Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and full amortization schedule. Free, instant, no sign-up.
%
$—
Monthly Payment
$—
Total Interest
$—
Total Cost
$—
Loan Amount
Principal: —
Interest: —
How to Use
Enter the home price
Type in the total purchase price of the home.
Set your down payment
Enter a dollar amount or percentage. 20% avoids PMI.
Enter loan details
Set the interest rate and loan term (15 or 30 years is most common).
View your results
See your monthly payment, total interest, and full amortization breakdown instantly.
Why Use This Tool?
Instant Calculation
Results update as you type — no button to click.
Full Amortization
See exactly how much goes to principal vs. interest each month.
Private & Secure
All calculations happen in your browser. We never see your numbers.
No Account Needed
Use it immediately, no registration or personal info required.
Frequently asked
questions
A mortgage calculator estimates your monthly payment based on the loan amount, interest rate, and term. It helps you understand what you can afford before talking to a lender.
A standard payment (PITI) covers principal, interest, property taxes, and homeowner's insurance. This calculator shows principal + interest; add taxes and insurance separately.
It uses 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, and n is the total number of payments.
Rates vary by market conditions, credit score, and loan type. As of 2024, 30-year fixed rates typically range from 6%–8%. A higher credit score (740+) usually qualifies for better rates.
A 15-year mortgage has higher monthly payments but you pay far less total interest and build equity faster. A 30-year mortgage has lower payments but costs significantly more in interest over time.
Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20% of the home price. It typically costs 0.5%–1.5% of the loan amount per year.