Mortgage Calculator: Estimate Your Monthly Payment Easily
Use our mortgage calculator to find your monthly payment. Customize with interest rates, loan terms and down payment to explore your options.

Erin Bendig
Whether you’re buying your first house or your forever home, understanding your monthly mortgage payment is vital before you close. It’s often the largest recurring expense in your budget, and knowing what you’ll owe can help you make smarter financial decisions when purchasing a home.
The Federal Reserve plays a major role in shaping where mortgage rates head next. In its latest two-day policy meeting, the Fed voted to lower interest rates for the first time in nine months, cutting its target for the federal funds rate to a range of 4% to 4.25%. While mortgage rates don’t move in lockstep with Fed decisions, the shift can ease borrowing costs and influence housing demand. Policymakers have also signaled that two more cuts could be on the table before the end of the year.
With that in mind, we’ll walk you through how to figure out your mortgage payment — whether you’re running the numbers by hand or using our calculator to see how different loan amounts, rates, and terms affect your bottom line.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
How to use the mortgage calculator
Understandably, you may be struggling with determining just how much you’ll owe on your mortgage, as the mortgage payment calculation looks like this:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1].
However, with our mortgage calculator, you can forego all the complicated calculations and simply enter a few pieces of information.
First, you'll enter the overall price of your home, if you’re buying, or the current value of your home if you’re refinancing.
You’ll also include either the down payment (the cash you plan on paying upfront towards the home) or the amount of equity you have (the value of the home, minus what you owe on it).
After this, you’ll enter the term length of your loan. If refinancing, enter how many years are remaining on your current loan.
Typically, most mortgages are 30-year mortgages, but you can choose between several term lengths to decide which loan term is right for you. You can then compare how different interest rates will affect your monthly payment. Entering your annual household income and credit score will show you how much you'll be able to reasonably afford.
Using the mortgage calculator below can also help you determine how much to put down on your home. While it's recommended to put down 20% to get the best rates, it's not necessary, and you can play with this number to see how it affects your mortgage rate.
Saving on your mortgage rate
Lenders consider many factors when determining the interest rate on your mortgage, including down payment, loan term and the price of the property.
The biggest factor they take into consideration, however, is your credit score. Boosting your credit score could potentially save you thousands of dollars on your home mortgage.
The chart below, from MyFICO, shows how much you can expect to pay depending on where your credit score stands, based on a 30-year fixed mortgage of $400,000.
FICO Score | APR | Monthly Payment | Total Interest Paid |
---|---|---|---|
760-850 | 6.53% | $2,535 | $512,737 |
700-759 | 6.82% | $2,612 | $540,212 |
680-699 | 6.97% | $2,653 | $555,040 |
660-679 | 7.04% | $2,672 | $561,906 |
640-659 | 7.17% | $2,707 | $574,628 |
620-639 | 7.33% | $2,751 | $590,259 |
Here are a few other tips, besides raising your credit score, that can help you score a low mortgage rate.
- Increase your down payment: The higher your down payment, the less principal and less interest you'll have to pay over the life of the loan. You'll likely need a 20% down payment to get the best rates.
- Shop around: Because different lenders offer different rates, it's important to get at least three quotes when shopping for a mortgage in order to take advantage of the lowest rates.
- Consider an adjustable-rate mortgage (ARM): An ARM could be a good option for you, especially if you plan on selling your home sometime in the future. These mortgages offer fixed interest rates that are often lower than those for traditional mortgages for a set number of years. With this tool, you can see how much your monthly payments will be during the fixed period of an ARM, as well as when the introductory period expires. Once the fixed period is over, your mortgage rate can go up or down based on the market.
Why running the numbers matters
With interest rates shifting and the Federal Reserve signaling more cuts ahead, it’s important to know where your monthly mortgage payment stands before you buy. Using a mortgage calculator can help you compare different scenarios — from home prices to loan terms — so you can budget confidently and make the best decision for your financial future.
Curious about today's mortgage interest rates? Explore and compare some of today's top offers with the tool below, powered by Bankrate:
Related Content
- Mortgage Rates Dip to Year-Low as Jobs Data Disappoints
- What Home Equity Is and Why It's a Valuable Long-Term Investment
- 5 Ways to Shop for a Low Mortgage Rate
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Carla Ayers joined Kiplinger in 2024 as the E-Commerce & Personal Finance Editor. Her professional background spans both commercial and residential real estate, enriching her writing with firsthand industry insights.
Carla has worked as a personal finance and real estate writer for Rocket Mortgage, Inman and other industry publications.
She is passionate about making complex real estate and financial topics accessible to all readers. Dedicated to transparency and clarity, her ultimate goal is to help her audience make informed and confident decisions in their financial pursuits.
- Erin BendigPersonal Finance Writer
-
The New Travel Trend For Your Next Trip
"Noctourism" is a new trend of building travel and vacations around events and plans that take place at night. Take a look at some inspiring noctourism ideas.
-
With Buffett Retiring, Should You Invest in a Berkshire Copycat?
Warren Buffett will step down at the end of this year. Should you explore one of a handful of Berkshire Hathaway clones or copycat funds?
-
Noctourism: The New Travel Trend For Your Next Trip
"Noctourism" is a new trend of building travel and vacations around events and plans that take place at night. Take a look at some inspiring noctourism ideas.
-
Eight Tricks to Shop for Glasses if You're Over 50
Shopping for glasses often gets trickier — and more expensive — as you age. If you've over 50, take these steps when you set out to buy a new pair.
-
My First $1 Million: Electric Utility Executive, 56, South Carolina
Ever wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
How to Turn Amazon Prime Day Into a Travel Windfall
During Amazon's Prime Big Deal Days sale, skip the fluff — here’s how to extract real travel value via gear, services and strategic credit cards.
-
Need a Reason to Retire Early? Consider These Eye-Opening Stats
The majority of people retire early, leaving the workforce before reaching their Full Retirement Age (FRA). Maybe you should, too.
-
Seven Things You Should Do Before 2026 Because of One Big Beautiful Bill Changes
The new law ushers in significant changes for most taxpayers. Make these moves now to take advantage of them.
-
Where the Ultra-Rich Are Buying Real Estate Now
Why the ultra-rich are flocking to new corners of the world — and what their moves reveal about real estate hotspots.
-
I'm an Insurance Expert: This Is Exactly Why Your Insurance Rates Are Soaring (and What You Can Do)
A dramatic rise in the frequency and cost of severe weather and wildfires means you need to prepare, prepare, prepare — no matter where you live — for higher premiums.