Mortgage Calculator
Enter your home price, down payment, rate, and term to see your monthly payment.
Results
Monthly Payment
$2,022.62
Loan Amount
$320,000
Total Interest
$408,142
Total Cost
$808,142
LTV Ratio
80.0%
How to Calculate Your Mortgage Payment
Your monthly mortgage payment is determined by your loan amount (home price minus down payment), the interest rate, and the loan term. The standard formula is: M = P[r(1+r)^n] / [(1+r)^n – 1], where r is the monthly rate and n is the number of payments.
A higher down payment reduces your loan amount and may help you avoid private mortgage insurance (PMI), which lenders typically require when your LTV ratio exceeds 80%.
Shorter loan terms mean higher monthly payments but significantly less interest paid overall. A 15-year mortgage at 6.5% costs nearly half the total interest of a 30-year loan on the same amount.