Mortgage Calculator
Free mortgage calculator: monthly payment, loan amount, total interest and a yearly amortization schedule from home price, down payment, rate and term.
M = P · r (1 + r)n(1 + r)n − 1
How to use this calculator
- Type your input in the box.
- The result updates as you type.
- Use “Copy result” or “Copy link” to share it.
Enter the home price, your down payment, the annual interest rate and the term to see the monthly principal-and-interest payment of a fixed-rate mortgage. The amortization schedule shows how much of each year’s payments goes to interest and how much reduces the balance.
Property taxes, homeowners insurance, PMI and HOA fees are not included; add them to the monthly payment to estimate your full housing cost.
Results are estimates for information only and do not constitute financial advice. Your lender’s or bank’s figures may differ.
Worked example
A $350,000 home with 20 % down borrows $280,000. At 6.5 % for 30 years the payment is $1,769.79 a month, and the total interest over the life of the loan is about $357,000.
Frequently asked questions
How is the monthly mortgage payment calculated?
With the annuity formula M = P·r/(1 − (1 + r)⁻ⁿ), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of monthly payments.
Is a 15-year or 30-year mortgage cheaper?
A 15-year loan has a higher monthly payment but far less total interest. Compare both by changing the term above.