Mortgage Calculator
Estimate your monthly principal & interest payment, compare 15- vs. 30-year terms, and see total interest paid over the life of the loan — at any purchase price, rate, and down payment combination.
Get Started in 3 Steps
How to Use the Mortgage Calculator
Enter Your Purchase Details
Input your home price, down payment amount or percentage, annual interest rate, and loan term (15 or 30 years).
Review Your Payment Breakdown
See your monthly P&I payment, total interest over the loan life, and a full year-by-year amortization schedule.
Model Different Scenarios
Adjust rate, term, or down payment to instantly compare how each variable changes your monthly cost and total interest.
Mortgage Calculator
Estimate your monthly payment instantly
Estimated Monthly Payment
$4,258/mo
Loan Amount
$750,000
Interest Rate
5.499%
*Estimate only. Actual costs may vary.
How do I calculate my monthly mortgage payment?
Your monthly mortgage payment is calculated using the loan amount, interest rate, and loan term with a standard amortization formula. On a $450,000 home with 10% down ($405,000 loan) at 6.75% for 30 years, your monthly principal & interest payment would be $2,627.
Best for: First-time buyers, move-up buyers comparing terms, anyone budgeting for a home purchase
How It Works
Understanding the Mortgage Calculator
This calculator uses the standard amortization formula to compute your monthly principal and interest (P&I) payment based on three inputs: loan amount (purchase price minus down payment), annual interest rate, and loan term. It also generates a full year-by-year amortization schedule showing how each payment splits between principal and interest over the life of the loan.
Worked example: You're buying a $500,000 home in Portland, Oregon with 20% down ($100,000). Your loan amount is $400,000 at 6.50% for 30 years. The calculator shows a monthly P&I of $2,528, total interest of $510,177 over 30 years. Switch to a 15-year term and the payment rises to $3,484 — but total interest drops to $227,176, saving you $283,001.
Use this tool before you start house hunting to find the maximum price that fits your monthly budget. Pair it with our DTI Calculator to confirm your payment fits within lender guidelines, and our Conventional & PMI Calculator if your down payment is below 20%.
Ready to apply?
Numbers look right? Explore our Conventional Loans page for eligibility details, rates, and next steps.
About This Calculator
What the Mortgage Calculator is For
The starting point for any home purchase. Enter your purchase price, down payment, interest rate, and loan term to see your monthly P&I payment and a full amortization schedule. Use it to compare 15-year vs. 30-year terms side by side, stress-test how a half-point rate change affects your payment, and find the purchase price ceiling that fits your monthly budget — before you start touring homes.
Common Use Cases
- First-time buyers sizing up what they can afford
- Comparing 15-yr vs. 30-yr total interest cost
- Modeling rate sensitivity across different rate scenarios
Ready to turn numbers into a loan?
Common Questions
Mortgage Calculator — Frequently Asked Questions
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Calculate your FHA upfront MIP (1.75%, financed into the loan), monthly mortgage insurance premium, and see precisely how your down payment affects MIP rate, duration, and total lifetime cost.
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Calculate your USDA Guaranteed loan payment with 0% down, 1.00% upfront guarantee fee, and 0.35% annual fee
Refinance Calculator
Model a rate-and-term refinance using your actual loan history. Enter original amounts, rates, terms, and first payment dates to see your true remaining balance, compare it to proposed new terms, and calculate the exact break-even point on closing costs.
From the Blog
Further Reading
Self-EmployedHow Two Self-Employed Business Owners Got a Bank Statement Refinance on Their Rural Oregon Property — After Another Lender Said No
Two self-employed Oregon borrowers with three businesses, a private note coming due, and tax returns that didn't tell the whole story. Here's how Lumen Mortgage closed their rural bank statement refinance in under 30 days — after another lender couldn't get it done.
ResidentialUnderstanding Closing Costs in Oregon & California: Seller-Paid Limits, Minimum Borrower Contributions, and How to Use IPCs to Reduce Your Rate, Payment, and Cash to Close
Closing costs are one of the most misunderstood — and most negotiable — parts of buying a home. Every loan program has different rules about how much the seller can pay, what the buyer must contribute, and how seller credits can be strategically applied to buy down your rate, reduce your monthly payment, or minimize the cash you need at the table. Here's the complete guide for Oregon and California buyers.
Self-Employed$195K Taxable vs. $875K Gross: Why Consultants Need Bank Statement Loans
A consultant grossing $875,000 but reporting $195,000 in taxable income loses more than half their purchasing power under conventional underwriting. Bank statement loans close that gap by qualifying on actual deposits — not tax returns. Here’s exactly how the math works and why this is the most important mortgage decision a high-earning consultant will make.
All calculator results are estimates for informational purposes only and do not constitute a loan commitment or guarantee of any specific rate or terms. Actual loan terms will depend on creditworthiness, property type, and market conditions. Lumen Mortgage Corporation · NMLS #1498678 · Licensed in Oregon & California · 920 SW 6th Ave, Suite 1200, Portland, OR 97204.