# Home Loan Calculator

URL: https://speedycalculator.com/calculators/finance/home-loan/
Last updated: 2026-10-25

> The home loan calculator works out the monthly payment, total interest and total cost of a home loan from the loan amount, interest rate and term.

## Inputs

- Loan amount
- Interest rate (APR) (%)
- Loan term (years, months)

## Results

- Monthly payment
- Total interest
- Total of all payments

## Formula

```
Monthly payment = L × i ÷ (1 − (1 + i)^−n), i = APR ÷ 12, n = months
Total interest = payment × n − L
```

## Explanation

This is a quick home loan calculator: enter the loan amount, rate and term for the principal and interest. For property tax, insurance, PMI and extra payments, use the full mortgage calculator.

### How to use the Home Loan Calculator

- **Loan amount**
- **Interest rate (APR)**
- **Loan term**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter the loan amount, interest rate and term.

### Tips

- Compare loans by APR and total cost, not just the monthly payment.
- Extra payments go straight to principal and can save a lot of interest.
- Pay off the highest-rate debt first if you want to save the most money.
- Check for prepayment penalties before paying a loan off early.

### Common mistakes to avoid

- Stretching a loan term to lower the payment without seeing the extra interest.
- Paying only the minimum on credit cards.
- Forgetting fees that are rolled into the loan.

### Inputs explained

FieldWhat to enterLoan amountAmount in your currencyInterest rate (APR)In %Loan termUnits: years, months

### What each result means

- **Monthly payment** = pmt([Interest rate (APR)]÷1200, [Loan term], [Loan amount])
- **Total interest** = [Monthly payment]×[Loan term] - [Loan amount]
- **Total of all payments** = [Monthly payment]×[Loan term]

### Example values

How the main result changes when **Loan amount** changes and everything else stays at the example values above:

Loan amountMonthly payment160,0001,011.31240,0001,516.96320,0002,022.62400,0002,528.27480,0003,033.93640,0004,045.24

## Worked example

Inputs — Loan amount: $320,000; Interest rate (APR): 6.5 %; Loan term: 30 years.

Results — **Monthly payment = $2,022.62**; Total interest = $408,142.36; Total of all payments = $728,142.36.

## FAQ

**How much is the payment on a $320,000 home loan?**
About $2,023 a month at 6.5% over 30 years (principal and interest).

**What is the difference between 15- and 30-year loans?**
15-year loans have higher payments but much less total interest.

**How much should I borrow?**
Keep housing costs within about 28% of gross income.

**What formula does the Home Loan Calculator use?**
Monthly payment = L × i ÷ (1 − (1 + i)^−n), i = APR ÷ 12, n = months.


## Sources

- [Consumer Financial Protection Bureau](https://www.consumerfinance.gov/)