Calculate your monthly mortgage payment and see how your loan balance decreases over time
Each payment is split between interest (based on remaining balance) and principal repayment.
$8,400,455.55
$16,109,331.02
$2,016,109,330.98
0.8%
Our mortgage calculator helps you determine your monthly mortgage payment, total interest over the loan term, and how your loan balance decreases over time. Perfect for first-time homebuyers and anyone planning to purchase or refinance a home.
A mortgage calculator is a financial tool that computes your monthly home loan payment based on the home price, interest rate, and loan term. It helps you understand the true cost of homeownership before you commit to a mortgage.
Mortgages are typically the largest loans most people will ever take, making it crucial to understand your payment obligations. A mortgage calculator allows you to experiment with different home prices, down payments, interest rates, and loan terms to find an affordable option.
Understanding your mortgage payment helps you budget effectively, determine how much house you can afford, and compare different loan offers from lenders. It's an essential tool for anyone in the home buying process.
Enter the total purchase price of the home you're considering. This is the amount you'll finance (minus any down payment).
Tip: Remember that the home price doesn't include closing costs, which typically add 2-5% to your total purchase cost.
Input the mortgage interest rate offered by your lender. Mortgage rates vary based on your credit score, loan type, and market conditions.
Tip: Even a small difference in interest rate (e.g., 0.25%) can save or cost you thousands over the life of the loan. Shop around for the best rate.
Select the repayment period, typically 15, 20, or 30 years. Longer terms mean lower monthly payments but more total interest.
Tip: A 30-year mortgage has lower monthly payments, but a 15-year mortgage saves significantly on interest and builds equity faster.
Result: After calculating, you'll see your monthly mortgage payment, total interest paid over the loan term, total amount paid (principal + interest), and a chart showing how your loan balance decreases over time.
Mortgage payments are calculated using the standard loan amortization formula, which accounts for compound interest and ensures each payment reduces both principal and interest.
M = P × [r(1+r)^n] / [(1+r)^n - 1]You're buying a $300,000 home with a 20% down payment ($60,000) at 6% interest for 30 years.
Interpretation: Your monthly payment would be approximately $1,439. Over 30 years, you'd pay $278,000 in interest, making your total repayment $518,000. This means you're paying more in interest ($278,000) than the original loan amount ($240,000).
Same $240,000 loan at 6% interest, comparing 15-year vs 30-year terms.
Interpretation: With a 15-year term, your monthly payment would be $2,025 (higher), but you'd pay only $124,000 in interest (much less). With a 30-year term, you'd pay $1,439 monthly (lower) but $278,000 in interest. The 15-year mortgage saves $154,000 in interest but requires $586 more per month.
This calculator shows principal and interest only. Your actual monthly payment will also include property taxes, homeowners insurance, and possibly PMI (Private Mortgage Insurance) if your down payment is less than 20%.
Results assume a fixed interest rate. Adjustable-rate mortgages (ARMs) will have different payment schedules.
Closing costs, which typically range from 2-5% of the home price, are not included.
For accurate estimates, consult with a mortgage lender who can provide personalized rates based on your credit profile.
Property tax rates vary by location and can significantly impact your total monthly payment.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It protects the lender if you default. PMI typically costs 0.5-1% of the loan amount annually and is added to your monthly payment until you reach 20% equity.
A 15-year mortgage saves significant interest and builds equity faster, but requires higher monthly payments. A 30-year mortgage offers lower monthly payments, making it more affordable for many buyers. Choose based on your monthly budget and long-term financial goals.
A general rule is that your total monthly housing costs (mortgage, taxes, insurance) should not exceed 28% of your gross monthly income. However, this varies based on your other debts, savings, and financial goals. Use our house affordability calculator for a detailed analysis.
The interest rate is the cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus additional fees like origination fees, points, and other closing costs. APR gives you the true cost of the mortgage and is better for comparing offers.
Yes, most mortgages allow early repayment without penalty. Making extra payments reduces your total interest and shortens the loan term. However, some mortgages have prepayment penalties, so check your loan agreement first.
Property taxes and homeowners insurance are typically included in your monthly mortgage payment through an escrow account. These costs vary by location and property value, and can add hundreds of dollars to your monthly payment. Your lender will provide an estimate of these costs.
Calculate how much house you can afford based on income and debt
Calculate down payment amounts and requirements
Calculate savings from refinancing your mortgage
Calculate how extra payments can pay off your mortgage faster
Calculate your EMI (Equated Monthly Installment), total interest, and view the complete amortization schedule