Estimate your monthly home loan repayments instantly.
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15 Years Fixed
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Estimated Monthly Payment
How to Use the Mortgage Payment Calculator
Buying a home is likely the largest financial commitment you'll ever make. Our mortgage calculator helps you visualize your monthly principal and interest payments so you can budget effectively. By adjusting your down payment and interest rates, you can see how different scenarios impact your long-term financial health.
Key Components of Your Mortgage
Principal: The actual amount of money you borrow from the lender.
Interest: The cost of borrowing that money, expressed as an annual percentage.
Down Payment: The cash you pay upfront, which reduces your total loan amount.
Term: The length of time you have to repay the loan (commonly 15 or 30 years).
Why These Numbers Matter for Homebuyers
Even a 0.5% difference in your interest rate can save you tens of thousands of dollars over the life of a 30-year loan. For example, on a $400,000 loan, reducing your rate from 7% to 6.5% could save you nearly $130 every single month. Use this tool to experiment with different loan terms and down payment amounts to find a monthly payment that fits comfortably within your debt-to-income ratio.
Example Calculation
If you purchase a home for $500,000 with a 20% down payment ($100,000) at a 6.5% interest rate for 30 years, your estimated monthly principal and interest payment would be approximately $2,528.27. Note that this does not include property taxes, homeowners insurance, or HOA fees, which are typically held in an escrow account.
function calculateMortgage() {
var homePrice = parseFloat(document.getElementById('homePrice').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var annualInterestRate = parseFloat(document.getElementById('interestRate').value);
var loanTermYears = parseInt(document.getElementById('loanTerm').value);
var resultDiv = document.getElementById('mortgageResult');
var paymentOutput = document.getElementById('monthlyPaymentOutput');
var breakdownOutput = document.getElementById('loanBreakdown');
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(annualInterestRate) || homePrice <= 0) {
alert("Please enter valid positive numbers for all fields.");
return;
}
var loanAmount = homePrice – downPayment;
if (loanAmount <= 0) {
alert("Down payment cannot be equal to or greater than the home price.");
return;
}
var monthlyInterestRate = (annualInterestRate / 100) / 12;
var numberOfPayments = loanTermYears * 12;
var monthlyPayment = 0;
// Calculation formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
if (monthlyInterestRate === 0) {
monthlyPayment = loanAmount / numberOfPayments;
} else {
var x = Math.pow(1 + monthlyInterestRate, numberOfPayments);
monthlyPayment = (loanAmount * x * monthlyInterestRate) / (x – 1);
}
var totalRepayment = monthlyPayment * numberOfPayments;
var totalInterest = totalRepayment – loanAmount;
paymentOutput.innerHTML = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
breakdownOutput.innerHTML = "Total Loan Amount: $" + loanAmount.toLocaleString() + " | Total Interest Paid: $" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
resultDiv.style.display = 'block';
resultDiv.scrollIntoView({ behavior: 'smooth', block: 'nearest' });
}