Mortgage & Loan Calculator
Enter the price, down payment, rate, and term to see your monthly payment update live.
What this tool does
This tool calculates the fixed monthly payment on a mortgage or any amortizing loan from the loan amount, annual interest rate, and term. Enter a home price and down payment (leave the down payment at zero for a plain loan, like a car or personal loan), pick a term or type a custom one, and the monthly payment, total amount paid over the life of the loan, and total interest all update live as you type.
Example use case
A $350,000 home with a $70,000 down payment leaves a $280,000 loan. At a 6.5% annual rate over a 30-year term, this tool shows the monthly principal-and-interest payment, letting you compare that instantly against a 15-year term or a different down payment without re-doing the math by hand each time.
How the payment is calculated
Monthly payment uses the standard amortization formula: the loan amount (price minus down payment) is divided across equal monthly payments so that, at the given interest rate, the balance reaches exactly zero at the end of the term. This covers principal and interest only — it doesn't include property tax, homeowners insurance, or PMI, which vary by lender and location and are typically added on top.