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PocketSpry

Mortgage Calculator

Enter a home price, down payment, interest rate, and term to estimate the monthly principal and interest, the loan amount, and the total interest for a fixed-rate mortgage. Principal and interest only — taxes, insurance, PMI, and HOA are not included. Free and instant, with no sign-up.

The purchase price of the home, in the same currency you use throughout.
How much you pay upfront. It cannot be more than the home price.
The yearly interest rate — for example 6.5. This is not necessarily the APR; it does not include lender fees or points.
A whole number of years — for example 15 or 30.

What the monthly mortgage estimate includes

The displayed monthly amount is **principal and interest only** — the part of a mortgage payment that pays down the loan and its interest. It does not include property taxes, homeowners insurance, mortgage insurance (PMI), HOA dues, escrow, or other fees, so a real all-in monthly housing cost is higher. "Total of loan payments" is the sum of those monthly principal-and-interest payments over the term and does not include the down payment.

How the mortgage calculator works

The loan amount is the home price minus the down payment. The annual interest rate is converted to a monthly rate, and the calculator uses equal monthly principal-and-interest payments that fully amortize the loan over the term. You can enter the down payment as an amount or as a percentage of the home price; PocketSpry does not recommend a particular down payment. All amounts use the same currency as the home price you enter — there is no currency conversion — and results are a mathematical estimate, not a lender quote.

Frequently asked questions

What does the monthly mortgage amount include?
Principal and interest only. Property taxes, homeowners insurance, mortgage insurance, HOA dues, and other costs are not included.
How is the loan amount calculated?
Home price minus the down payment.
Can I enter the down payment as a percentage?
Yes. Choose Percent and enter a value from 0% to 100%.
Does PocketSpry recommend a down payment?
No. Enter whichever amount or percentage you want to calculate.
Does this calculator include PMI?
No. Mortgage-insurance requirements vary and are not modeled here.
Is the annual interest rate the same as APR?
Not necessarily. This calculator uses the rate entered and does not calculate fees or other components that may be included in APR.
Does the calculator include property taxes or insurance?
No.
Is this a lender quote?
No. It is a mathematical estimate based on the inputs entered.