A familiar situation
Before you tour homes, compare how a smaller down payment or a longer mortgage term changes the principal-and-interest bill. Use the mortgage calculator as a first pass, then add taxes, insurance and lender fees from an actual quote.
How to use this calculator
- Enter loan amount, annual interest rate, term.
- Select Calculate to see the answer and its breakdown.
- Keep a scenario, change an input and compare the results.
Use consistent units and check the assumptions below before applying the result.
How mortgage is calculated
This estimate assumes a fixed annual rate, equal monthly payments and no separate escrow. Early payments contain more interest; over time the principal share grows as the balance falls. Formula: P&I = L × r ÷ (1 − (1+r)^−n), where r is the monthly rate and n is the number of monthly payments. Use the displayed details to inspect the intermediate amounts and replace example assumptions with terms from your own quote or records.
P&I = L × r ÷ (1 − (1+r)^−n), where r is the monthly rate and n is the number of monthly payments.For a $240,000 balance at 6% over 30 years, the monthly principal-and-interest payment is about $1,439.
Assumptions & useful context
Assumes a fixed rate and equal monthly payments; fees and insurance are excluded.
Financial projections use your assumptions. Actual returns, lender terms, fees and tax rules can differ; these results do not guarantee a future outcome.
Frequently asked questions
Mortgage Calculator: what does the result include?
No. It is principal and interest only unless those costs are part of the financed principal. Add escrow and recurring fees when comparing it with a lender’s full payment.
Mortgage Calculator: which assumptions matter most?
A longer term usually lowers each scheduled payment but gives interest more time to accrue. Compare total interest as well as the monthly amount.