The Mortgage Calculator helps you estimate your monthly payment for a home loan, see the total interest you’ll pay over the life of the loan, and understand the principal vs. interest breakdown of every payment.

How to Use This Calculator

1. Enter the Loan Amount — typically the home price minus your down payment.
2. Enter the Annual Interest Rate quoted by your lender.
3. Enter the loan term — most mortgages are 15 or 30 years.
4. Click Calculate EMI to see your monthly payment.

15-Year vs. 30-Year Mortgage

A 30-year mortgage has a lower monthly payment but you pay significantly more in total interest. A 15-year mortgage at the same rate means a higher payment but you build equity faster and pay roughly half the total interest. On a $300,000 loan at 7%, you’d pay ~$279,000 in interest over 30 years vs. ~$118,000 over 15 years — a $161,000 difference.

A common strategy is to take the 30-year loan for its lower required payment, but voluntarily pay extra each month when cash flow allows — giving you flexibility while still paying down principal faster.

What’s Not Included in This Payment

This calculator shows principal and interest only. Your actual monthly mortgage payment (sometimes called PITI) may also include:

• Property taxes (typically 1–2% of home value per year, escrowed monthly)
• Homeowner’s insurance (~$100–$200/month)
• PMI (private mortgage insurance, required if down payment is less than 20%)
• HOA fees if applicable

Frequently Asked Questions

How much mortgage can I afford?

A common guideline is the 28/36 rule: your monthly mortgage payment should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%. Use this calculator to find a payment that fits within those bounds.

Should I pay points to lower my rate?

One point costs 1% of the loan amount and typically lowers your rate by 0.25%. Calculate your break-even: divide the upfront point cost by the monthly savings. If you plan to stay in the home longer than the break-even period, points are worthwhile.