Mortgage Payment Calculator
Use our instant, private mortgage calculator to uncover exactly what your monthly P&I (Principal and Interest) payments will look like, and see the true lifetime cost of your home loan.
Steps to Calculating Your Mortgage
- 1
Input your loan amount
Enter the total amount borrowing from the bank (Purchase Price minus Down Payment).
- 2
Enter interest rate
Provide your current or expected annual percentage rate (e.g. 6.5%).
- 3
Select loan term
Most conventional mortgages are 30 or 15 years.
- 4
Analyze your payment
The calculator will output your base monthly payment (P&I) and lifetime loan costs immediately.
Frequently Asked Questions
What is included in a monthly mortgage payment?
A standard monthly mortgage payment consists of Principal and Interest (P&I). Many homeowners also pay Property Taxes, Homeowners Insurance, and PMI in their single monthly bill.
How is mortgage interest calculated?
Interest is calculated daily based on your outstanding principle balance, usually paid in arrears with your monthly payment.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves you drastically on total interest paid. A 30-year mortgage is more affordable monthly but costs more over the lifetime of the loan.