Helpful Toolbox

Mortgage Calculator

Dreaming of a house? See your monthly payment, total interest, and the (gulp) total cost.

📖 How it works & FAQ
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Monthly payment
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Total interest
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Total paid

What this mortgage calculator does

Buying a home usually comes down to one question: what will I actually pay each month? This tool turns a loan amount, interest rate, and term into a clear monthly principal-and-interest payment, then shows the total interest you'll pay over the life of the loan and the total cost when you add it all back to what you borrowed. It uses the standard amortization formula lenders use, so the number you see here should line up closely with a real loan estimate.

A quick worked example

Say you borrow $300,000 at a 6.5% fixed rate over 30 years. The monthly principal and interest works out to about $1,896. Over the full 30 years that's roughly $382,600 in interest alone — more than the house itself. Shorten the same loan to 15 years and the monthly payment jumps to around $2,613, but total interest drops to about $170,300. Seeing those two numbers side by side is often the moment the trade-off between a lower payment and a lower total cost really clicks.

Good things to know

The payment this tool shows is principal and interest only. Your real monthly bill usually also includes property taxes, homeowners insurance, and — if your down payment is under 20% — private mortgage insurance (PMI), often bundled into escrow. Budget an extra few hundred dollars a month for those. Everything runs right here in your browser, so nothing you type is uploaded anywhere.

How to use it

  1. Enter the loan amount (your home price minus your down payment).
  2. Type in the annual interest rate as a percent, for example 6.5.
  3. Set the loan term in years — 30 and 15 are the most common.
  4. Read your estimated monthly payment, total interest, and total cost. Adjust any field to compare scenarios instantly.

FAQ

Does this include taxes and insurance?
No. It calculates principal and interest only. Add your local property tax, homeowners insurance, and any PMI or HOA dues separately to estimate your full monthly cost.
Is this financial advice?
No. The results are estimates for planning and comparison. Your actual rate, fees, and payment come from a lender's official loan estimate, so treat those as the real numbers.
Why is my total interest so high?
On a long fixed loan, most of your early payments go to interest rather than principal. A shorter term or a lower rate reduces total interest dramatically — try changing the term to see the difference.
Is it free?
Yes, it's free and supported by ads on the page.