Mortgage Calculator
Use this mortgage calculator to estimate monthly payments, total interest, and view an amortization schedule. Compare loan terms side by side.
About Mortgage Calculator
This mortgage calculator gives you a complete picture of your home loan, including monthly payments, total costs, and a detailed amortization schedule. Use it to compare different loan scenarios and see exactly what you will pay.
Payment Breakdown
Enter the home price, down payment, loan term, and interest rate to instantly see your monthly payment, total payment over the life of the loan, and total interest paid. The calculator also shows the loan-to-value ratio so you can understand your equity position.
Amortization Schedule
The built-in amortization table reveals how each payment is split between principal and interest. You will see a month-by-month breakdown for the first year and a year-by-year summary for the full loan term. This helps you understand how quickly you build equity in your home.
Flexible Inputs
Enter your down payment as a dollar amount or a percentage of the home price. Choose from common loan terms of 15, 20, 25, or 30 years, and adjust the interest rate to model different lending scenarios or compare offers from multiple lenders.
Common Uses
- Estimating monthly payments before house shopping
- Comparing different loan terms and interest rates
- Understanding how much of each payment goes to principal vs interest
- Calculating total cost of homeownership over the loan term
- Determining how much down payment you need to reach a target monthly payment
Not sure how much you can afford? Start with the Mortgage Affordability Calculator to find your price range based on income and debts. For non-mortgage loans, the Loan Calculator covers auto loans, personal loans, and more.
All calculations happen in your browser. No personal or financial data is sent anywhere.
Frequently Asked Questions
How is a monthly mortgage payment calculated?
Monthly payments use the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This formula ensures equal payments over the entire loan term.
How does the down payment affect my mortgage?
A larger down payment reduces the loan amount, which lowers your monthly payment and the total interest paid over the life of the loan. It also affects the loan-to-value (LTV) ratio. An LTV below 80% typically means you can avoid private mortgage insurance (PMI), saving additional money each month.
What is an amortization schedule?
An amortization schedule is a table showing each monthly payment broken into principal and interest portions. Early payments are mostly interest, while later payments are mostly principal. This calculator shows both a monthly view for the first year and a yearly summary for the full loan term.
Should I choose a 15-year or 30-year mortgage term?
A 15-year mortgage has higher monthly payments but significantly lower total interest costs. A 30-year mortgage has lower monthly payments, making it more affordable month to month, but costs much more in interest over the life of the loan. Use this calculator to compare both options side by side.