PreviewMyMortgage
Mortgage Calculator
Estimate your monthly principal and interest payment using your loan amount, interest rate, and loan term.
This estimated monthly payment reflects principal and interest only. Your total monthly housing cost may also include property taxes, homeowners insurance, HOA dues, mortgage insurance, and other applicable costs.
How this mortgage calculator works
A standard fixed-rate mortgage payment is based primarily on three numbers: the amount you borrow, the interest rate on the loan, and the number of years you have to repay it.
The calculator estimates the monthly amount needed to repay the loan principal and interest over the selected term. A higher loan amount or interest rate generally increases the monthly payment, while a longer repayment term can reduce the monthly payment but may increase the total interest paid over time.
What is included in the estimate?
The result shown by this calculator estimates principal and interest only.
Your actual monthly housing cost may also include property taxes, homeowners insurance, homeowners association dues, mortgage insurance, and other applicable costs. Those expenses can make your total monthly payment higher than the amount shown here.
Mortgage payment example
For example, a $300,000 mortgage with a 6.5% interest rate and a 30-year term has an estimated principal-and-interest payment of about $1,896.20 per month.
This example does not include taxes, insurance, HOA dues, mortgage insurance, closing costs, or other expenses.
Mortgage calculator questions
Does this calculator tell me whether I will be approved?
No. This calculator provides an educational payment estimate only. Mortgage approval depends on additional factors such as income, debts, credit history, assets, loan program requirements, property details, and lender underwriting standards.
Does a lower interest rate reduce the monthly payment?
Generally, yes. When the loan amount and term stay the same, a lower interest rate typically produces a lower principal-and- interest payment.
Is a 15-year or 30-year mortgage better?
Neither term is automatically better for everyone. A shorter term typically has a higher monthly payment but can reduce the total interest paid. A longer term typically lowers the required monthly payment but may result in more interest paid over the life of the loan.