Mortgage Calculator
Use this calculator to estimate monthly principal and interest for a fixed-rate mortgage. It is a planning estimate, not a loan quote.
Estimated monthly principal & interest
What this estimate includes
The calculation uses the standard amortization formula for a fixed-rate loan. The loan amount is the home price minus the down payment. Interest is spread across the selected loan term, with each payment containing both principal and interest.
What it does not include
Your actual monthly housing payment can be higher because property taxes, homeowners insurance, mortgage insurance, HOA or condominium fees, flood insurance, and other charges may apply. Closing costs and prepaid items also affect the cash needed to purchase a home.
Why the down payment matters
A larger down payment generally reduces the amount borrowed and therefore reduces principal-and-interest payments. Depending on the loan program and down-payment percentage, mortgage insurance requirements may also change.
Use the number as a starting point
Loan rates, lender fees, taxes, insurance, qualification standards, and available programs change over time and differ by borrower and property. Compare actual loan estimates from qualified lenders before making a financing decision.