Estimate a principal-and-interest mortgage payment from price, down payment, rate, and term.
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Use one currency consistently. Results are in the same currency as the amounts you enter.
Subtract the cash down payment from the home price, then apply the fixed-rate monthly loan formula. A $400,000 home with $80,000 down finances $320,000; at 6.5% over 30 years, principal and interest are about $2,022.62 per month.
Formula · Worked example · Units and assumptions · Questions and answers
P = Home price − Down payment; M = P × r ÷ (1 − (1 + r)^−n)A $400,000 home with $80,000 down finances $320,000 before taxes, insurance, and fees.
Treating principal and interest as the entire housing budget. Add other costs separately when comparing affordability.
Explanations updated . See the calculation methodology for precision and review details.
Use the matching example buttons in the calculator to load these inputs. The scenarios are illustrative, not personal advice or real customer records.
Result: 2,022.62 per month
The down payment is cash, not a percentage: financing is 320,000. The result excludes property taxes, insurance, association charges, and closing costs.
Result: 2,787.54 per month
Keep price, down payment, and rate unchanged and reduce only the term. Compare both monthly payment and total interest; neither number alone is an affordability assessment.
Compare the same fixed-rate loan with and without extra principal payments. See the monthly interest, principal paid, remaining balance, and estimated interest saved.
This is an independent planner with its own inputs, not a copy of the result above. Enter home price minus down payment as the financed principal. Use one currency throughout.
Interest is calculated on the outstanding balance at the start of each month. The payment covers interest first, and the rest reduces principal. Extra payments start in month one and are applied directly to principal; the final payment is capped at the amount owed. Fees, taxes, insurance, payment-date variations, and prepayment penalties are excluded. Ask your lender how it applies overpayments.
Supports up to 1,200 whole months. Internally unrounded results are displayed to two decimals, so an account or lender using monthly cent rounding may differ slightly. Inputs stay in your browser; downloaded CSV files are created locally and not uploaded.
Worked decisions, assumptions, and checks that put the tools in context. Guides are currently published in English.
Learn to compare fixed-rate borrowing scenarios, read an amortization schedule, and test how extra principal payments affect interest and payoff time.
Read the guide →No. It estimates principal and interest only and excludes taxes, insurance, HOA fees, and closing costs.
A larger down payment reduces the financed principal and usually lowers the monthly payment and total interest.
No. It is an educational estimate; actual lender terms and eligibility can differ.
Authoritative material used to check the formula, definition, or interpretation shown on this page: