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
| Field | What to enter |
|---|---|
| Loan amount | Amount in your currency |
| Interest rate (APR) | In % |
| Loan term | Units: 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 amount | Monthly payment |
|---|---|
| 160,000 | 1,011.31 |
| 240,000 | 1,516.96 |
| 320,000 | 2,022.62 |
| 400,000 | 2,528.27 |
| 480,000 | 3,033.93 |
| 640,000 | 4,045.24 |
Formula
Monthly payment = L × i ÷ (1 − (1 + i)^−n), i = APR ÷ 12, n = monthsTotal interest = payment × n − LWorked 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.
Frequently asked questions
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.