Mortgage & Loan Calculator
Estimate your monthly payments for mortgages or loans.
Estimated Monthly Payment
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What this calculator does
This calculator estimates the monthly payment on a fixed-rate mortgage or other loan, and shows what the loan costs over its full term. Enter the price, your down payment, the loan term and the interest rate. You'll get the monthly principal-and-interest payment, the amount borrowed, the total interest, and the total of all payments.
How to use it
- Home Price: the purchase price, or the full amount if it's not a home loan. Commas are added as you type.
- Down Payment: what you pay upfront. The calculator borrows the rest. Enter 0 for a loan with no down payment.
- Loan Term (Years): commonly 30 or 15 for mortgages, or 3 to 7 for car and personal loans.
- Interest Rate (%): the annual rate on the loan offer.
- Select Calculate Payment.
The formula
Fixed-rate loans use the standard amortization formula. L is the amount borrowed, i the monthly interest rate (the annual rate ÷ 12), and n the number of monthly payments (years × 12):
M = L × i(1 + i)n ÷ [(1 + i)n − 1]
If the interest rate is 0%, the payment is simply the loan divided by the number of months.
A worked example
With the default values, a $300,000 home with $60,000 down, a 30-year term and a 6.5% rate:
- Amount borrowed: $240,000
- Monthly payment: $1,517 (principal and interest)
- Total interest over 30 years: $306,107
- Total of all payments: $546,107
Over the full term you'd pay more in interest than the amount you borrowed.
Where your payment goes
The monthly payment stays the same on a fixed-rate loan, but what it pays for shifts over time. As the Consumer Financial Protection Bureau explains, you owe more interest at the start, because your balance is still high. In the example, the first payment of $1,517 includes $1,300 of interest and only about $217 that reduces the balance. As the balance shrinks, more of each payment goes to principal.
What's not included
This is the principal-and-interest payment only. A real monthly mortgage bill usually also includes:
- Property taxes, often collected monthly by the lender
- Homeowners insurance
- Mortgage insurance (PMI), often required when the down payment is under 20%
- HOA fees, if the property has a homeowners' association
Ask lenders for an official Loan Estimate to compare full costs, including fees and the APR.
Frequently asked questions
How much does a bigger down payment help?
Every dollar you put down is a dollar you don't pay interest on. It lowers the payment and the total interest, and at 20% or more it usually avoids mortgage insurance.
15-year or 30-year?
A 15-year loan has higher monthly payments but usually a lower rate and far less total interest. A 30-year loan keeps payments lower and more flexible. Try both terms in the calculator to see the trade-off.
What happens if I pay extra each month?
Extra payments go to principal (check that your lender applies them that way), which shortens the loan and cuts total interest. This calculator assumes regular payments only.
Can I use it for car or personal loans?
Yes. Any fixed-rate loan with equal monthly payments works the same way. Enter the price and down payment, or put the loan amount in Home Price and 0 as the down payment.
Is this a loan offer or advice?
No. It's an estimate for planning. Your actual rate and costs depend on the lender and your credit. Talk to a lender or financial adviser before deciding.
Sources: Consumer Financial Protection Bureau, How does paying down a mortgage work? Last reviewed on SuiteWebTools: October 2026.