Mortgage Calculator
Estimate monthly mortgage payments, interest and amortization.
- Formula checked
- Editorially reviewed
- Free · no signup
- Updated June 27, 2026
Your details
Your monthly payment
Monthly mortgage payment
$2,022.62
Principal & interest · 30 yrs
Key takeaway
Monthly P&I $2,022.62 · Loan $320,000.00 · Total interest $408,142.36
Saved on this device. No account required.
Share
Shares the calculator link. Your inputs stay on your device.
More ways to share
Privacy-safe: amounts you typed are never attached to a share link.
Saved on this device only — no account needed, no financial values leave your browser.
Payment breakdown
The same numbers as above, shown visually so the trade-offs are easy to see.
- Total mortgage cost
- $808,142.36
- Total interest
- $408,142.36
- Loan amount
- $320,000.00
Amortization schedule
| Period | Opening balance | Paid | Interest | Principal | Closing balance |
|---|---|---|---|---|---|
| Year 1 | $400,000 | $30,339 | $25,868 | $4,471 | $395,529 |
| Year 2 | $395,529 | $30,339 | $25,569 | $4,770 | $390,759 |
| Year 3 | $390,759 | $30,339 | $25,249 | $5,090 | $385,669 |
| Year 4 | $385,669 | $30,339 | $24,909 | $5,431 | $380,238 |
| Year 5 | $380,238 | $30,339 | $24,545 | $5,794 | $374,444 |
| Year 6 | $374,444 | $30,339 | $24,157 | $6,182 | $368,261 |
| Year 7 | $368,261 | $30,339 | $23,743 | $6,596 | $361,665 |
| Year 8 | $361,665 | $30,339 | $23,301 | $7,038 | $354,627 |
| Year 9 | $354,627 | $30,339 | $22,830 | $7,510 | $347,117 |
| Year 10 | $347,117 | $30,339 | $22,327 | $8,013 | $339,105 |
Assumes every payment is made on time, the rate stays fixed, and no extra payments are applied.
What to do next
What this means
Monthly Mortgage Payment is $2,022.62. This is your monthly obligation and the total cost of credit at the rate and term you entered.
Is this good or bad?
A result is healthy when the payment fits comfortably inside your budget and total interest is a number you would accept in writing.
What's the risk?
The main risks are rate, term length and any balloon or prepayment terms buried in the contract.
What should you do next?
Get written quotes from three lenders and compare APR — not the advertised rate — side by side.
Your action plan
- 1
Compare three written offers
Median rate spread on the same borrower is 0.5–1.0%.
- 2
Check your debt-to-income ratio
Lenders weight it heavily; under 36% is the comfort line.
- 3
Choose the shortest term you can afford
Total interest falls sharply as the term shortens.
- 4
Confirm no prepayment penalty
It determines whether extra payments actually save you money.
- 5
Run the Home Affordability Calculator
Home price you can afford based on income and DTI.
Open Home Affordability Calculator
Your timeline
Today
- Save or print this result so you can compare offers against it.
- Pull your credit report free at annualcreditreport.com.
This month
- Collect three written loan estimates.
- Pay down revolving balances before any hard credit pull.
Next 12 months
- Set up autopay for the rate discount.
- Re-check your rate if the Fed moves or your score improves.
Long term
- Refinance when rates fall meaningfully below your current rate.
- Redirect the payment into savings once the loan is retired.
Your next steps on this site
- Home Affordability CalculatorThe next calculation people run after this one.
- Mortgage guidesBuy, refinance, and pay off a home with confidence.
- Mortgage vs Mortgage Refinance CalculatorBuying a home vs restructuring an existing loan.
- Buying a HomeFrom pre-approval to closing.
- Finance authority centerEvery calculator, guide and decision path for this topic in one place.
Compare scenarios
Same inputs, three outlooks — we vary Interest rate (annual) up and down so you can see the range before you commit.
Optimistic
$1,757.15
Monthly Mortgage Payment
Interest rate (annual): 5.2%
Expected
$2,022.62
Monthly Mortgage Payment
Interest rate (annual): 6.5%
Conservative
$2,303.59
Monthly Mortgage Payment
Interest rate (annual): 7.8%
Result Intelligence
Understand your result
- Your monthly mortgage payment is $2,022.62. It reflects your monthly obligation and total cost of credit at today's rates.
- Small changes in rate or term can meaningfully change lifetime interest — always compare offers.
What should you do next?
- Debt-to-Income Calculator
Check whether lenders will approve you.
- Credit Utilization Calculator
Lower utilization can improve your APR.
- Affordability Calculator
See the maximum loan you should carry.
- Compound Interest Calculator
Compare paying debt vs. investing the difference.
Ways to improve your result
- Shop 3+ lenders — median rate spread on the same borrower is 0.5–1.0%.
- Choose a shorter term when cash flow allows — total interest drops sharply.
- Autopay usually earns a 0.25% rate discount.
Common U.S. scenarios
Texas family
$95k household income, two auto loans. Refinancing a 22% APR card into a 5-year 11% personal loan saves ~$4,200 in interest.
California renter
Single filer earning $110k in LA — a 45% DTI locks out most conventional mortgages until credit-card debt is paid down.
Florida retiree
Fixed Social Security + pension. Keeping utilization under 10% preserves the 780+ FICO needed for the best HELOC rates.
Your result
- Monthly Mortgage Payment
- $2,022.62
- Loan Amount
- $320,000.00
- Total Interest
- $408,142.36
- Total Mortgage Cost
- $808,142.36
Monthly P&I $2,022.62 · Loan $320,000.00 · Total interest $408,142.36
You may also want to check
- Debt-to-Income CalculatorLenders approve most mortgages under 43% DTI.
- Closing Costs CalculatorAdd 2–5% of home price to your cash-to-close.
- Down Payment Calculator20% down removes PMI on conventional loans.
- Home AffordabilityCross-check the loan against your income.
- Refinance CalculatorRefinance when rates drop 0.75%+.
What this result assumes
Confidence in a number depends on the assumptions behind it. Here are ours, in full.
Assumptions
- The rate you entered stays fixed for the whole period.
- Every period is a whole calendar period of equal length.
- Payments and contributions are made on schedule, with none missed.
- All amounts are shown in USD.
- Results are rounded for display; internal math uses full precision.
Limitations
Lender fees, insurance and credit-based pricing adjustments are not included unless you enter them.
Estimates are for education and planning. They are not financial, tax or legal advice.
Formula source
CFPB Truth-in-Lending (Regulation Z) amortization conventions
- Version
- v1.3
- Last reviewed
Monthly mortgage payment
$2,022.62
Related Calculators
Where to go next
Read before you decide
Guides and comparisons that put this number in context.
Most people also calculate
Most-opened finance tools alongside this one.
Frequently used together
Tools that answer the other half of the same question.
Continue your journey
The decision that usually comes next.
Popular in Finance
Reader favorites from the same category.
Recently updated
Newest tools and refreshed calculators on the site.
Related Articles
Quick answer
- What it does
- Mortgage Calculator estimate monthly mortgage payments, interest and amortization. It runs entirely in your browser, needs no signup, and uses standard published U.S. formulas.
- When to use
- Use it while you compare homes, offers, or rental scenarios that hinge on mortgage.
- Inputs
- Home price
- Down payment
- Interest rate (annual)
- Mortgage term
- Currency
- Outputs
- Monthly Mortgage Payment
- Loan Amount
- Total Interest
- Total Mortgage Cost
- Takeaway
- In one line: enter your home price and down payment and the Mortgage Calculator returns monthly mortgage payment and loan amount you can compare before deciding.
Last updated · 1 min read
Mortgage Calculator: Your result reflects the housing cost, equity, or ROI implied by the price, rate, and expenses you entered. Use it to compare properties or scenarios side-by-side.
What your result means
- Break-even years tell you how long you need to stay in a home before buying beats renting.
- Cash-on-cash return above 8% is generally considered a strong rental deal in most U.S. markets.
- PMI usually drops off once you reach 20% equity — factor that into long-term costs.
How does the formula work?
How it works
Step-by-step guide
- 1Enter the home price and down payment.
- 2Set your mortgage rate, term, taxes, insurance and HOA if applicable.
- 3Adjust rental income or growth assumptions where relevant.
- 4Compare monthly cost, break-even, and long-term equity.
- 5Copy or share results to discuss with your lender or agent.
Example calculation
Example: $400k home, 20% down, 6.5% APR, 30-year fixed.
Who should use this calculator?
- First-time home buyers
- Rental-property investors
- Homeowners considering refinancing
- Renters running a rent-vs-buy analysis
When should you use it?
- Before making an offer on a property
- When comparing rent vs buy in a new city
- Before refinancing an existing mortgage
- When evaluating a rental as an investment
What affects the result?
- Home price and down payment
- Mortgage rate, term and PMI
- Property taxes, insurance and HOA fees
- Local appreciation and rent-growth assumptions
Compare three scenarios
| Scenario | Inputs | Outcome |
|---|---|---|
| Low down payment | $400k, 5% down, 7% APR + PMI | ~$3,050/mo all-in, breaks even in ~8 yrs |
| Standard 20% down | $400k, 20% down, 7% APR | ~$2,550/mo, no PMI, breaks even in ~5 yrs |
| Large down payment | $400k, 40% down, 7% APR | ~$1,900/mo, lower risk, breaks even in ~4 yrs |
Illustrative examples using U.S. market averages. Enter your own numbers above for a personalized figure.
Comparison tables
Fixed vs Variable Rate: Which Costs Less?
Fixed rates lock your payment for the life of the loan. Variable (adjustable) rates start lower but move with an index such as SOFR or the Prime Rate published by the Federal Reserve.
| Factor | Fixed rate | Variable / adjustable rate |
|---|---|---|
| Starting rate (2025 typical) | Higher — around 0.25%–0.75% above the intro ARM rate | Lower teaser rate for 3, 5, 7 or 10 years |
| Payment stability | Identical principal & interest every month | Resets at each adjustment period, subject to caps |
| Best when | You keep the loan more than 5–7 years, or rates are falling slowly | You expect to sell, refinance or pay off before the first reset |
| Worst case | You overpay if market rates drop and you never refinance | Payment shock at reset — caps commonly allow +2% per adjustment, +5% lifetime |
| Disclosure rule | APR disclosed under Regulation Z (Truth in Lending) | CFPB requires a Consumer Handbook on Adjustable-Rate Mortgages (CHARM) booklet |
Bottom line: Run both scenarios in the calculator. If the total interest paid over your expected holding period is within about 1% of each other, take the fixed rate — the certainty is worth more than the small savings.
Buying vs Renting a Home in the USA
Homeownership builds equity but carries costs renters never see. HUD and the CFPB both recommend comparing the full monthly cost of ownership, not just the mortgage payment.
| Factor | Buying | Renting |
|---|---|---|
| Upfront cash | 3%–20% down plus 2%–5% closing costs | First month plus a security deposit |
| Monthly cost | Principal, interest, property tax, insurance, HOA, PMI (PITI) | Rent plus renters insurance |
| Maintenance | Budget 1%–2% of home value per year | Landlord's responsibility |
| Tax benefit | Mortgage interest and property tax deductible if you itemize (IRS Pub. 936) | No federal deduction |
| Break-even horizon | Typically 4–7 years before ownership wins | Cheaper below the break-even horizon; full mobility |
Bottom line: Ownership usually wins once you pass the break-even horizon and stay put. Below it, renting and investing the difference commonly produces more net worth.
Decision guide
Should I Buy or Keep Renting?
HUD and CFPB guidance points at four gating questions.
1Will you stay in the area at least 5 years?
Yes: Continue.
No: Rent. You likely will not clear transaction costs.
2Do you have the down payment plus 3–6 months of expenses left over?
Yes: Continue.
No: Rent and keep building reserves — closing wipes out thin savings.
3Is total PITI (plus HOA and maintenance) under 28% of gross monthly income?
Yes: Continue.
No: Lower the price target or wait — you would be cost-burdened.
4Is your job and income stable, with a DTI under 43%?
Yes: Buy.
No: Rent until income stabilizes.
Bottom line: Buy when time horizon, reserves, payment ratio and income stability all pass. Any single failure favors renting.
Common mistakes to avoid
- Underestimating closing costs, insurance, and property taxes.
- Comparing rent to a mortgage payment only (ignore maintenance & opportunity cost).
- Assuming linear price growth over decades.
Pro tips
- Budget 1–2% of the home value per year for maintenance in addition to the mortgage.
- Don't forget PMI when the down payment is under 20%.
- Rerun the numbers with a realistic property-tax and insurance figure for your county.
Why use this calculator
- Full PITI breakdown including taxes, insurance, PMI and HOA.
- Rent-vs-buy and refinance scenarios calculated with real closing costs.
- Transparent formulas that match what your lender or agent will show.
- Works for primary homes, rentals and investment properties.
Limitations to keep in mind
- Property taxes, insurance and HOA vary widely by county and building.
- Home appreciation is an assumption — past performance does not guarantee future results.
- Does not include closing costs, points or seller concessions unless entered.
- Not an appraisal, mortgage pre-approval or investment recommendation.
Key terms explained
- LTV (Loan-to-Value)
- The mortgage amount divided by the appraised home value. LTV above 80% typically triggers PMI on conventional loans.
- PMI (Private Mortgage Insurance)
- A monthly premium required when your down payment is under 20% on a conventional loan. It usually drops off automatically once you reach 22% equity.
- Closing costs
- One-time fees paid at settlement — typically 2–5% of the purchase price for buyers (appraisal, title, taxes, origination).
- Cap rate
- Net operating income divided by property value. A common rental-property yield metric — 5–10% is typical in most U.S. markets.
- Cash-on-cash return
- Annual pre-tax cash flow divided by total cash invested. Measures the actual return on the money you put in.
Before you decide
- Get a pre-approval letter with the exact rate and lender fees itemized.
- Budget for closing costs (2–5% of price) and 6 months of housing reserves.
- Order an independent inspection — never rely on the seller's disclosure alone.
- Verify property tax, HOA, and insurance quotes with the actual providers, not estimates.
Official Sources & References
The formulas, rates and definitions used by this calculator are aligned with the following official sources:
- U.S. Department of Housing and Urban Development (HUD) — Affordability ratios, FHA loan limits and housing-cost benchmarks.
- Consumer Financial Protection Bureau — Owning a Home — Mortgage, closing-cost and rent-vs-buy guidance.
- FHA — HUD Single Family Housing Handbook 4000.1 — FHA loan limits, MIP and LTV requirements.
- U.S. Department of Veterans Affairs — VA Home Loans — VA entitlement, funding fee and zero-down eligibility rules.
We use only primary sources — regulators, standards bodies and scheme operators. See our full sourcing policy for details. Sources & References Policy · Calculator Methodology · How We Verify Formulas
Trust & Accuracy
Accuracy tested
Verified against HUD / CFPB affordability and amortisation conventions. Edge cases, formula validation and manual verification completed (last reviewed June 27, 2026).
Government source
Inputs and thresholds follow HUD, FHFA and CFPB mortgage and affordability guidance.
Educational use
This tool is provided for education and planning only. It is not financial, tax, legal or medical advice.
Available for
United States, Canada, United Kingdom, Australia, India, European Union.
Currency support
USD · INR · CAD · AUD · GBP · EUR
Privacy
No information entered into this calculator is stored on our servers unless you explicitly choose to save or share your calculation.
Print, share & save
Use the Save, Share, Copy, PDF, CSV and Print actions under the result panel.
Accessibility
Keyboard navigable, screen-reader friendly labels, responsive on mobile and desktop.
Learn more: How we verify formulas · How we test accuracy · Methodology · Editorial policy
Recent Updates
We continuously review and improve our calculators to keep formulas, assumptions and references accurate.
View change log (4)Show
- v1.3
Added Trust & Accuracy panel and machine-readable change log.
- v1.2
Added Save, Share, PDF, CSV and Print actions to results.
- v1.1
Added global currency selector (USD, INR, CAD, AUD, GBP, EUR).
- v1.0
Initial calculator release with verified formulas and Official Sources.
Share this Calculator
Share to any platform, embed it on your site, or scan the QR code. No sign-up required.
More ways to share
Embed code
Frequently Asked Questions
Related guides
In-depth real estate guides, worked examples, and expert explainers.
Related topics
What's next?
Your next step
Most people who use this calculator explore these next. Follow the path in order for a complete plan.
- 1Home Affordability CalculatorHome price you can afford based on income and DTI.
- 2Closing Costs CalculatorUS home purchase closing costs — 2-5% of price.
- 3PMI CalculatorMonthly Private Mortgage Insurance based on LTV.
- 4Amortization Schedule CalculatorBreak down each payment into principal and interest.
Popular calculators
Loan Calculator
Calculate EMI, total interest and cost for any loan.
EMI Calculator
Monthly EMI for home, personal, auto and business loans.
Compound Interest Calculator
How money grows with compounding over time.
Mortgage Refinance Calculator
Compare current mortgage to a refinance; find break-even.
Amortization Schedule Calculator
Break down each payment into principal and interest.
USDA Loan Calculator
Zero-down USDA rural loan payment with guarantee fee.
Recently updated
Beginner calculators
Simple, popular tools most people start with.
Property Tax Calculator
Annual property tax from assessed value and rate.
Closing Costs Calculator
US home purchase closing costs — 2-5% of price.
Down Payment Calculator
Target home down payment and monthly savings plan.
Rent vs Buy Calculator
Compare total cost of renting vs buying over your holding period.
1031 Exchange Calculator
Defer real-estate capital gains under IRC §1031: recognized boot, deferred gain, and carryover basis.
Home Selling Cost Calculator
Total US seller costs — commission, closing fees, prep and concessions — with % of sale price.
Advanced calculators
Specialised tools for deeper analysis.
PMI Calculator
Monthly Private Mortgage Insurance based on LTV.
Home Equity Calculator
Home equity and how much you can borrow.
Home Affordability Calculator
Home price you can afford based on income and DTI.
Rent Affordability Calculator
Max monthly rent you can afford.
Rental Yield Calculator
Gross and net rental yield on investment property.
Property ROI Calculator
Cash-on-cash and total return on rental property.