Mortgage Calculator
Calculate monthly mortgage payments and total interest.
🏠 Principal & Interest only. Add property tax, insurance, and HOA for your full payment.
What Is This Tool?
This calculator estimates your monthly mortgage payment using the standard amortization formula. Enter the home price, down payment, interest rate, and loan term to see your monthly payment (principal and interest), loan amount, and total interest paid over the life of the loan.
What's Not Included
This calculator shows principal and interest only. Your real monthly payment also includes:
How Down Payment Affects Cost
- Larger down payment → smaller loan → less interest paid overall
- Under 20% down → most lenders require PMI (private mortgage insurance), adding $50-300/month
- 20%+ down → no PMI, better interest rates, lower monthly payments
Loan Term Trade-offs
A 30-year mortgage has lower monthly payments but costs dramatically more in interest. A 15-year mortgage has higher payments but saves tens of thousands. On a $400,000 loan at 6.8%, a 30-year term pays ~$543,000 in interest versus ~$228,000 for 15 years — but the monthly payment jumps from ~$2,600 to ~$3,500.
Frequently Asked Questions
Should I get a 15 or 30 year mortgage?
30-year if you need lower payments or want to invest the difference; 15-year if you can afford it and want to save massively on interest. Many people take a 30-year and pay extra when they can.
About the Mortgage Calculator
The Mortgage Calculator lets you figure out mortgage calculatorinstantly, without reaching for a spreadsheet or doing the math by hand. Whether you're planning a budget, checking a loan, or working through homework, the tool applies the correct formula behind the scenes and shows the result the moment you enter your numbers.
Unlike a static chart or table, this calculator adapts to your exact inputs. You can adjust any value and see the outcome update in real time, which makes it easy to compare scenarios — for example, "what if the rate were 1% lower?" or "what if I paid an extra $50 a month?"
How to Use This Tool
- Enter the main values the calculator asks for (for example, amount, rate, and time).
- Pick the right unit or option where the tool offers a choice.
- Read the result, which appears instantly below the inputs.
- Adjust any field to test a different scenario — the answer updates without a reload.
- Copy or note the result. Nothing is stored, so close the tab when you're done.
Why Use an Online Calculator?
Browser-based tools like this one have a few real advantages over installed software or manual methods:
- No installation. It opens instantly in any browser, on any operating system.
- Private by default. Everything runs locally, so your data stays on your device.
- Always up to date.There's nothing to update — you always get the latest version when you load the page.
- Free and unlimited. Use it as often as you like, with no account and no caps.
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