Mortgage Calculator

Estimate your monthly mortgage payments.

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Features

Monthly Payment Estimate

Quickly find out your potential monthly mortgage payment based on your loan details.

Cost Breakdown

Visualize the split between the loan principal and the total interest paid over the life of the loan.

Amortization Schedule

See a detailed month-by-month payment schedule showing principal and interest portions.

Total Cost Analysis

Understand the full cost of the loan including total interest paid.

About Mortgage Calculator

Plan your home purchase with confidence using our Mortgage Calculator. By entering the home price, down payment, interest rate, and loan term, you can instantly see your estimated monthly payments. This tool helps you budget effectively and understand the total cost of financing a home before you sign the papers. Formula Used: Principal = Home Price - Down Payment M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ] Where: M = Total monthly payment P = The Principal loan amount i = Monthly interest rate (Annual Rate / 12) n = Total number of months (Years x 12)

How to Use Mortgage Calculator

  • 1
    Enter Home Price

    Input the total purchase price of the home you are considering.

  • 2
    Set Down Payment

    Enter the amount of money you plan to pay upfront.

  • 3
    Specify Interest Rate

    Enter the annual mortgage interest rate.

  • 4
    Choose Loan Term

    Select the duration of the mortgage in years (e.g., 15 or 30 years).

  • 5
    View Payment Details

    Instantly see your estimated monthly payment and total interest cost.

  • 6
    Review Schedule

    Check the amortization schedule to see how your balance decreases over time.

Frequently Asked Questions

No, this calculator estimates the Principal and Interest (P&I) portion of your payment. Property taxes, homeowners insurance, and HOA fees vary significantly by location and are not included in this calculation.
A 15-year mortgage typically has higher monthly payments but lower interest rates and significantly less total interest paid over the life of the loan. A 30-year mortgage offers lower monthly payments but results in paying more interest over time.
While a 20% down payment is standard to avoid Private Mortgage Insurance (PMI), many lenders offer loans with as little as 3-5% down. This calculator allows you to input any down payment amount to see how it affects your monthly payments.
An amortization schedule shows exactly how your monthly payment is split between paying off interest and paying down the principal balance. Early in the loan, most of your payment goes to interest.