Mortgage Calculator
Estimate the monthly principal & interest payment, total interest and lifetime cost of a fixed-rate mortgage.
Monthly payment
$2,022.62
Principal + interest only
Loan amount
$320,000
Total interest
$408,142.36
Total paid
$728,142.36
Updates instantly · formula shown below
How to use this mortgage calculator
- Enter home price and down payment.
- Enter the rate the lender quoted.
- Pick a 15, 20 or 30-year term.
Formula
M = P × i ÷ (1 − (1 + i)^−n) where i is the monthly rate and n is the number of months.
About the Mortgage Calculator
Cutting just 0.25% off your rate or adding $20k to a down payment can save tens of thousands over the life of the loan.
Frequently asked questions
+Does this include taxes and insurance?
No — this is principal and interest only. Add escrow for the full PITI payment.
+Is a 15-year mortgage cheaper?
Total interest is far lower, but the monthly payment is much higher than 30-year.
+How does down payment affect the rate?
Larger down payments often unlock lower rates and skip private mortgage insurance.
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