Calculate your monthly payment, total interest, and full amortization schedule
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Enter your home price, down payment amount, loan term, and interest rate to instantly calculate your estimated monthly mortgage payment. You can also select your currency — our calculator works for the USA, UK, Canada, Australia, and Europe.
A mortgage is a loan used to purchase real estate. The borrower agrees to pay back the loan over a set period — typically 15 to 30 years — with interest. Each monthly payment covers part of the principal (the original loan amount) and part of the interest charged by the lender.
Your monthly mortgage payment is calculated using a standard amortization formula. The key factors are: your loan amount (home price minus down payment), the annual interest rate converted to a monthly rate, and the total number of monthly payments over the loan term.
An amortization schedule is a complete table of mortgage payments showing how much of each payment goes toward principal and how much goes toward interest. In the early years, most of your payment covers interest. Over time, more goes toward paying down the principal balance.
The best ways to reduce your monthly mortgage payment are: make a larger down payment, choose a longer loan term, shop for a lower interest rate, and improve your credit score before applying. Use this calculator to compare different scenarios and find the best option for your budget.