Our free mortgage calculator estimates your monthly payment based on home price, down payment, interest rate, and loan term. Instantly see the full amortization schedule — how much of each payment goes to principal versus interest — so you understand the true cost of your home loan before signing.
How much house can I afford?
A widely used rule is to keep your monthly mortgage payment (principal, interest, taxes, and insurance) below 28% of your gross monthly income, with total debt payments below 36%. On a $7,000/month gross income, that's roughly a $1,960 maximum mortgage payment.
What is a good mortgage interest rate?
As of 2025, a 30-year fixed rate at or below 7% is competitive for buyers with a credit score above 700. Rates change constantly with the market and vary by lender, loan type (fixed vs. adjustable), and your credit profile. Always compare quotes from at least 3 lenders.
How much should my down payment be?
The traditional standard is 20%, which eliminates the requirement for private mortgage insurance (PMI). Many programs — FHA, VA, USDA, and conventional — allow 3–10% down. A larger down payment reduces your loan amount, monthly payment, and total interest paid over the life of the loan.
What is an amortization schedule?
An amortization schedule is a table showing every monthly mortgage payment broken down into principal and interest. In the early years, most of each payment goes to interest. Over time the balance shifts toward principal. Click 'Schedule' in the calculator above to see your full breakdown.