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Mortgage Calculator

Estimate the monthly payment, total repayment, and total interest on a fixed-rate mortgage.

calculatorPublished 2026/05/19Last verified 2026/06/07

Mortgage Calculator

Estimate the monthly payment, total repayment, and total interest on a fixed-rate loan.

Monthly payment

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Total repayment

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Total interest

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What this calculates

This mortgage calculator estimates the monthly payment on a fixed-rate loan, plus the total you will repay over the life of the loan and the total interest paid.

The formula

Monthly payment M = P · r · (1 + r)^n / ((1 + r)^n − 1)

Where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments (years × 12). At a 0% rate the payment is simply the principal divided by the number of months.

How to use it

  1. Enter the loan amount (the amount you are borrowing, not the purchase price).
  2. Enter the annual interest rate.
  3. Enter the term in years.

For example, a $300,000 loan at 6% over 30 years has a monthly payment of about $1,798.65.

What it leaves out

This is principal and interest only. It does not include property taxes, homeowners insurance, PMI, or HOA dues — your actual monthly housing cost will be higher.

FAQs

Does this include taxes and insurance?
No. This calculator shows principal and interest only. Property taxes, homeowners insurance, private mortgage insurance (PMI), and HOA dues are not included, so your actual monthly housing payment will be higher.
What interest rate should I enter?
Enter the annual percentage rate quoted by your lender for a fixed-rate loan. The calculator converts it to a monthly rate internally. For adjustable-rate mortgages, this fixed-rate estimate only applies to the initial fixed period.
Should I enter the loan amount or the home price?
Enter the loan amount — the home price minus your down payment. If you buy a $375,000 home with $75,000 down, the loan amount is $300,000.
How is total interest calculated?
Total interest is the total of all payments (monthly payment × number of months) minus the original loan amount. It represents the cost of borrowing over the full term.

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