Mortgage Calculator
Calculate mortgage payments with down payment. Home price, down payment percentage, rate, and loan term.
How to Use
Enter your values in the fields above and click Calculate to get instant results. All computations run locally in your browser. No data is ever uploaded or stored.
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How Mortgage Payments Are Calculated
A mortgage is typically the largest loan most people will ever take. Your monthly payment includes principal, interest, property taxes, and insurance (PITI). CalcSolver's mortgage calculator helps you estimate the full monthly cost so you can budget accurately before committing to a home purchase.
On a $300,000 mortgage at 7% over 30 years, your monthly principal-and-interest payment is approximately $1,996. Over 30 years, you'll pay $419,280 in interest — more than the original loan amount. A 15-year term at the same rate costs $2,696/month but saves over $230,000 in total interest.
Before choosing a mortgage, consider how much you can afford using the 28/36 rule: housing costs should not exceed 28% of gross income, and total debt should stay under 36%. Use our loan calculator for personal loans or the interest rate finder to compare rates.
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Frequently Asked Questions
How do I calculate my monthly mortgage payment?
Enter the home price, down payment percentage, interest rate, and loan term. The calculator subtracts the down payment from the price and applies the loan formula to determine your monthly payment.
How much house can I afford?
A common guideline is that your total housing costs (mortgage + taxes + insurance) should not exceed 28% of gross monthly income. Total debt payments should stay below 36%.
What is Private Mortgage Insurance (PMI)?
PMI is required when your down payment is less than 20%. It typically costs 0.5-1% of the loan amount per year and protects the lender if you default. PMI can be removed once you reach 20% equity.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest. A 30-year mortgage offers lower payments but costs much more over time. Compare both using our calculator.