How much should my down payment be?

There's no single right answer — 20% avoids private mortgage insurance on conventional US loans, but many buyers put down less. Try a few amounts to see how the payment changes.

Why does a longer term lower my payment but cost more overall?

Spreading the same loan over more months lowers each payment, but you pay interest for longer, so total interest paid rises even as the monthly amount falls.

Does putting down 20% always avoid extra costs?

In the US, a 20% down payment on a conventional loan typically avoids private mortgage insurance (PMI) — but requirements vary by loan type and lender, so confirm the exact threshold with yours.

Why isn't property tax or insurance in the monthly payment shown here?

This calculator estimates principal and interest (P&I) only. Many real mortgage payments also include escrowed property tax and homeowners insurance, which vary too much by location to estimate generically.

What if I enter a down payment larger than the home price?

The loan amount floors at $0, so the payment shows as $0 — not a realistic scenario, but the calculator won't error out on it.

What if I put 0% down?

The loan amount equals the full home price, and the payment reflects financing that entire amount. Many real mortgage programs require some minimum down payment or add mortgage insurance below certain thresholds — neither is modeled here.

Should I enter my note rate or my APR?

Use your note (interest) rate. APR bundles in points, origination fees, and other closing costs on top of the interest rate, which this simple principal-and-interest model doesn't represent.

How do I compare a 15-year and a 30-year term?

There's no side-by-side view — run the calculator once with each term and note the monthly payment and total interest for both. The shorter term almost always has a higher payment but far less total interest.

Mortgage Calculator

About the Mortgage Calculator

Estimates your monthly mortgage payment from home price, down payment, interest rate, and loan term — the same core math as the Loan EMI calculator, adapted for home purchases.

100% Free Runs in Your Browser No Sign-Up Required

How to use it

Enter the Home price and Down payment.
Enter the Interest rate (% p.a.) and Term in years.
Read your monthly payment, loan principal, and total interest in the result panel.

Formula

Loan amount = Home price − Down payment
Monthly payment uses the standard amortization formula applied to that loan amount

Same present-value-of-an-annuity formula used for any fixed-rate amortizing loan — see the CFPB's consumer explainer on how mortgage paydown works.

Worked example

A $400,000 home with a $60,000 down payment (15%), financed at 6.5% over 30 years, comes to roughly $2,150/month in principal and interest.

Recommendations

• Run the numbers with a few different down payment amounts — the jump from under 20% to 20% often removes PMI on conventional loans.
• A 15-year term has a higher payment but usually a lower rate and far less total interest than a 30-year term.
• Remember this shows principal and interest only — budget separately for taxes, insurance, and maintenance.

Frequently asked questions

No — this calculates principal and interest only (often called "P&I"). Many mortgages also escrow for tax and insurance, which isn't estimated here.

Related tools

Loan EMI Calculator

Home Affordability Calculator

Rent vs. Buy Calculator

Mortgage Refinance Calculator

Property Tax Calculator

HELOC & Home Equity Loan Calculator

Closing Costs Calculator

Mortgage Payoff / Extra Payment Calculator

Down Payment Calculator