How to use the Mortgage payment calculator
Enter home price, down payment, annual interest (%), and term in years. Choose the currency for your inputs and read the result as you change the values.
How it works and formula
Loan principal = price − down payment. Monthly payment = principal × r ÷ [1 − (1 + r) raised to −n], with monthly rate r and number of months n.
Worked example
| Home price | 250000 |
|---|---|
| Down payment | 50000 |
| Annual interest (%) | 6 |
| Term in years | 30 |
Result
Monthly principal and interest $1,199.10
Choosing your inputs
Enter the purchase price and cash down payment separately. The difference is the loan principal. Enter the annual interest rate and the repayment term in years. Compare fixed-rate offers using their quoted rates and matching loan amounts.
How to interpret the result
A $250,000 home with $50,000 down leaves $200,000 to finance. At 6% over 30 years, monthly principal and interest are about $1,199.10. A shorter term raises the payment at the same rate and generally reduces interest over the term.
Frequently asked questions
What else may be part of my housing payment?
Budget separately for insurance, property taxes, association dues and other charges. This result covers principal and interest.
How do I estimate the full monthly housing bill?
Add property tax, homeowners insurance, mortgage insurance if applicable, and any association dues to the principal-and-interest estimate.