Scenario 1
Typical 30-year mortgage
$300,000 home, $60,000 down → $240,000 loan at 6.5% over 30 years = $1,517/month, $306,040 in interest.
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Mortgage Calculator
Know your real monthly payment before you buy — including interest and total cost.
Adjust your inputs
Results update instantly as you type or drag.
10,000 – 10,000,000
$
0 – 5,000,000
$
Typical minimum is 3–20% of home price
0.1 – 20
%
1 – 30
Quick insights
Total interest
$306,107
Total cost
$606,107
Quick answer
How do you calculate a mortgage payment?
Monthly Payment = (Loan × r × (1+r)^n) / ((1+r)^n − 1) where r = monthly rate and n = total months.
How it works
From inputs to result in four steps
A quick walkthrough of what this calculator does behind the scenes.
- 1
Enter the home price.
- 2
Set your down payment amount.
- 3
Enter the annual interest rate.
- 4
Set the loan term (15 or 30 years is most common).
Formula
The math behind the number
No black box — here's exactly how the result is computed.
Payment = L × r × (1 + r)^n
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(1 + r)^n − 1Your monthly payment is fixed — each payment covers that month's interest and chips away at the principal.
Examples
Real-world scenarios
See how the numbers play out for typical use cases.
Scenario 2
15-year mortgage
$300,000 home, $60,000 down → $240,000 at 6% over 15 years = $2,026/month, $124,680 in interest — $181,360 less.
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