SnapCalc

Mortgage Calculator

Calculate your monthly mortgage payment, total interest, and amortization. Free and instant.

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How to Use This Mortgage Calculator

1. Enter the home price you're considering 2. Enter your down payment amount 3. Enter the interest rate (check current rates with your lender) 4. Select a loan term (30 years is most common) 5. Click Calculate to see your monthly payment and total costs

Tips:

  • A larger down payment means lower monthly payments and less interest paid overall
  • 15-year mortgages have higher monthly payments but save significantly on total interest
  • Your actual payment may also include property tax, insurance, and PMI

    • Formula

    M = P × [r(1+r)^n] / [(1+r)^n – 1] where P = principal, r = monthly rate, n = total payments

    Frequently Asked Questions

    How much should I put down on a house?

    A 20% down payment is traditional and avoids PMI (Private Mortgage Insurance). However, many loans allow 3-5% down. More down payment = lower monthly payments.

    Is a 15-year or 30-year mortgage better?

    A 15-year mortgage has higher monthly payments but you pay much less total interest. A 30-year gives more flexibility with lower payments. Run both scenarios in this calculator to compare.

    What is included in a mortgage payment?

    Principal and interest (shown here), plus property taxes, homeowner's insurance, and possibly PMI. The total is often called PITI.

    How do I get the best mortgage rate?

    Compare offers from multiple lenders, maintain a credit score above 740, make a larger down payment, and consider buying points to lower your rate.

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