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.
USDA Loan Calculator
Calculate your USDA Guaranteed loan payment with 0% down, 1.00% upfront guarantee fee, and 0.35% annual fee
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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
Home BuyingMoving to Oregon or California This Summer? What Out-of-State Buyers Need to Know About Getting a Mortgage in 2026
Relocating from out of state is its own mortgage category — qualifying on a future-dated employment offer, shopping remotely on a compressed timeline, navigating Oregon and California closing-cost surprises, and bridging the equity in a home you haven't sold yet. This guide walks every relocating buyer through the qualifying paths, the documentation that matters, the state-specific closing-cost gotchas, and the bridge-loan playbook for selling from another state — so you arrive on day one with the keys, not a temporary rental.
RefinancingDivorce and Equity Buyout Mortgages: Assumptions, Refinances, and Qualifying with Support Income — A 2026 Oregon & California Guide
When divorce involves a home, the mortgage decision often shapes the entire settlement. Whether to assume the existing loan, refinance into a Fannie Mae buyout priced as rate-and-term (not cash-out), use a bridge loan, or qualify with spousal and child support — each path has its own timeline, documentation requirements, and pricing implications. This guide walks through every option available to Oregon and California borrowers, the loan-type differences that matter, and why engaging a lender before the decree is finalized is one of the highest-leverage decisions in the entire process.
ResidentialAssumable FHA & VA Loans: A Buyer’s Guide to Inheriting a 3% Mortgage in Today’s 6% Market — Portland and San Francisco Scenarios
Government loans (FHA and VA) are assumable. With current rates near 6%, a buyer who can step into a 3.75% FHA loan or a 4.00% VA jumbo loan from 2022–2023 captures hundreds of thousands of dollars in lifetime savings — but only if they understand the cash-to-close math, minimum-payment rules, and resale implications. Real Portland and San Francisco walkthroughs.
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.