Mortgage Payment Calculator
Mortgage Payment Calculator
A mortgage payment is calculated using the same amortization math as any other installment loan, but starts from the loan amount remaining after your down payment — the larger your down payment, the smaller your loan amount, monthly payment, and total interest.
Homebuyers use this to compare "what if" scenarios before shopping for a home: a bigger down payment, a shorter term, or a different rate can each meaningfully change the monthly payment and total cost of homeownership over 15-30 years.
- Down Payment Reduces Everything: A larger down payment lowers the loan amount, monthly payment, and total interest paid — all three at once.
- Standard 30-Year vs 15-Year: A 15-year term has a higher monthly payment but dramatically less total interest than a 30-year term at the same rate.
- Excludes Taxes & Insurance: This shows principal-and-interest only; your actual monthly housing cost will also include property tax and homeowners insurance.
Does this include property taxes and insurance?
No — this calculates principal and interest (P&I) only, the core loan payment. Your total monthly housing payment will typically be higher once taxes and insurance are added.
How much does a bigger down payment really save?
Beyond reducing the loan amount directly, a bigger down payment reduces the base on which interest compounds every month, so the total interest savings are often larger than the down payment increase itself over a 30-year term.
Mortgage Payment Calculator
A mortgage payment is calculated using the same amortization math as any other installment loan, but starts from the loan amount remaining after your down payment — the larger your down payment, the smaller your loan amount, monthly payment, and total interest.
Homebuyers use this to compare "what if" scenarios before shopping for a home: a bigger down payment, a shorter term, or a different rate can each meaningfully change the monthly payment and total cost of homeownership over 15-30 years.
- Down Payment Reduces Everything: A larger down payment lowers the loan amount, monthly payment, and total interest paid — all three at once.
- Standard 30-Year vs 15-Year: A 15-year term has a higher monthly payment but dramatically less total interest than a 30-year term at the same rate.
- Excludes Taxes & Insurance: This shows principal-and-interest only; your actual monthly housing cost will also include property tax and homeowners insurance.
Does this include property taxes and insurance?
No — this calculates principal and interest (P&I) only, the core loan payment. Your total monthly housing payment will typically be higher once taxes and insurance are added.
How much does a bigger down payment really save?
Beyond reducing the loan amount directly, a bigger down payment reduces the base on which interest compounds every month, so the total interest savings are often larger than the down payment increase itself over a 30-year term.