Mortgage Calculator
Calculate monthly mortgage payments, amortization, and total interest with our free calculator
Last updated: 2026-06-28
A mortgage is a long-term loan used to purchase a home. Our free mortgage calculator helps you understand your monthly payments, total interest paid, and amortization schedule. Whether you're a first-time homebuyer or refinancing an existing mortgage, this tool provides clear insights into your home financing costs.
Mortgage Payment Formula
M = monthly payment · P = loan principal · r = monthly interest rate · n = number of payments
Here, **r** is the annual interest rate divided by 12 (monthly rate), and **n** is the loan term in years multiplied by 12 (total number of monthly payments).
Use Cases
Home Purchase Planning
Determine how much house you can afford based on your desired monthly payment.
Loan Term Comparison
Compare 15-year vs. 30-year mortgages.
Refinancing Decision
Calculate potential savings from refinancing at a lower interest rate.
Affordability Assessment
Ensure your mortgage meets lending requirements.
Extra Payment Impact
Calculate how additional monthly payments accelerate payoff.
Amortization Understanding
See how payments are split between principal and interest.
Frequently Asked Questions
Should I get a 15-year or 30-year mortgage?
A 30-year mortgage has lower monthly payments but costs more in total interest. A 15-year mortgage has higher monthly payments but saves significantly on interest.
What is PMI?
PMI (Private Mortgage Insurance) is required if you put down less than 20%.
How much goes to principal vs. interest?
Early in the loan, most covers interest. By the end, most covers principal.
Does this include property taxes?
This calculator shows the principal + interest portion only.
What if I pay extra?
Extra principal payments reduce your loan balance faster and save substantial interest.
What does APR mean?
APR includes the interest rate plus lender fees, giving you the true cost of borrowing.
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