For a quick estimate, principal and interest are all you need. Add property tax, insurance and PMI for your full housing payment with the full mortgage calculator.
How to use the Simple Mortgage Calculator
- Loan amount
- Interest rate
- 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 loan term.
Tips
- Get a written loan estimate and compare the APR, not just the interest rate.
- Include property tax, insurance, HOA fees and maintenance in your monthly budget.
- A larger down payment lowers the payment and can remove mortgage insurance.
- Rates change daily – use a current quote for the most accurate result.
Common mistakes to avoid
- Looking only at the monthly payment instead of the total cost of the loan.
- Forgetting closing costs and fees.
- Assuming home prices always rise.
Inputs explained
| Field | What to enter |
|---|---|
| Loan amount | Amount in your currency |
| Interest rate | In % |
| Loan term | Units: years, months |
What each result means
- Monthly payment = pmt([Interest rate]÷1200, [Loan term], [Loan amount])
- Total interest = [Monthly payment]×[Loan term] – [Loan amount]
- Total paid = [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 |
|---|---|
| 150,000 | 948.1 |
| 225,000 | 1,422.15 |
| 300,000 | 1,896.2 |
| 375,000 | 2,370.26 |
| 450,000 | 2,844.31 |
| 600,000 | 3,792.41 |
Formula
Monthly payment = P × i ÷ (1 − (1 + i)^−n), i = annual rate ÷ 12, n = years × 12Worked example
Inputs — Loan amount: $300,000; Interest rate: 6.5 %; Loan term: 30 years.
Results — Monthly payment = $1,896.20; Total interest = $382,633.47; Total paid = $682,633.47.
Frequently asked questions
What is the monthly payment on a $300,000 mortgage?
About $1,896 at 6.5% over 30 years (principal and interest).
How does the term affect the payment?
Shorter terms mean higher payments but much less interest.
Does this include taxes and insurance?
No – it shows principal and interest only.
What formula does the Simple Mortgage Calculator use?
Monthly payment = P × i ÷ (1 − (1 + i)^−n), i = annual rate ÷ 12, n = years × 12.