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.

As a prospective homeowner, determining your monthly mortgage payment is essential, as it’s usually the largest recurring expense you’ll have to budget for. With the help of our mortgage calculator, you can easily estimate how much your monthly mortgage payment will be.
Despite market volatility, the 30-year fixed-rate mortgage remained below 7% for the first few months of the year. However, in April, the average rate rose to 7.22%, according to Freddie Mac, driven by economic tensions.
At its May meeting, the Federal Reserve chose to maintain the federal funds rate at 4.25% to 4.5% for the third consecutive time, signaling a caution amid ongoing inflation concerns.

Sign up for Kiplinger’s Free E-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.
Although rates are higher than early 2024 levels, the combination of stabilizing mortgage rates and improving housing inventory presents a more optimistic outlook for the homebuying season.
If you’re in the market for a new home, understanding the mortgage payment will be critical to your decision-making. With this calculator, you’ll be able to view your mortgage payment for a variety of scenarios — different home prices, down payment amounts, terms and mortgage rates.
Explore your options in real time with the tool below, in partnership with Bankrate:
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 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 $350,000.
FICO Score | APR | Monthly Payment | Total Interest Paid |
---|---|---|---|
760-850 | 6.447% | $2,200 | $442,019 |
700-759 | 6.669% | $2,251 | $460,461 |
680-699 | 6.846% | $2,292 | $475,290 |
660-679 | 7.06% | $2,343 | $493,365 |
640-659 | 7.49% | $2,445 | $530,148 |
620-639 | 8.036% | $2,577 | $577,707 |
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.
Related Content
Get Kiplinger Today newsletter — free
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.

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.
-
Is Your Social Security Earnings Record Wrong? Here's How to Fix It
Your Social Security benefits are based on your Social Security earnings record. It's important to review your records to avoid having your benefits reduced.
-
Stock Market Today: Markets Discount Another U.S. Downgrade
After Friday's closing bell, Moody's followed Standard & Poor's and Fitch and cut its rating on U.S. government debt.
-
Eight Ways To Save on Your Next Luxury Trip
Looking for ways to stretch your retirement dollars? Follow these tips to get a deal on your next vacation.
-
Donating Complex Assets Doesn't Have to Be Complicated
If you're looking to donate less-conventional assets but don't know where to start, this charity executive has answers, such as considering a donor-advised fund (DAF) for its tax benefits and ease of use.
-
Is it Worth Having a Wine Cellar? What it Adds to Your Home Value — and Happiness
Home Features Wine cellars are a popular feature in high-end houses. Will installing one in your home increase its value, or would you be better off with a cheaper solution?
-
How to Budget for College Expenses Beyond Tuition
Some universities waive tuition for families with incomes below a certain threshold. But you'll still need a plan to cover other costs.
-
Retire in Costa Rica for Expat Heaven
When you retire in Costa Rica, you get natural beauty, ease of relocation and affordability. Will you become a part of its thriving expat community?
-
My First $1 Million: Events Industry CEO, 65, Northern New Jersey
Ever wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
Delta’s New Fare Changes Just Made Booking Flights and Earning Miles More Complicated
Here’s what travelers need to know about Delta’s fare changes before booking their next flight.
-
United Airlines Raises the Bar with New Business Class Suites
Discover how United's new Polaris Studio suites redefine luxury and comfort on long-haul flights.