Estimate your monthly payment and visualize your loan payoff schedule.
Use this free mortgage calculator to estimate your monthly house payment, including principal and interest. Simply enter the home price, your down payment, and the loan terms to see exactly how much you can afford.
Monthly Payment Estimator
Estimate your monthly mortgage payment including principal and interest.
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How a Mortgage Calculator Works
A mortgage calculator helps you estimate your monthly payment by taking into account the home price, your down payment, the interest rate, and the loan term. It uses an amortization formula to determine how much of your payment goes toward the principal balance and how much goes toward interest.
Mortgage Definitions
Frequently Asked Questions
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance. While this calculator focuses on Principal and Interest, your actual monthly bill will likely be higher because lenders often collect property taxes and homeowners insurance premiums in an escrow account.
How can I lower my monthly payment?
You can lower your payment by making a larger down payment, securing a lower interest rate, or choosing a longer loan term (e.g., 30 years instead of 15). Removing Private Mortgage Insurance (PMI) once you have 20% equity also helps.
What is an amortization schedule?
An amortization schedule is a table that shows every payment you will make over the life of the loan. It breaks down how much of each payment goes to principal versus interest.
