This estimate is for illustration only and assumes a fixed rate over the full term using the standard amortization formula. It does not include property taxes, homeowners insurance, PMI, or HOA dues. Your actual payment will vary.
How your monthly payment is calculated
We use the standard fixed-rate amortization formula, where M is the monthly payment, P the amount financed, r the monthly interest rate, and n the total number of payments:
M = P · r(1+r)n ÷ ((1+r)n − 1)
The amount financed (home price minus your down payment) is spread across every monthly payment with interest applied to the remaining balance.
Principal vs. interest
Early payments are mostly interest; later ones are mostly principal. The split bar above shows the lifetime totals for your inputs.
Term matters
A 15-year loan costs more each month than a 30-year one but can save you tens of thousands in total interest. Try both above.
Sample rates to plug into the calculator
Use these example rates as a starting point. Your personalized rate depends on your credit, down payment, and the loan you choose.
| Loan type | Rate (APR) | Term | Points | Best for |
|---|---|---|---|---|
| 30-Year Fixed | 5.74% | 30 yr | 0.0 | Lowest monthly payment |
| 15-Year Fixed | 5.05% | 15 yr | 0.0 | Pay off faster, less interest |
| 10/6 ARM | 5.21% | 30 yr | 0.0 | Lower intro rate |
| FHA 30-Year | 5.49% | 30 yr | 0.0 | Low down payment |
| Jumbo 30-Year | 6.05% | 30 yr | 0.25 | High-value homes |
| Refinance 30-Year | 5.38% | 30 yr | 0.0 | Lower your current rate |
Illustrative example rates for this template, effective for well-qualified borrowers, and not an offer to lend. Equal Housing Opportunity.
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