Free Mortgage Payment Calculator
Stress-test your affordability by instantly calculating your monthly payment, total interest, and how your loan term affects your overall cost.
No sign-up required. 100% free to use.
Try the Mortgage Calculator
Enter your home price, down payment, interest rate, and term to see your monthly payment and total cost.
Mortgage Calculator
Inputs
Results
Principal & Interest (Monthly)
$2,022.62
Monthly Add-ons
$400.00
Est. Total Monthly Payment
$2,422.62
Total Paid (loan only, P&I)
$728,142.36
How this works
- Principal & interest: p = rL / (1 − (1+r)−n), where r = annual rate / 12 and n = total months.
- Property tax, insurance, and PMI can be entered as annual or monthly; annual values are divided by 12.
- HOA is monthly; total monthly = P&I + tax + insurance + PMI + HOA.
- Longer terms lower the payment but increase total interest; extra principal reduces total interest.
Learn more: Mortgage Payment Breakdown—Use Our Calculator to See What Impacts Your Monthly Cost
How to Use the Mortgage Payment Calculator
This free mortgage calculator helps you estimate your monthly payment based on your loan amount, interest rate, and term. Adjust the inputs to see how a higher down payment or shorter term can reduce your total interest paid over the life of the loan.
- Home Price / Loan Amount: The cost of the home or total mortgage you plan to borrow.
- Down Payment: The amount you pay upfront. A larger down payment usually lowers your monthly payment.
- Interest Rate: Your annual mortgage rate from your lender.
- Loan Term: The number of years you'll take to pay off the mortgage (e.g., 15 or 30 years).
What Affects Your Mortgage Payment?
Your payment is mainly driven by your interest rate, loan amount, and term length. Even a small change in rate or term can significantly impact your total interest cost. Use this calculator to compare scenarios before you commit to a loan.
Many homeowners use this tool to answer questions like: "How much house can I afford?", "What will my payment be if rates go up?", or "Is it worth refinancing to a lower rate?"
Mortgage Calculator FAQ
How accurate is this mortgage calculator?
The calculator uses a standard mortgage formula to estimate principal and interest. It does not include property taxes, homeowner's insurance, or HOA fees, which vary by location and lender.
Does this calculator include taxes and insurance?
By default, it focuses on principal and interest. You can manually add estimated taxes and insurance to the monthly payment to see your total housing cost.
Is this mortgage calculator really free to use?
Yes. The FWV Calculators tools are designed to help you make confident money decisions, and this mortgage calculator is free with no sign-up required.
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