Mortgage Calculator
Free mortgage calculator: monthly payment from home price, down payment, rate and term, plus total interest. Runs entirely in your browser.
- ✓ Runs in your browser — nothing uploaded
- ✓ No sign-up
- ✓ Free, no limits
How it's computed
The loan amount is the home price minus your down payment. The monthly payment then follows the standard amortization formula EMI = P·r·(1+r)ⁿ / ((1+r)ⁿ − 1). For the full month-by-month breakdown, open the loan calculator linked below with the same numbers.
This free mortgage calculator shows what a home will really cost per month: enter the home price, your down payment, the annual interest rate and the term, and it instantly returns the loan amount, the monthly payment and the total interest over the life of the mortgage. The defaults show a $300,000 home with 20% down at 6% over 30 years — edit any field and every figure updates as you type.
The maths is the standard amortization formula lenders use: your loan amount is the price minus the down payment, and the monthly payment is EMI = P·r·(1+r)ⁿ / ((1+r)ⁿ − 1). Worked example: $300,000 with $60,000 down at 6% for 30 years gives a $240,000 loan and a monthly payment of about $1,438.92. For the full month-by-month principal/interest split, open the related loan calculator with the same numbers — it renders the complete schedule.
Everything runs locally in your browser, so the price you can afford and your down payment never leave your device. Results are estimates for comparing scenarios — lenders add taxes, insurance and fees on top, and this is general information, not financial advice.
Frequently asked questions
How is a monthly mortgage payment calculated?
The loan amount (price minus down payment) is amortized with EMI = P·r·(1+r)ⁿ / ((1+r)ⁿ − 1), where r is the monthly rate and n the number of payments. A $240,000 loan at 6% over 30 years costs about $1,438.92 per month.
How much down payment do I need?
Lenders commonly ask for 10–20% of the home price; 20% typically avoids mortgage insurance. Try different down payments here to see how each changes the monthly payment and total interest.
Does this include property tax and insurance?
No — it computes principal and interest only. Taxes, insurance and fees vary by location and lender and come on top of the figure shown, so treat the result as the core of your housing cost, not the whole of it.
Is this financial advice?
No. It is an accurate estimate using the standard formula, intended for comparing scenarios. Confirm exact figures with your lender before committing.