Mortgage Calculator
Calculate monthly mortgage payment, total interest, and amortization schedule
Enter your home price and loan details above to calculate your mortgage payment.
What is a Mortgage Calculator?
A mortgage calculator estimates your monthly home loan payment based on the loan amount, interest rate, and loan term. It uses the standard amortization formula to calculate how much of each payment goes toward principal and interest. Understanding your mortgage payment helps you budget effectively and compare different loan scenarios before committing to a home purchase.
How to Use the Mortgage Calculator
- Enter the home purchase price
- Enter your down payment amount (optional)
- Enter the annual interest rate
- Select the loan term (15 or 30 years are most common)
- View your monthly payment, total interest, and amortization schedule
Features
- Calculates monthly payment using standard amortization formula
- Shows total interest paid over the life of the loan
- Yearly amortization schedule with principal/interest breakdown
- Supports any loan amount, rate, and term
- Instant reactive calculation — no submit button needed
Frequently Asked Questions
Does this include property taxes and insurance?
No — this calculator shows principal and interest (P&I) only. Your actual monthly payment (PITI) will also include property taxes, homeowner's insurance, and possibly PMI if your down payment is less than 20%.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest paid. A 30-year mortgage has lower monthly payments but you pay roughly 2–3x more in total interest. The right choice depends on your cash flow and financial goals.
How does a down payment affect my mortgage?
A larger down payment reduces your loan principal, lowering both your monthly payment and total interest paid. Putting down 20% or more also eliminates the need for Private Mortgage Insurance (PMI), which can save hundreds per month.