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Estimated Monthly Payment $1,264
Principal & Interest $1,264
Loan Amount $200,000
Total Interest Paid $255,089

How to Use This Calculator

This calculator gives you a quick estimate of what your monthly mortgage payment might look like. Here's what each field means:

  • Home Price - The purchase price of the home you're considering.
  • Down Payment - The amount you'll pay upfront. A larger down payment means a smaller loan and lower monthly payments. Most conventional loans require at least 3-5% down, though 20% helps you avoid private mortgage insurance (PMI).
  • Loan Term - How long you'll take to repay the loan. A 30-year term has lower monthly payments but more total interest. A 15-year term has higher payments but saves significantly on interest.
  • Interest Rate - The annual rate charged by your lender. Rates vary based on your credit score, down payment, and market conditions. Check with local lenders for current rates.

Keep in Mind

This calculator shows principal and interest only. Your actual monthly payment will likely include:

  • Property taxes (varies by location)
  • Homeowner's insurance
  • Private mortgage insurance (PMI) if your down payment is less than 20%
  • HOA fees if applicable

For a complete picture of what you can afford, we recommend talking with a mortgage lender who can provide a detailed estimate based on your specific situation.