Mortgage & Loan Calculator
Estimate your monthly payment, total interest, and payoff cost. Adjust the loan amount, interest rate, and term to see how each input shapes your budget.
Monthly payment
$2,270.09
Total interest
$467,233.60
Total paid
$817,233.60
Payments
360
Principal
$350,000.00
Estimate excludes taxes, insurance, HOA, and PMI. Actual rates depend on credit, down payment, and term. This tool is for illustration only.
Fixed and adjustable-rate loans up to 30 years, plus home equity lines for renovations and consolidation.
Learn more →Lower your rate, shorten your term, or tap equity. Compare scenarios side-by-side using this calculator.
Learn more →Predictable monthly payments with competitive APRs. Switch the tab above to model different loan types.
Learn more →Mortgage calculator FAQs
How is a monthly mortgage payment calculated?
Monthly payment = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (loan term in years × 12).
What loan term should I choose?
A 30-year term gives you the lowest monthly payment but the highest total interest. A 15-year term costs more per month but saves tens of thousands of dollars in interest over the life of the loan.
Does this calculator include taxes and insurance?
No. The estimate covers principal and interest only. Actual monthly payments typically also include property taxes, homeowners insurance, and — if your down payment is under 20% — private mortgage insurance (PMI).
How much can I borrow?
Most lenders use a debt-to-income ratio of 36–43%. As a rough guide, your total monthly debt (including the new mortgage) should stay below 36% of your gross monthly income.
How mortgage payments work
Every mortgage payment splits between principal (the amount you borrowed) and interest (the cost of borrowing). Early in the loan, most of your payment goes to interest. As the balance shrinks, more of each payment reduces principal — a process called amortization.
A lower interest rate or shorter term reduces total interest paid, sometimes by tens of thousands of dollars. Use this calculator to compare scenarios before you apply, then talk to a Meridian Crest loan officer for a personalized quote.