Result
Mortgage Calculator
Estimate monthly mortgage payments, total repayment and total interest for a fixed-rate home loan.
How to check this result
Enter the loan amount after the down payment, together with the interest rate and loan term.
Method and assumptions
The monthly estimate uses a fixed-rate amortization calculation. Each payment usually contains both interest and principal.
Before making a decision
Property tax, insurance, maintenance and lender fees can materially change the true cost of a home.
Principal and interest versus housing cost
Method and inputs
Enter the mortgage principal after the down payment, not the property’s full price. The monthly rate is the annual rate divided by 1,200; the term is converted to monthly payments. The payment amortizes a fixed-rate loan over that term.
Worked example
For 200,000 borrowed at 6% for 30 years, the principal-and-interest payment is about 1,199.10 per month. Over 360 payments, interest is about 231,676.38 using unrounded payments.
Limits and common mistakes
Property taxes, insurance, mortgage insurance, association fees and maintenance are excluded. Add those costs separately to estimate a housing budget. Variable rates, lender rounding and extra repayments can change the schedule.
What happens at zero interest?
The payment becomes principal divided by the number of months. Borrowing 120,000 for 10 years at 0% gives 1,000 monthly before any additional costs.
Content updated: 2026-10-03.
Reference for checking the method
The payment estimate covers principal and interest. Taxes, insurance and fees need separate treatment.
This reference explains the concept; its publisher has not verified or endorsed this calculator.