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
-
Dow Sinks 301 Points on Trade War Talk: Stock Market Today
The contentious relationship between the world's two biggest economies continues to drive global financial markets.
-
Top Places to Park $10K (or More) as Rates Start to Fall
With more rate cuts upcoming, here are some smart places to maximize your savings on $10,000.
-
Top Places to Park $10K (or More) as Rates Start to Fall
With more rate cuts upcoming, here are some smart places to maximize your savings on $10,000.
-
Why the Ultra-Rich Still Lose Sleep Over Money
A look inside the lesser-known financial anxieties of ultra-high-net-worth individuals — and what those fears reveal about markets, policy, and wealth strategy.
-
How to Prevent an Emergency When Flying With Your Pet
More and more pet owners are including their pets in their travel plans. Here's how to do that safely and with as little stress as possible.
-
Financial Fact vs Fiction: The Truth About Social Security Entitlement (and Reverse Mortgages' Bad Rap)
Despite the 'entitlement' moniker, Social Security and Medicare are both benefits that workers earn. And reverse mortgages can be a strategic tool for certain people. Plus, we're setting the record straight on three other myths.
-
The End of 2%? An Investment Adviser's Case for Why the Fed Should Raise Its Inflation Target
Yes, inflation can be tough on those living on fixed incomes, but protecting us from it too strictly could do our overall economy more harm than good.
-
I Made Some Mistakes Buying My First Home. Here's How I'm Making Sure It Doesn't Happen Again
Home Buying Buying a home can be a complicated process. I'll show you some common mistakes we encountered and provide expert tips to help you avoid these.
-
How to Add Your Passport to Google Wallet
Travelers can now store and use their digital passport on Android for faster, more secure airport experiences.
-
Boost Your HSA Savings with These Smart and Savvy Moves
Wednesday is National HSA Awareness Day. Health Savings Accounts (HSAs) provide savers with a triple tax benefit and even more if you adopt these strategies.