Mortgage Rate Calculator
Compare payments at different interest rates and see how rate changes affect your monthly cost and total interest.
Last updated: January 2026
When you’re shopping for a mortgage, the interest rate is more than just a number. Even a small change can make a noticeable difference in your monthly payment. Try out a few different rates with our calculator to see how your payment and total cost could change, then choose the option that works best for your budget.
- • Compare monthly payments across rates
- • See principal vs interest (first month)
- • Estimate total interest over the loan term
- • Add taxes, insurance, HOA, and PMI for an all-in estimate
Run the same scenario at three rates (for example 6.25%, 6.50%, and 6.75%) and compare Estimated Monthly Payment (all-in) plus Total Interest (life).
Monthly Payment Breakdown (First Month)
Loan Balance and Costs Over Time
Amortization Preview (First 12 Months)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $275.51 | $1,800.00 | $319,724.49 |
| 2 | $277.06 | $1,798.45 | $319,447.42 |
| 3 | $278.62 | $1,796.89 | $319,168.80 |
| 4 | $280.19 | $1,795.32 | $318,888.61 |
| 5 | $281.77 | $1,793.75 | $318,606.85 |
| 6 | $283.35 | $1,792.16 | $318,323.49 |
| 7 | $284.94 | $1,790.57 | $318,038.55 |
| 8 | $286.55 | $1,788.97 | $317,752.00 |
| 9 | $288.16 | $1,787.36 | $317,463.84 |
| 10 | $289.78 | $1,785.73 | $317,174.06 |
| 11 | $291.41 | $1,784.10 | $316,882.66 |
| 12 | $293.05 | $1,782.46 | $316,589.61 |
Mortgage Rate Inputs
Results
Planning estimate based on your inputs. Actual lender quotes and escrow amounts can vary.
How to Read Your Results
The number to focus on for budgeting is Estimated Monthly Payment (all-in). It combines Principal & Interest (P&I) plus Taxes + Insurance / mo (escrow estimate), HOA / mo, and PMI when applicable. Loan Amount is determined by your Home Price and Down Payment, so changing either can move the payment immediately. The longer-term cost shows up in Total Interest (life), which is why even a small rate change can add up over a 30-year term. Estimated Payoff is the month/year your loan reaches a $0 balance based on the amortization schedule.
Planning estimate only. Actual lender pricing depends on credit, loan program, points/fees, property type, and timing.
How to Use a Mortgage Rate Calculator (in 3 minutes)
The goal isn’t to find a “perfect” number. It’s to compare scenarios using the same inputs so you can see what a rate change really costs over time.
- Enter home price and down payment. This sets your starting loan amount.
- Test multiple interest rates. Try two or three rates you’re seeing from lenders and compare the monthly total.
- Add taxes and insurance. These often matter as much as the rate for your monthly budget.
- Include HOA and PMI if they apply. These can change affordability, especially with smaller down payments.
- Compare total interest. The “cheapest payment” isn’t always the lowest long-term cost.
If two lenders show the same rate, ask whether points are included. A low rate with points can mean higher cash-to-close.
Why Small Rate Changes Can Feel Big
A mortgage rate affects your payment every month for years. The impact is usually bigger when the loan amount is larger and the term is longer (like a 30-year loan). That’s why even a quarter-point can be noticeable.
Inputs that matter most
- Loan amount: larger balances magnify rate changes.
- Term length: longer terms typically mean more total interest.
- Taxes and insurance: vary by location and can shift year to year.
- Down payment and PMI: lower down payments can add mortgage insurance.
- Points/fees: can reduce the rate but increase upfront costs.
Interest Rate vs APR
The interest rate is used to calculate interest on your loan balance. APR is a broader measure that may include certain fees and costs, which is why APR is often higher than the rate.
When comparing offers, it helps to look at all four: interest rate, APR, estimated monthly payment, and cash-to-close. A slightly higher rate with fewer fees can sometimes be the better deal.
What Usually Influences Your Mortgage Rate
Lenders price rates based on risk and market conditions. Two borrowers on the same day can see different rates because their loan details are different.
- Credit score and credit history
- Debt-to-income ratio (DTI)
- Down payment / loan-to-value (LTV)
- Cash reserves and employment stability
- Loan type (conventional, FHA, VA, USDA)
- Term (30-year vs 15-year)
- Points and lender fees
- Property type and occupancy (primary vs investment)
Mortgage Rate Calculator FAQs
What is a mortgage rate calculator?
A mortgage rate calculator estimates your monthly payment at a given interest rate and shows how rate changes affect your payment and total interest. It helps you compare scenarios before choosing a lender or locking a rate.
How much does a 0.25% rate change affect a mortgage payment?
A 0.25% change can move the monthly payment by tens to hundreds of dollars depending on the loan amount and term. Bigger loans and longer terms usually feel rate changes more.
Does this mortgage rate calculator include taxes and insurance?
Yes. You can add property taxes, homeowners insurance, HOA dues, and PMI (if applicable) to estimate a more realistic all-in monthly housing payment.
What’s the difference between interest rate and APR?
The interest rate is used to calculate loan interest. APR is a broader measure that may include certain fees and costs, so APR is often higher than the interest rate. When comparing lenders, consider the rate, APR, and total monthly payment together.
Why do different mortgage calculators show different payments?
Payments can differ based on what’s included: taxes, insurance, HOA, PMI, and how fees or points are treated. For a fair comparison, use the same inputs across calculators.
Is the monthly payment mostly interest at the beginning?
Yes. Early payments on a fixed-rate mortgage typically go more toward interest and less toward principal. Over time, the interest portion falls and the principal portion rises as the balance declines.
Is this a loan quote?
No. This is a planning estimate based on your inputs. Actual rates and fees can vary by credit profile, loan program, property, and lender pricing.