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Estimate the principal-and-interest payment for a home loan using price, down payment, rate, and term.
Use this mortgage payment calculator to compare the monthly cost of different home-price and down-payment combinations before you request lender quotes. The calculator is designed to give a fast answer, but the quality of the answer still depends on accurate inputs and a clear idea of what decision you are trying to support.
- Enter Home Purchase Price, Cash Down Payment, and Annual Interest Rate using the same units you plan to compare or report.
- Add Loan Term and review the inputs before calculating.
- Read the main monthly payment first, then use the supporting outputs to understand the trade-offs behind that result.
- Compare your numbers with the worked examples below if you want a quick reasonableness check.
The monthly payment is the principal-and-interest portion only, which makes it useful for comparing financing structures before layering in taxes, insurance, or HOA costs. On this page, the primary output is monthly payment.
Scenario 1: $350,000 home with $70,000 down at 6.25% for 30 years. Inputs used: homePrice: 350000, downPayment: 70000, rate: 6.25, term: 360. Example result: $1,724.01. This mortgage structure produces an estimated principal-and-interest payment of $1,724.01 per month. Scenario 2: $525,000 home with $105,000 down at 5.8% for 20 years. Inputs used: homePrice: 525000, downPayment: 105000, rate: 5.8, term: 240. Example result: $2,960.75. With a shorter term and larger financed balance, the estimated monthly mortgage payment comes to $2,960.75.
Core formula: same amortization model as loans, applied to home price minus down payment. The mortgage calculator converts home price and down payment into a loan amount, then applies the amortization formula to estimate principal-and-interest payments.
- This page does not include taxes, insurance, or PMI.
- Longer terms reduce monthly payments but increase total interest.
Use this calculator when comparing home prices, down payments, rates, and loan terms before requesting lender quotes. Related paths for follow-up analysis include mortgage calculator, refinance calculator, loan payment calculator, and rental yield calculator.
Most bad outputs come from a few repeated input errors or interpretation mistakes. Use this short checklist before relying on the result.
- Assuming the result includes taxes, insurance, PMI, or maintenance.
- Entering a down payment percent as a dollar amount.
- Optimizing only for monthly payment while ignoring lifetime interest cost.
