IQlatorOpen IQlatorEstimate a monthly mortgage payment from home price, down payment, interest rate and loan term.
Open Mortgage CalculatorPrincipal and interest are commonly estimated using the loan amount, periodic interest rate and number of monthly payments.
Property taxes, homeowners insurance, mortgage insurance, HOA fees and closing costs may materially change the real monthly cost.
Enter the home price, your down payment, the annual interest rate and the loan term. IQlator can estimate the monthly principal-and-interest payment and help you compare different scenarios.
For a more complete housing budget, also consider property taxes, homeowners insurance, mortgage insurance, homeowners association fees, maintenance and closing costs.
A standard fixed-rate mortgage payment is commonly estimated with the amortization formula M = P × r(1+r)n ÷ ((1+r)n − 1), where P is the loan principal, r is the monthly interest rate and n is the number of monthly payments.
The formula estimates principal and interest only. Your actual monthly housing cost may be higher after taxes, insurance and other property-related expenses.
Suppose a home costs $400,000 and you put 20% down. The down payment is $80,000, leaving a $320,000 loan before any financed fees or adjustments.
If you then change the interest rate or loan term, the monthly payment can change substantially. Use the calculator above to compare a 30-year loan with a 15-year loan, or ask IQlator a follow-up such as “What if the rate drops by 0.5%?”
Principal is the amount borrowed. Interest is the cost of borrowing. Many homeowners also pay property taxes and homeowners insurance through an escrow account.
If your down payment is small, you may also have mortgage insurance. These costs can materially change the amount you pay each month, so treat a principal-and-interest estimate as one part of the full housing budget.
Even a modest rate change can make a noticeable difference over a long mortgage term. When comparing options, look at both the monthly payment and the total interest paid over the life of the loan.
IQlator can help you test the effect of changing the rate, down payment or term without starting over.
A 15-year mortgage usually pays off the loan faster and can reduce total interest, but the monthly payment is typically higher. A 30-year mortgage generally lowers the monthly payment but spreads repayment over a longer period.
There is no single best term for everyone. Compare the payment, total interest and how the payment fits your broader budget.
The core estimate is intended for principal and interest. Taxes, insurance, mortgage insurance, HOA fees and other costs may need to be added separately.
Usually yes, because it reduces the amount financed. A larger down payment may also reduce or eliminate mortgage insurance depending on the loan.
A lower rate generally reduces the monthly principal-and-interest payment and can reduce total interest. Ask IQlator to compare the old and new rate side by side.
Use it as an estimate, not a lending decision. Income, debts, taxes, insurance, savings, lender rules and other expenses all matter when evaluating affordability.
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After calculating, continue with a what-if question. Change an assumption, compare scenarios, or ask for an explanation of the result.
Important: Results are estimates for informational purposes. Verify important financial, tax, investment or lending decisions with appropriate professional or provider information.