Mortgage Calculator
Estimate your monthly mortgage payments.
Monthly Payment
$1,896
Total Payment
$682,634
Total Interest
$382,634
How to Use This Mortgage Calculator
Enter the loan amount, annual interest rate, and loan term in years. The calculator will instantly show your estimated monthly payment, total payment over the loan term, and total interest paid.
Understanding Mortgage Payments
Your monthly mortgage payment typically includes principal and interest. Depending on your loan type, it may also include property taxes, homeowners insurance, and PMI (Private Mortgage Insurance) if your down payment is less than 20%.
Frequently Asked Questions
How does a mortgage calculator work?
A mortgage calculator uses your loan amount, interest rate, and loan term to calculate your monthly payment using the standard amortization formula. It shows the breakdown between principal and interest over the life of the loan.
What is a good mortgage interest rate?
Mortgage rates vary based on market conditions, your credit score, and loan type. As of 2026, rates typically range from 4% to 7% depending on these factors. Shopping around with multiple lenders is recommended.
How much mortgage can I afford?
A common rule of thumb is that your monthly housing costs should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36%.