Mortgage Calculator – Monthly Payment & Total Cost
Calculate your monthly mortgage payment, total interest paid, and full loan cost. Includes principal and interest breakdown.
🏠 Finance📐 M = P[r(1+r)^n]/[(1+r)^n-1]
Home price ($)
Down payment ($)
Annual interest rate (%)
Loan term (years)
Please enter valid values.
Formula & Reference
| Variable | Formula | Units |
|---|---|---|
| Mortgage Calculator – Monthly Payment & Total Cost | M = P[r(1+r)^n]/[(1+r)^n-1] | $/month |
Step-by-Step Examples
Example 1
$400K Home, 6.5%, 30yr
$400K price, $80K down, 6.5%, 30 years.
- Loan: $320,000
- Monthly: $2,023 | Total: $728,280 | Interest: $408,280
✓ $2,023/month
Example 2
$300K Condo, 7%, 30yr
$300K, $60K down, 7%.
- Loan: $240,000 | Monthly: $1,597
- Total interest: $334,960
✓ $1,597/month
Example 3
15-Year Mortgage
$350K, $70K down, 6%, 15yr.
- Loan: $280,000 | Monthly: $2,364
- Total interest: $145,520 — saves $200K+ vs 30yr!
✓ $2,364/month
Real-World Applications
Home Buyers
Know your monthly payment before making an offer.
Refinancers
Compare your current vs new mortgage payment.
Financial Planners
Model different scenarios for clients.
Real Estate Agents
Help buyers understand affordability.
Common Mistakes to Avoid
⚠️
Only looking at the monthly payment
A lower monthly payment from a longer term costs far more in total interest. A 30yr vs 15yr mortgage on $300K can cost $200K more in interest.
⚠️
Forgetting PMI, taxes, and insurance
If down payment is under 20%, add PMI (0.5-1.5%/year). Property taxes and homeowner's insurance add $300-700+/month on top of the mortgage payment.
Frequently Asked Questions
What is a good mortgage rate? ▾
Rates change daily. As of 2025, 30-year fixed rates are typically 6-7.5%. Check current rates at bankrate.com or your lender.
How much house can I afford? ▾
Rule of thumb: monthly mortgage ≤ 28% of gross income. On $100K/year ($8,333/month), max payment ≈ $2,333.
15-year vs 30-year mortgage? ▾
15-year: higher monthly payment, far less interest, build equity faster. 30-year: lower payment, more flexibility, but costs much more over time.
What is PMI? ▾
Private Mortgage Insurance — required when down payment is under 20%. Typically 0.5-1.5% of loan per year. Cancel when equity reaches 20%.