Loan & Mortgage Calculator

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 payments (years × 12).

An amortization schedule is a table showing each payment broken down into the portion going toward principal vs. interest, along with the remaining loan balance after each payment.

Making extra principal payments, choosing a shorter loan term, or securing a lower interest rate all reduce total interest. Even small extra payments each month can save thousands over the life of a loan.

The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus fees and other costs, giving a more complete picture of the total loan cost.

A 15-year mortgage has higher monthly payments but significantly less total interest. A 30-year mortgage offers lower monthly payments with more flexibility, but you'll pay much more in interest over time.

The average mortgage payment in California is approximately $2,800–$3,500 per month for a median-priced home with a 20% down payment. California's median home price is among the highest in the US, especially in the Bay Area and Los Angeles. Use the calculator above to estimate your exact payment based on your purchase price and rate.

The average mortgage payment in Texas is approximately $1,800–$2,400 per month for a median-priced home. Texas property taxes are relatively high (1.6%–2.5% of assessed value) — use the property tax field in this calculator to see your true monthly cost including taxes.

The average mortgage payment in Florida is approximately $1,900–$2,600 per month. Florida homeowners should budget extra for homeowner's insurance, which runs higher than the national average due to hurricane risk. This calculator includes an insurance field so you can see your complete monthly estimate.

The average mortgage payment in New York varies from $2,200/month upstate to $3,800+/month in the NYC metro. New York has high property taxes (1.4%–2.0%) that add significantly to monthly costs. Use the property tax field in the calculator to see your full payment.

The average mortgage payment in Illinois is approximately $1,600–$2,200 per month. Illinois has some of the highest property tax rates in the US (2.0%–2.5%), so your total monthly housing payment is meaningfully higher than principal and interest alone. Include the property tax field for an accurate estimate.