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Calculate your monthly mortgage payments including principal and interest.
Enter a home price, down payment, annual interest rate, and loan term to estimate the scheduled monthly principal-and-interest payment. You can change one input at a time to see how the financing amount, rate, or term affects the result.
M = P * [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]Where: M = Monthly payment, P = Loan principal (Home Price - Down Payment), r = Monthly interest rate (Annual rate divided by 12), n = Total number of monthly payments (Years multiplied by 12).
Subtract your Down Payment from the total Home Price to calculate the Loan Principal (P).
Convert the annual interest rate into a decimal and divide it by 12 to find the Monthly Interest Rate (r).
Multiply the loan term (in years) by 12 to calculate the Total Payments (n).
Apply the values to the standard amortization formula above to compute your base Monthly Principal & Interest Payment.
This calculator applies the standard fixed-rate amortization equation to the amount financed after the down payment. The result shows principal and interest only.
The estimate does not include property taxes, homeowners insurance, mortgage insurance, homeowners association dues, closing costs, lender fees, or an adjustable interest rate. Compare the estimate with the Loan Estimate supplied by a lender before making a borrowing decision.
Reviewed July 28, 2026
Monthly principal and interest: Estimate the base payment for a fixed-rate, fully amortizing loan.
Amount financed: Subtract the down payment from the home price before calculating.
Total interest: See the estimated interest paid if the loan runs for the full selected term.
Scenario comparison: Adjust the rate, term, or down payment without creating an account.
A standard base mortgage payment includes **Principal** (paying down the loan amount) and **Interest** (the cost of borrowing). Depending on your lender and agreement, your total escrow payment may also include Property Taxes, Homeowners Insurance, and Private Mortgage Insurance (PMI) if your down payment was less than 20%.
Depending on the loan, a larger down payment, a lower interest rate, or a longer term can reduce the scheduled payment. A longer term generally increases total interest, and mortgage-insurance cancellation rules vary, so confirm the tradeoffs with the lender.
An amortization schedule is a complete table showing each monthly payment throughout the loan term. In the early years, the majority of your payment goes toward paying off interest, while in the later years, the payment shifts heavily toward paying down the principal balance.
The displayed payment is not the full cost of owning a home. Add realistic estimates for property taxes, homeowners insurance, mortgage insurance, association dues, maintenance, utilities, and closing costs before deciding what fits your budget.
If you want to see how much pre-tax annual salary you need to comfortably afford these payments, try our Salary to Hourly Rate Converter to analyze your true earning potential.