Online Mortgage Calculator

Calculate your monthly payments, total interest, and amortization schedule for any home loan.

Calculate Now Learn How

Loan Details

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Mortgage Calculator

Enter your loan details to calculate your monthly mortgage payment and see a complete amortization schedule.

What is a Mortgage Calculator?

A mortgage calculator helps you estimate your monthly payments based on home price, down payment, interest rate, and loan term. It also shows total interest paid over the life of the loan.

Why Use Our Mortgage Calculator?

Key features that help you make informed home financing decisions

Accurate Calculations

Get precise monthly payment estimates based on current mortgage rates and loan terms.

Visual Breakdown

See how much of your payment goes toward principal vs interest with clear charts.

Amortization Schedule

View detailed payment-by-payment breakdown of your entire loan term.

Complete Cost Analysis

Includes property taxes, insurance, and PMI for a realistic payment estimate.

Mobile Friendly

Works perfectly on all devices - desktop, tablet, and mobile phones.

Privacy Focused

Your data never leaves your browser. No server processing means complete privacy.

User Guide: How to Use Our Mortgage Calculator

Step 1: Enter Home Price

Start by entering the price of the home you're considering. This is the total purchase price before any down payment.

Tip: If you're refinancing, enter your home's current value or the amount you're refinancing.

Step 2: Enter Down Payment

Input either the dollar amount or percentage of your down payment. The calculator will automatically update the other field.

The loan amount will be calculated as home price minus down payment.

Step 3: Enter Interest Rate

Input the expected interest rate for your mortgage. Rates vary based on:

Tip: Check current mortgage rates from multiple lenders for the most accurate estimate.

Step 4: Select Loan Term

Choose how many years you'll take to repay the loan. Common terms are:

15-Year Mortgage
  • Higher monthly payments
  • Lower total interest
  • Build equity faster
30-Year Mortgage
  • Lower monthly payments
  • Higher total interest
  • More affordable short-term

Step 5: Add Additional Costs (Optional)

For a more accurate estimate, include these recurring costs:

Step 6: Review Results

After calculating, review these key results:

Important Limitations

This calculator provides estimates only. Actual loan terms may vary based on your creditworthiness, lender policies, and other factors. Always consult with a mortgage professional for precise figures.

Frequently Asked Questions

Our calculator uses standard mortgage formulas to provide highly accurate estimates of monthly payments and amortization schedules. However, actual loan terms may vary slightly based on your specific lender's calculations, closing costs, and other factors. We recommend getting official quotes from lenders for precise figures.

The monthly payment estimate includes:
  • Principal & Interest: The base loan payment
  • Property Taxes: If entered, divided into monthly payments
  • Home Insurance: If entered, divided into monthly payments
  • PMI: If applicable (for down payments under 20%)
Note that some lenders may require additional escrow payments for flood insurance or other items.

The down payment significantly impacts your mortgage:
  • 20% or more: Avoids PMI, lowers monthly payments, and may qualify you for better rates
  • 10-19%: Typically requires PMI until you reach 20% equity
  • 3.5-9%: Minimum for some loans (FHA allows 3.5%), but with higher costs
A larger down payment reduces your loan amount, total interest paid, and monthly payment.

15-Year Mortgage
  • Higher monthly payments
  • Lower interest rate
  • Pay less total interest
  • Build equity faster
30-Year Mortgage
  • Lower monthly payments
  • Higher interest rate
  • Pay more total interest
  • More payment flexibility
The right choice depends on your budget and financial goals.

PMI (Private Mortgage Insurance) is required for conventional loans when your down payment is less than 20% of the home's value. It protects the lender if you default on the loan. PMI typically costs 0.5-1.5% of your loan amount annually, added to your monthly payment. You can request to remove PMI once you reach 20% equity in your home.

Strategies to pay off your mortgage faster:
  • Make extra payments: Even one additional payment per year can shave years off your loan
  • Biweekly payments: Make half-payments every two weeks (equals 13 full payments/year)
  • Refinance to shorter term: Switch from 30-year to 15-year when possible
  • Round up payments: Pay slightly more than required each month
  • Lump sum payments: Apply windfalls (tax refunds, bonuses) to principal
Check for prepayment penalties before making extra payments.

Understanding Mortgage Calculations

A mortgage is likely the largest financial commitment most people will make in their lifetime. Understanding how mortgage payments are calculated helps you make informed decisions when buying a home or refinancing.

How Mortgage Payments Work

Mortgage payments are calculated using an amortization formula that determines how much of each payment goes toward principal (the loan amount) and interest (the cost of borrowing). In the early years of a mortgage, most of your payment goes toward interest. As you pay down the principal, more of each payment goes toward reducing the loan balance.

Principal

The original amount borrowed to purchase the home. Each payment reduces the principal until it reaches zero at the end of the loan term.

Interest

The cost of borrowing money, calculated as a percentage of the remaining principal. Interest is front-loaded in mortgage payments.

The Amortization Process

Amortization is the process of spreading out loan payments over time. Here's how it works:

  1. The lender calculates a fixed monthly payment that will pay off the loan plus interest by the end of the term
  2. Early payments are mostly interest with a small principal reduction
  3. Over time, the interest portion decreases while the principal portion increases
  4. The final payments are almost entirely principal
Key Mortgage Terms to Know
  • APR (Annual Percentage Rate): The true cost of borrowing, including interest and fees
  • Escrow: An account for holding property tax and insurance payments
  • Fixed-Rate Mortgage: Interest rate stays the same for the entire loan term
  • Adjustable-Rate Mortgage (ARM): Interest rate changes periodically after an initial fixed period
  • Closing Costs: Fees paid at loan signing (typically 2-5% of loan amount)

Factors That Affect Your Mortgage Payment

Loan Amount

The more you borrow, the higher your monthly payment. Making a larger down payment reduces your loan amount.

Interest Rate

Even a 0.5% difference in rate can significantly impact your monthly payment and total interest paid.

Loan Term

Shorter terms mean higher monthly payments but less total interest. Longer terms lower monthly payments but increase total interest.

Property Taxes & Insurance

These recurring costs are often included in monthly payments through an escrow account.

Mortgage Tips for Homebuyers
  • Get pre-approved before house hunting to know your budget
  • Compare rates from at least 3-5 lenders
  • Consider both monthly payment and total loan cost
  • Factor in closing costs when budgeting
  • Make extra payments when possible to reduce total interest