About this tool
Enter the home price, down payment, interest rate and loan term to estimate your monthly payment. The result includes principal and interest plus property tax and homeowners insurance, and the year-by-year schedule shows how your balance falls over time.
A larger down payment or a shorter term reduces the total interest you pay over the life of the loan.
Frequently asked questions
How is a mortgage payment calculated?
Payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r the monthly rate (APR ÷ 12) and n the number of monthly payments.
How much down payment do I need?
20% avoids private mortgage insurance (PMI) on most conventional loans, but many programs accept 3%–5%.