cost, and how your loan term and rate impact what you pay over time.
No sign-up required. 100% free principal & interest calculator.
Try the Mortgage Payment Calculator
Enter your home price or loan amount, down payment, interest rate, and term to see your estimated monthly mortgage payment and total interest over the life of the loan.
Mortgage Calculator
Inputs
Results
Principal & Interest (Monthly)
$2,022.62
Monthly Add-ons
$400.00
Est. Total Monthly Payment
$2,422.62
Total Paid (loan only, P&I)
$728,142.36
How this works
- Principal & interest: p = rL / (1 − (1+r)−n), where r = annual rate / 12 and n = total months.
- Property tax, insurance, and PMI can be entered as annual or monthly; annual values are divided by 12.
- HOA is monthly; total monthly = P&I + tax + insurance + PMI + HOA.
- Longer terms lower the payment but increase total interest; extra principal reduces total interest.
Learn more: Mortgage Payment Breakdown—Use Our Calculator to See What Impacts Your Monthly Cost
How to Use the Mortgage Payment Calculator (Step-by-Step)
This monthly mortgage payment calculator uses the standard mortgage formula to estimate your principal and interest (P&I) payment based on your loan amount, interest rate, and loan term. Adjust the inputs to test different scenarios before you talk to a lender.
- Enter the home price or loan amount. This is the amount you're financing after your down payment.
- Add your down payment. A larger down payment reduces the amount you borrow and often lowers your monthly payment.
- Set the interest rate. Use the rate your lender quoted or a rate you want to test (for example, 6.5%).
- Choose a loan term. Common terms are 15 years and 30 years. Shorter terms usually mean higher monthly payments but much less total interest.
- Review your results. Look at the monthly mortgage payment and total interest. Adjust the numbers until the payment feels affordable for your budget.
Example: What Does a $300,000 Mortgage Payment Look Like?
Here's a simple example of how this mortgage payment calculator can help you stress-test your affordability:
- Home price: $300,000
- Down payment: 20% ($60,000)
- Loan amount: $240,000
- Interest rate: 6.5% (fixed)
- Loan term: 30 years
Plugging these numbers into the mortgage payment calculator, you'll see an estimated monthly principal and interest payment and total interest over 30 years. From there, you can test ideas like:
- What happens if rates go up to 7.0%?
- What if I choose a 15-year term instead?
- How much does a bigger down payment lower my monthly payment?
Use the tool to answer practical questions like "What will my mortgage payment be?" and "Can I comfortably afford this house?"
What Affects Your Monthly Mortgage Payment?
Your monthly mortgage payment is mainly driven by your interest rate, loan amount, and term length. Even a small change in rate or term can significantly increase or decrease your total interest cost. This mortgage payment calculator lets you quickly compare scenarios before you commit to a loan.
Remember, most lenders will also include property taxes, homeowner's insurance, and possibly HOA fees in your total monthly housing payment (often called PITI: Principal, Interest, Taxes, and Insurance). This tool focuses on the principal and interest portion so you have a clear baseline for your financing cost.
Mortgage Payment Calculator FAQ
How accurate is this mortgage payment calculator?
The calculator uses the standard mortgage payment formula to estimate principal and interest based on your loan amount, rate, and term. It's a strong estimate for comparing options, but your actual payment may differ slightly depending on your lender's fees and rounding.
Does this calculator include taxes and insurance?
This tool focuses on principal and interest (P&I) so you can see the core mortgage payment. To estimate your full housing cost, you can add your expected monthly property taxes, homeowner's insurance, HOA dues, and other housing expenses on top of the P&I result.
Is this mortgage payment calculator really free to use?
Yes. The Foster Wealth Ventures (FWV) Calculators are designed to help you make confident money decisions. This monthly mortgage payment calculator is completely free to use with no sign-up or email required.
Can I use this mortgage calculator for refinancing?
Absolutely. You can treat your current balance as the loan amount and enter the new interest rate and term you're considering. The calculator will show the new estimated monthly payment so you can compare it with what you're paying now.
Ready to explore more money tools for homebuyers, refinancers, and investors?
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