Mortgage Calculator
Estimate monthly mortgage payments, total interest and total cost. Includes full amortization schedule.
How to Use the Mortgage Calculator
Estimate your monthly mortgage payment and total cost of homeownership in seconds. All calculations run in your browser — nothing is stored.
- Enter the home price — the purchase price of the property (e.g. $400,000).
- Enter your down payment — the amount you will pay upfront (e.g. $80,000 for 20%).
- Enter the annual interest rate — the mortgage rate from your lender (e.g. 6.5%).
- Choose the loan term — select 10, 15, 20, 25 or 30 years.
- Review results — see your monthly payment, total interest, total cost and a cost breakdown bar. Click "Show Amortization Table" for a month-by-month schedule.
The calculator uses the standard amortization formula to compute fixed monthly payments. It does not include property tax, insurance or HOA fees — add those separately for a complete picture.
Frequently Asked Questions
How is the monthly mortgage payment calculated?
The monthly payment is calculated using the 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 monthly payments. This produces a fixed payment that covers both principal and interest.
What is an amortization table?
An amortization table shows how each monthly payment is split between principal and interest over the life of the loan. Early payments are mostly interest, while later payments go mostly toward principal.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage has lower monthly payments but costs more in interest over time. The right choice depends on your monthly budget and financial goals.
How much down payment do I need?
Most conventional loans require 3–20% down. Putting 20% down avoids private mortgage insurance (PMI). FHA loans allow as little as 3.5% down. A larger down payment reduces your loan amount and monthly payments.
Does this include taxes and insurance?
No. This calculator estimates principal and interest only. Property taxes, homeowners insurance, PMI and HOA fees are additional costs. Your lender may bundle these into your escrow payment.
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