Use this free home loan calculator to estimate your monthly mortgage payment instantly. Enter the loan amount, annual interest rate, and loan term, and the result appears at once, with no sign-up, no account, and no personal information needed. Your numbers are calculated in your browser and are not sent to us. The result covers principal and interest only.
Contents: Formula · How to use · Examples · Tips · FAQ · Sources · Related tools
No sign-up required. This calculator works in your browser, so the numbers you enter are not stored or sent to us. The result is an estimate for principal and interest only, not financial advice.
Home Loan Calculator Formula
Monthly payment M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments (years × 12).
At a 0% interest rate, the standard formula would divide by zero, so this calculator uses a separate branch instead: monthly payment = loan amount ÷ number of payments. For example, a $120,000 loan at 0% for 10 years is $120,000 ÷ 120 = $1,000 per month.
Total paid = monthly payment × number of payments. Total interest = total paid − loan amount.
How to Use the Home Loan Calculator
Enter the amount you plan to borrow, the annual interest rate, and the loan term in years. Tap Calculate Monthly Payment to see the monthly payment, total interest, and total paid.
Remember that this result is principal and interest only. Property taxes, home insurance, and any homeowners association charges are extra, and they can add a large amount to a real monthly housing cost.
Home Loan Calculator Examples
Example 1 — $200,000 at 6% for 30 years: the monthly payment is about $1,199.10, total interest about $231,676, and total paid about $431,676.
Example 2 — $300,000 at 5% for 20 years: the monthly payment is about $1,979.87, total interest about $175,169, and total paid about $475,169.
Example 3 — $150,000 at 7% for 15 years: the monthly payment is about $1,348.50, total interest about $92,730, and total paid about $242,730.
Home Loan Calculator Tips
A longer term lowers the monthly payment but usually raises total interest a lot. Compare the total interest, not just the monthly figure, before choosing a term.
A small rate change matters over a long term. Even half a percentage point can change total interest by tens of thousands on a large loan, so it is worth checking a few rates.
For background on how mortgages work, see Investopedia's guide to mortgages.
Home Loan Calculator FAQ
Does this include taxes and insurance? No. This is principal and interest only. Taxes, insurance, and homeowners association charges are extra.
Should I compare loans by the monthly payment or by total interest? Look at both. A lower monthly payment can still cost more overall if the term is longer, so check total interest before you decide.
What if the rate is 0%? The calculator divides the loan amount by the number of payments. For example, $120,000 at 0% for 10 years is $1,000 per month, with no interest.
Is a longer term always cheaper? A longer term lowers the monthly payment but usually raises total interest, because you pay interest for more years.
Is the result exact? It is a close estimate using the standard amortization formula. A lender's figure may differ slightly because of fees, rounding, and payment timing.
Can I use this for an adjustable-rate loan? Only as a rough check at one fixed rate. If the rate changes, the payment changes too, so run the calculation again at the new rate.
Does this work outside the United States? Yes, for a fixed-rate loan. The math is the same. Amounts are shown with a $ sign; if you enter an amount in another currency, read the result in that currency.
Sources and Method
Sources and method: This calculator uses the standard amortization formula for a fixed-rate loan, shown above, with monthly payment, total paid, and total interest calculated from the loan amount, annual rate, and term you enter. It does not use any lender's rate, fee schedule, or tax and insurance figures. Last updated: October 28, 2026.
Related Tools
Try the Compound Interest Calculator to see savings grow, the Discount Calculator for sale prices, and the Percentage Increase Calculator to measure a change. Return to the PDGPT homepage to browse all free calculators by category.