Mortgage Calculator
Calculate monthly mortgage payments, total interest, and see a full amortization schedule.
How this is calculated
Monthly P&I = L × [r(1+r)ⁿ] / [(1+r)ⁿ−1], where L = loan amount, r = monthly rate, n = payments
Frequently Asked Questions About Mortgage Calculator
A mortgage calculator helps you estimate your monthly home loan payments and understand your total borrowing costs. Use it to compare different loan terms, interest rates, and down payment amounts to make informed decisions about your home purchase.
What is a mortgage calculator and how does it work?
A mortgage calculator is a tool that computes your monthly mortgage payment based on loan amount, interest rate, and loan term. It uses the standard mortgage formula to calculate principal and interest payments, and can include additional costs like property taxes and insurance for a complete picture of your monthly housing payment.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay less total interest and own your home faster. A 30-year mortgage has lower monthly payments but costs significantly more in total interest over the life of the loan. Choose based on your budget and long-term goals.
How does down payment affect my mortgage payment?
A larger down payment reduces the loan amount you need to borrow, which directly lowers your monthly payment and total interest paid. For example, putting down 20% instead of 5% reduces your loan amount by 15%, which can save you thousands of dollars over the life of the mortgage.
What is an amortization schedule?
An amortization schedule is a detailed monthly breakdown of your mortgage payments showing how much goes toward principal versus interest. Early payments are mostly interest, while later payments are mostly principal. This calculator shows your full amortization schedule for complete transparency.
What interest rate should I use in the calculator?
Use your actual or expected annual interest rate. Current mortgage rates vary based on credit score, down payment percentage, loan term, and market conditions. Check with lenders for current rates or use recent rates you've been quoted for estimates.
Does this calculator include property taxes and insurance?
Yes, this calculator lets you include property tax rates and home insurance costs to show your complete monthly housing expense. These costs vary by location and property value, so enter your estimated amounts for an accurate total payment.