💰 Finance
Updated Oct 2026
Mortgage Calculator
See your estimated monthly payment, total interest paid, and full cost of the loan — instantly as you type.
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Monthly Payment
$2,275 /mo
Principal + interest only
Loan Amount
$360,000
Total Interest
$459,015
Total Cost
$819,015
How the mortgage calculator works
This calculator uses the standard amortization formula to compute your fixed monthly principal + interest payment.
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
M = monthly payment
P = loan amount (home price − down payment)
r = monthly interest rate (annual rate ÷ 12)
n = total payments (years × 12)
M = monthly payment
P = loan amount (home price − down payment)
r = monthly interest rate (annual rate ÷ 12)
n = total payments (years × 12)
What's included
- Principal + interest — This is what the calculator shows.
- Property tax, insurance, HOA, PMI — Not included here. Add roughly 1–2% of home value per year for taxes + insurance combined, and PMI (~0.5–1%) if down payment is under 20%.
Rule of thumb
Keep total housing costs (PITI) at or below 28% of your gross monthly income. For a $75k salary, that's about $1,750/month max.