Calculate mortgage payments for home loans. Get monthly payment, total interest over 15 or 30 years. Free and accurate.
Calculate mortgage payments for home loans. Get monthly payment, total interest over 15 or 30 years. Free and accurate.
M = P[r(1+r)^n]/[(1+r)^n-1]First-time homebuyer — $300K home: $300,000 home, 20% down ($240,000 loan), 6.5% rate, 30 years — typical first-time purchase scenario.
How much house can I afford?
A common guideline is the 28/36 rule: spend no more than 28% of gross monthly income on housing costs, and no more than 36% on total debt. For example, with $8,000/month income, aim for housing costs under $2,240/month.
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This calculator provides estimates only and does not constitute financial advice. Actual results may vary. Consult a qualified financial advisor before making financial decisions.
Forgetting property tax and insurance
These can add $200–500/month on top of your mortgage payment. Always budget for PITI (Principal, Interest, Taxes, Insurance), not just P&I.
Only comparing monthly payments
Total interest over the life of the loan matters more. A lower monthly payment over 30 years often costs significantly more in total interest than a 15-year loan.
Not accounting for PMI
Loans with less than 20% down require Private Mortgage Insurance (PMI), typically 0.5–1% of the loan amount annually until you reach 20% equity.
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KalkulatoryThis mortgage calculator helps you estimate monthly payments, total interest, and the full cost of a home loan. Enter your home price, down payment, interest rate, and loan term to see a detailed breakdown including an amortization schedule.