Free Mortgage Calculator - Calculate Monthly Payments
Calculate your monthly mortgage payments, total interest, and get detailed amortization schedules. Compare different loan terms and down payment scenarios to find the best mortgage option for you.
✓ Instant mortgage calculations ✓ Detailed amortization schedules ✓ Multiple loan terms ✓ Free to use
Enter your loan details and click "Calculate Mortgage" to see your results
How to Use Our Mortgage Calculator
Our free mortgage calculator makes it easy to estimate your monthly payments and total loan costs:
- Enter the home price: Input the total purchase price of the home you're considering
- Set your down payment: Choose between dollar amount or percentage of the home price
- Input interest rate: Enter the annual interest rate offered by your lender
- Select loan term: Choose from 15, 20, 25, or 30-year mortgage terms
- Calculate: Click "Calculate Mortgage" to see your monthly payment and detailed amortization schedule
The calculator will instantly show your monthly payment, total interest costs, and a complete amortization schedule showing how your payments are applied to principal and interest over time.
What Our Mortgage Calculator Includes
Payment Calculations
- • Monthly principal and interest payment
- • Total amount paid over loan life
- • Total interest costs
- • Down payment calculation ($ or %)
- • Loan amount after down payment
Amortization Details
- • Complete payment schedule
- • Principal vs. interest breakdown
- • Remaining balance each month
- • Annual payment summaries
- • Interactive payment charts
Understanding Mortgage Calculations
Our mortgage calculator uses the standard mortgage payment formula to determine your monthly payment. The calculation takes into account the loan principal, interest rate, and loan term to provide accurate results.
The Mortgage Payment Formula
- M = Monthly mortgage payment
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total number of payments (loan term × 12)
Factors That Affect Your Mortgage Payment
Down Payment: A larger down payment reduces your loan amount and monthly payment. It can also help you avoid private mortgage insurance (PMI) if you put down 20% or more.
Interest Rate: Even small differences in interest rates can significantly impact your monthly payment and total interest paid over the life of the loan.
Loan Term: Shorter terms mean higher monthly payments but less total interest. Longer terms reduce monthly payments but increase total interest costs.
Credit Score: While not included in our calculator, your credit score significantly affects the interest rate you'll qualify for. Higher scores typically get better rates.
Important Notes
Additional Costs: This calculator shows principal and interest only. Your actual monthly payment may be higher when including:
- Property taxes
- Homeowners insurance
- Private mortgage insurance (PMI)
- HOA fees (if applicable)
Mortgage Calculator Benefits
For Home Buyers
- • Determine affordable home price range
- • Compare different loan scenarios
- • Plan your down payment strategy
- • Understand total cost of homeownership
For Current Homeowners
- • Evaluate refinancing opportunities
- • Compare current vs. new loan terms
- • Calculate potential savings
- • Plan extra payment strategies