Mortgage Calculator

Calculate your monthly mortgage payments with our free mortgage calculator. Get instant results for loan payments, total interest, and see how down payments affect your mortgage. Essential tool for home buyers and refinancing decisions.

How do I calculate my mortgage payment?

Calculate mortgage payments using the formula M = P[r(1+r)^n]/[(1+r)^n-1] or use our free calculator for instant monthly payment results.

Mortgage Calculator Calculator

Enter Your Values

Total purchase price of the home

Initial payment (typically 10-20% of home price)

Annual interest rate

Length of the mortgage in years

How to Use the Mortgage Calculator

1

Enter the total home price or loan amount

2

Input your down payment amount

3

Add the interest rate offered by your lender

4

Select your loan term (typically 15 or 30 years)

5

Click Calculate to see monthly payments and total costs

Why Use Our Mortgage Calculator

Plan your home purchase with accurate payment estimates
Compare different loan scenarios side by side
See how down payment affects monthly payments
Calculate total interest over the loan lifetime
Determine if you can afford a specific home
Free tool with no personal information required
Updated with current mortgage formulas
Works for any loan amount or term
Mobile-friendly for house hunting on the go
Export results for your records
Include property tax and insurance estimates
Perfect for first-time home buyers

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Frequently Asked Questions

How is my monthly mortgage payment calculated?

Your monthly payment is calculated using the loan amount, interest rate, and loan term. The formula accounts for both principal and interest portions, which change over time through amortization.

What is included in my monthly mortgage payment?

The calculator shows principal and interest only. Your actual payment may include property taxes, homeowners insurance, HOA fees, and PMI, often referred to as PITI (Principal, Interest, Taxes, Insurance).

What is amortization?

Amortization is the process of paying off a loan through regular payments. Early payments go mostly toward interest, while later payments pay more principal. Our calculator shows this breakdown.

How can I pay off my mortgage faster?

Make extra principal payments, switch to bi-weekly payments, or refinance to a shorter term. Even small extra payments can save thousands in interest and years off your loan.

What is a good mortgage rate?

Rates vary based on credit score, down payment, loan type, and market conditions. Compare rates from multiple lenders and consider points to lower your rate if you plan to stay long-term.