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What does the Mortgage payment calculate?
What are the monthly payment and total interest? This calculator uses home price, down payment, annual interest rate, and loan term to estimate monthly principal and interest immediately in your browser.
With the values currently entered, the result is $2,068.81 — principal + interest / month. It also shows loan amount, total interest, and total of payments.
How to use the Mortgage payment
- Replace the example values with your own numbers.
- Review the result and supporting figures as they update automatically.
- Check the formula and assumptions before using the estimate for a decision.
Inputs used
- Home price
- Down payment
- Annual interest rate — entered in %
- Loan term — entered in years
Mortgage payment formula
P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)
Assumptions
- Property tax, insurance, fees, and mortgage insurance are excluded.
- The rate remains fixed.
Verify the inputs
Authoritative sources
These sources explain the definitions, factors, or rules behind this tool. Their geographic scope is shown because an official source for one country is not automatically valid somewhere else.
Sources do not endorse Calculum. Check the source date, scope, and your own documents before making a financial, tax, insurance, or reporting decision.
Practical guide
Mortgage payment example and edge cases
A mortgage payment is easier to compare when you separate principal from interest. The rate and term change both.
Example: A 30-year home loan
Use a 420,000 home price, an 84,000 down payment, a 6.25% rate, and a 30-year term.
- Home price
- 420,000
- Down payment
- 84,000
- Annual interest rate
- 6.25 %
- Loan term
- 30 years
Calculated result$2,068.81principal + interest / month
Look beyond the monthly payment. The total interest shows the cost of keeping the loan for its full term.
Example results use the default display profile. The calculator above follows your selected country and units.
How to read the result
- A longer term lowers the payment but usually increases total interest.
- The result covers principal and interest. Add taxes, insurance, association fees, and maintenance to see the full housing cost.
Edge cases worth checking
The rate is adjustable
Calculate the payment at the starting rate and at a higher future rate. Make sure both fit the budget.
The down payment changes
A larger down payment reduces the loan. It can also leave less cash for repairs and emergencies.
What changes the result most
Home price
Use a current amount for home price. Include fees or recurring costs that belong in the same figure.
Down payment
Use a current amount for down payment. Include fees or recurring costs that belong in the same figure.
Annual interest rate
Test a lower and higher annual interest rate. A small percentage change can move the final result more than expected.
Try a different scenario
Small changes show whether the answer is stable or sensitive.
Home price: 10% lower
378,000$1,810.21principal + interest / month
Home price: 10% higher
462,000$2,327.41principal + interest / month
Down payment: 10% higher
92,400$2,017.09principal + interest / month
Common mistakes
Check home price
Property tax, insurance, fees, and mortgage insurance are excluded. Make sure this matches the number you enter.
Keep loan term consistent
The rate remains fixed. Use the same units and time period throughout the calculation.
Do not rely on one mortgage payment scenario
Run a cautious case and an optimistic case. The range is often more useful than one exact-looking number.
Use this result well
What are the monthly payment and total interest?
It cannot replace a lender quote, lease, survey, or purchase contract.