Calculate monthly payments, total interest, and view complete amortization schedule
Our free Mortgage Calculator helps you estimate your monthly mortgage payment, total interest paid over the life of the loan, and view a complete amortization schedule. Enter your home price, down payment, interest rate, and loan term to get a full breakdown of your housing costs in seconds.
A mortgage calculator is a financial tool that computes your monthly loan payment based on the principal amount, interest rate, and loan term. It uses the standard amortization formula to determine how much of each payment goes toward interest versus principal, and how those proportions shift over time.
Beyond the basic principal and interest payment, a complete mortgage cost estimate must also include property taxes, homeowner's insurance, HOA fees, and Private Mortgage Insurance (PMI) if your down payment is less than 20%. This calculator includes all of these components so you get a realistic picture of your total monthly housing expense.
Understanding your amortization schedule is equally important. In the early years of a mortgage, the vast majority of each payment goes toward interest rather than principal. This calculator generates a full amortization table so you can see exactly how your loan balance decreases over time and how much equity you're building each year.
One of the most impactful decisions in mortgage planning is choosing between a 15-year and 30-year loan. A 30-year mortgage has lower monthly payments, but you'll pay significantly more in total interest over the life of the loan. A 15-year mortgage costs more each month but builds equity faster and saves tens of thousands of dollars in interest. Use this calculator to run both scenarios side by side.
If your down payment is less than 20%, you'll typically be required to pay PMI (Private Mortgage Insurance), which protects the lender if you default. PMI usually costs 0.5%–1.5% of the loan amount per year. Once your equity reaches 20%, you can request to have PMI removed. Factor this into your calculations and consider whether a slightly larger down payment to hit the 20% threshold makes financial sense.
Don't forget to account for closing costs, which typically run 2%–5% of the loan amount and are paid upfront. These aren't included in the monthly payment calculation but are a significant part of the total cost of buying a home.
This calculator goes beyond the basic principal-and-interest formula by including all the real costs of homeownership: taxes, insurance, HOA fees, and PMI. Many simple mortgage calculators only show the P&I payment, which can significantly underestimate your actual monthly housing expense.
The full amortization schedule is particularly valuable for understanding how your loan balance changes over time. You can see exactly when you'll cross the 20% equity threshold (relevant for PMI removal), how much principal you've paid after any given number of years, and what your remaining balance would be if you wanted to sell or refinance.
All calculations happen instantly in your browser with no server round-trips, so you can adjust inputs and see results in real time without any delays.
Your privacy is our priority. All processing happens entirely in your browser using JavaScript. No files, data, or inputs are ever uploaded to any server. Everything stays on your device, making this tool completely safe to use with sensitive content.