Calculate your monthly mortgage payment, total interest, and amortization schedule.
Result
-
Monthly Payment
Total Payment-
Total Interest-
Principal
Interest
Amortization Schedule
Month
Payment
Principal
Interest
Remaining Balance
⚙️ How It Works
A mortgage calculator helps you determine your monthly payment based on the loan amount, interest rate, and loan term. The lender charges interest on the outstanding balance each month, and your payment covers both interest and principal. Over time, the proportion going to principal increases while interest decreases — this is called amortization.
M = P × [r(1+r)^n] / [(1+r)^n − 1] where P = principal, r = monthly interest rate, n = number of payments
Editorial Standards
Author
BetterProduct Finance Research Team - Formula review and consumer finance editorial QA
Reviewed by
Reviewed against CFPB mortgage guidance and standard amortization formulas.
Updated
April 2026
Best used for
Monthly housing payment planning and loan option comparison.
Languages checked
7 language editions aligned from the same source formulas.
Use Results Responsibly
Compare at least two scenarios before making a decision.
Keep rates, periods, and fees in the same unit system.
Verify taxes, insurance, and lender-specific rules with official documents.
A good rate depends on current market conditions, your credit score, and loan type. Generally, rates within 0.5% of the national average for your loan type are competitive. Check multiple lenders to compare.
How much down payment do I need?
Conventional loans typically require 3–20%. Putting down 20% avoids Private Mortgage Insurance (PMI), which adds 0.5–1.5% of the loan amount annually to your cost.
What is PMI?
Private Mortgage Insurance protects the lender if you default. It's required when your down payment is less than 20% on a conventional loan. PMI typically costs 0.5–1.5% of the loan amount per year.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay significantly less total interest. A 30-year mortgage has lower payments, giving you more cash flow flexibility. Choose based on your budget and financial goals.
What is the difference between fixed and adjustable rates?
A fixed-rate mortgage keeps the same interest rate for the entire loan term. An adjustable-rate mortgage (ARM) starts with a lower rate that changes periodically based on market indexes, introducing payment uncertainty.