Mortgage Calculator: Estimate Monthly Payment + Total Interest
Know your monthly payment and total interest before you make an offer. This mortgage calculator sizes your purchase to your cash flow.
How much you are borrowing — purchase price minus down payment.
Your fixed APR. Check current 30-year rates before plugging in — they move with the bond market.
30-year is standard; 15-year halves total interest at the cost of a higher monthly payment.
Principal + interest only. Property tax, insurance, and HOA are separate.
How is Mortgage Calculator helpful?
Most hosts guess their numbers. Pros use data. This tool helps you make unemotional, data-driven decisions about your property portfolio, ensuring every dollar you invest yields a measurable return.
Accuracy
Based on real-time market data from 50+ cities.
Speed
Get answers in seconds, not hours of spreadsheet work.
Confidence
Bank-grade formulas used by institutional investors.
How the Mortgage Calculator Works
This calculator breaks down your estimate using key inputs. Each one refines the output.
Loan Amount
Purchase price minus your down payment
This is the principal you're borrowing—every dollar here accrues interest over the loan's life.
Annual Interest Rate (%)
Your fixed APR as a percentage
A 0.5% rate difference on $320,000 over 30 years changes total interest by roughly $40,000.
Loan Term (Years)
Length of your mortgage in years
30-year loans feel affordable but cost nearly twice the interest of a 15-year loan.
Run the Numbers on Your Next Property
Model different loan amounts, rates, and terms to find the mortgage that fits your investment strategy.
No credit card required
Frequently Asked Questions
Does this calculator include property taxes and insurance?+
No. This shows principal and interest only. Add property taxes, homeowners insurance, PMI, and HOA fees separately—these typically add $300-$1,000+ per month depending on location.
What interest rate should I use?+
Check current 30-year fixed rates the day you run scenarios. As of late 2024, rates have hovered between 6.5% and 7.5%. A rate from six months ago could skew your numbers by $40,000+ in total interest.
Should I choose a 15-year or 30-year term?+
Depends on your cash flow. A 15-year term on $320,000 at 7% saves roughly $248,571 in interest but costs an extra $748 per month. If your budget supports it, the 15-year builds equity faster.
Does this account for extra principal payments?+
No. If you plan to pay extra toward principal each month, your actual payoff timeline and total interest will be lower than shown here.
How much mortgage can I actually qualify for?+
Most conventional loans cap total monthly debt payments at 43-45% of gross monthly income. If you earn $8,000 gross with $500 in existing debt, your max mortgage payment lands around $2,940 to $3,100.
What if I plan to sell before the loan ends?+
The average American sells or refinances within 7-10 years. If you plan to sell in 5 years, monthly cash flow matters more than total interest—focus on the payment fitting your budget.