FinanceCalcs
Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and full amortization schedule — and see exactly how much of each payment goes toward principal versus interest over the life of the loan.
Works for any home price and loan term — includes optional property tax and insurance for a complete monthly housing cost estimate.
Mortgage Calculator
Total Interest: $0 | Total Cost: $0
Monthly Payment: $0
- Balance Remaining
- Total Paid
"Owning a home is a keystone of wealth — both financial affluence and emotional security."
— Suze Orman
What is a mortgage calculator?
A mortgage calculator estimates your monthly home loan payment based on the home price, down payment, interest rate, and loan term. It uses standard amortization math to show exactly how much you pay each month and how that payment is split between interest and principal reduction.
Early in a mortgage, the majority of each payment goes toward interest — and relatively little reduces the loan balance. Over time, as the balance falls, the split shifts: more goes to principal and less to interest. The full amortization schedule makes this progression visible month by month.
Adding property taxes and homeowner's insurance gives you the complete monthly housing cost — not just the principal and interest — so you can plan your budget accurately before making an offer.
lightbulb Example Mortgage Scenario
Suppose you are buying a $400,000 home with a 10% down payment ($40,000), a 7% interest rate, and a 30-year term. Your monthly principal and interest payment would be approximately $2,395, and you would pay roughly $502,000 in total interest over the life of the loan.
Adding estimated property taxes of $350/month and homeowner's insurance of $120/month brings your total monthly housing cost to about $2,865.
Switching to a 15-year term at the same rate raises the monthly P&I payment to roughly $3,240 — but cuts total interest paid to approximately $223,000, saving nearly $279,000 over the life of the loan.
Many homebuyers use a mortgage calculator to compare loan options, understand the true cost of different interest rates and terms, and confirm a home is within budget before making an offer.
Mortgage Calculator FAQs
What is included in a monthly mortgage payment?
A basic mortgage payment covers principal (balance reduction) and interest (the cost of borrowing). A complete monthly housing cost also includes property taxes, homeowner's insurance, and — if your down payment is less than 20% — private mortgage insurance (PMI). Lenders often collect taxes and insurance through an escrow account bundled into your monthly payment.
Is a 15-year or 30-year mortgage better?
A 30-year mortgage has a lower monthly payment, which can free up cash flow for other goals. A 15-year mortgage typically carries a lower interest rate and dramatically reduces total interest paid — often by hundreds of thousands of dollars. The right choice depends on your cash flow, other financial priorities, and how long you plan to stay in the home.
How does a larger down payment affect my mortgage?
A larger down payment reduces your loan amount, which lowers your monthly payment and total interest paid. Putting down 20% or more also eliminates the requirement for PMI, which typically adds 0.5–1.5% of the loan amount annually to your housing cost. Even an extra 5% down can meaningfully reduce your total cost of ownership.
What happens if I make extra mortgage payments?
Extra payments go directly toward reducing your principal balance, which lowers the interest charged in all future months and shortens the total loan term. Even one extra payment per year can cut several years off a 30-year mortgage. For a detailed view of extra payment impact, see the amortization calculator.
Mortgage calculator terminology
Home Price
The total purchase price of the home. The loan amount (principal) is the home price minus your down payment.
Down Payment
The upfront cash amount you pay toward the purchase. Can be entered as a dollar amount or percentage. A down payment of 20% or more eliminates the PMI requirement.
Annual Interest Rate
The yearly rate charged by your lender on the outstanding mortgage balance. Even small differences in rate — 0.25% to 0.5% — can mean tens of thousands of dollars in total interest over a 30-year term.
Loan Term
The number of years over which you repay the mortgage. Common terms are 15 and 30 years. Shorter terms mean higher monthly payments but significantly less total interest paid.
Property Tax & Insurance
Annual costs added to your monthly payment estimate to show the complete housing expense. Property tax rates vary by location; homeowner's insurance typically costs $1,000–$2,000 per year for most homes.
Disclaimer: All calculators on this site are provided for informational and educational purposes only. Results are estimates based on the inputs you provide and mathematical formulas — they do not account for taxes, fees, inflation, risk, or other real-world factors that may affect financial outcomes. Past performance does not guarantee future results. Nothing on this site constitutes financial, investment, legal, or tax advice. Always consult a qualified professional before making financial decisions.
About FinanceCalcs.net — FinanceCalcs.net is a free financial calculator directory built and maintained by Ted Grajeda. The site exists to give everyone access to fast, accurate financial math — no subscriptions, no paywalls, no signup required. Every calculator runs entirely in your browser using standard financial formulas.