Free Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and see how different rates and terms affect your home loan. Updated for 2026 rates.
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Monthly Payment
$1516.96
Loan Amount
$240,000
Total Interest
$306,107
Total Amount Paid
$546,107
Formula
M = P × [r(1+r)^n] / [(1+r)^n – 1] — where P = principal, r = monthly rate, n = number of paymentsHow to Calculate Your Monthly Mortgage Payment
Your monthly mortgage payment depends on four main factors: the home price, your down payment, the interest rate, and the loan term. This calculator uses the standard amortization formula used by banks and lenders to give you an accurate estimate of what you'll pay each month.
Understanding Your Results
Monthly Payment is the amount you'll owe each month for principal and interest. Note that your actual payment may also include property taxes, homeowner's insurance, and PMI — often called PITI (Principal, Interest, Taxes, Insurance).
Total Interest shows how much you'll pay in interest over the entire life of the loan. This number is often surprising — on a 30-year mortgage, you may pay more in interest than the original loan amount.
Tips to Lower Your Monthly Payment
- Increase your down payment — every extra dollar reduces your loan and monthly payment
- Improve your credit score — even a 0.5% rate reduction saves thousands over 30 years
- Choose a longer term — 30-year loans have lower monthly payments than 15-year loans
- Shop multiple lenders — rates can vary by 0.5-1% between lenders
- Consider an ARM — adjustable-rate mortgages start lower but can increase
How Much House Can You Afford?
Most financial experts recommend the 28/36 rule: your mortgage payment should be no more than 28% of your gross monthly income, and your total monthly debt payments should be no more than 36%.
For a household earning $80,000/year ($6,667/month), that means a maximum mortgage payment of about $1,867/month. Use the calculator above to find what home price fits that payment at current rates.
Frequently Asked Questions
How much house can I afford?
A common guideline is the 28/36 rule: spend no more than 28% of your gross monthly income on housing costs, and no more than 36% on total debt. For example, if you earn $6,000/month, aim for a mortgage payment under $1,680.
What's the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but you'll pay significantly less interest over the life of the loan. A 30-year mortgage has lower monthly payments but costs more in total interest. For a $240,000 loan at 6.5%, you'd pay about $95K in interest over 15 years vs. $306K over 30 years.
How does my down payment affect my mortgage?
A larger down payment means a smaller loan, lower monthly payments, and less interest paid overall. Putting down 20% or more also lets you avoid Private Mortgage Insurance (PMI), which can save $100-300/month.
What's a good mortgage interest rate in 2026?
Mortgage rates fluctuate based on the Federal Reserve, inflation, and your credit score. In 2026, rates for a 30-year fixed mortgage typically range from 5.5% to 7.5%. A credit score above 740 will get you the best rates.
Should I pay points to lower my rate?
Each mortgage point costs 1% of your loan amount and typically reduces your rate by 0.25%. If you plan to stay in the home for 5+ years, paying points usually saves money long-term. Use this calculator to compare payments at different rates.