Mortgage Payment Calculator
Enter your home price, down payment, interest rate, and loan term to instantly estimate your monthly mortgage payment — so you can buy with confidence.
Take Control of Your Finances
Understanding your mortgage payment is just the beginning. Track all your expenses, savings goals, and debt payoff with our Notion Budget Tracker — built for homeowners who want to stay on top of every dollar.
Get the Notion Budget Tracker →How to Calculate Your Mortgage Payment
Your monthly mortgage payment is determined by four key variables: the loan amount (home price minus down payment), the interest rate, and the loan term. The standard formula is:
M = P × [r(1+r)n] / [(1+r)n − 1]
- M = monthly payment
- P = loan principal (home price minus down payment)
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of payments (years × 12)
This calculator does the math for you instantly. Just enter your numbers and see the results in real time.
What Affects Your Monthly Payment
- Home price — A higher price means a larger loan and higher payments.
- Down payment — The more you put down, the less you borrow. Aim for at least 20% to avoid private mortgage insurance (PMI).
- Interest rate — Even a 0.5% difference can mean tens of thousands of dollars over the life of a loan. Shop around for the best rate.
- Loan term — A 15-year mortgage has higher monthly payments but dramatically less total interest compared to a 30-year mortgage.
- Property taxes & insurance — Not included in this calculator, but typically add $200–$500/month depending on your area.
Related Tools & Resources
- 50/30/20 Budget Calculator — Figure out how your mortgage fits into your overall budget
- Rent vs. Buy Calculator — Not sure if buying is right for you? Compare the numbers
- How to Save for a Down Payment — Actionable strategies to build your down payment fund
Frequently Asked Questions
Does this include taxes and insurance?
No. This calculator shows your principal and interest (P&I) payment only. Your actual monthly housing cost will include property taxes, homeowners insurance, and possibly PMI — which can add $200–$600 or more per month.
How much should I put down?
A 20% down payment is ideal because it eliminates private mortgage insurance (PMI) and reduces your monthly payment. However, many loan programs accept 3–5% down. Use this calculator to see how different down payment amounts affect your payment.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but saves you a massive amount in interest — often 50% or more compared to a 30-year term. Choose 15 years if you can comfortably afford the payment; choose 30 years if you need lower monthly costs and plan to invest the difference.