Mortgage Calculator
Monthly payment = L × r(1+r)^n ÷ ((1+r)^n − 1)L=240000, r=0.065/12, n=360 → payment ≈ $1,517
Free online tool
Mortgage Calculator
Enter your home price, down payment, interest rate and loan term to estimate your monthly mortgage payment.
Instant calculation
Calculate Mortgage Payment
Enter home details to estimate your monthly payment.
Your result
Calculation
Your numbers stay in this browser. Nothing is uploaded or saved.
Three clear steps
How to use this calculator
- 01
Enter home price
Type the total purchase price of the home.
- 02
Enter down payment
Type the amount you plan to pay upfront.
- 03
Set rate and term
Enter the annual interest rate and loan term in years.
- 04
See your estimate
Calculate to see your estimated monthly payment.
The formula
How this calculation works
Uses the standard amortization formula on the loan amount (home price minus down payment). Monthly rate = annual rate ÷ 12, number of payments = term × 12.
Check the method
Worked examples
Each example follows the same formula used by the calculator.
What is the monthly payment on a $300,000 home with $60,000 down at 6.5% for 30 years?
L=240000, r=0.065/12, n=360 → payment ≈ $1,517≈ $1,517 per monthCommon questions
Questions about this calculation
What is the Mortgage Calculator?
The Mortgage Calculator helps you calculate monthly mortgage payments including principal, interest and amortization schedule. Enter your values and select Calculate to get an instant result.
How is the result calculated?
Uses the standard amortization formula on the loan amount (home price minus down payment). Monthly rate = annual rate ÷ 12, number of payments = term × 12.
Can you show an example?
Example: What is the monthly payment on a $300,000 home with $60,000 down at 6.5% for 30 years? — ≈ $1,517 per month.
Is my data saved when I use the Mortgage Calculator?
No. All calculations run locally in your browser. Your inputs and results are never uploaded, stored or shared with anyone.
Is the Mortgage Calculator free to use?
Yes. The Mortgage Calculator is completely free. No account, sign-up or payment is required. It works on mobile, tablet and desktop.
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