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Mortgage Calculator

Calculate your exact monthly payment, total interest paid, and see a full amortization schedule — free, instant, no signup.

✓ Monthly Payment ✓ Amortization Schedule ✓ PMI & Tax Included ✓ 100% Free
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CALCULATOR

Enter Your Loan Details

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$
%
yrs
Monthly Payment (P&I)
$0
Total Interest Paid
$0
Loan Amount
$0
Total Cost of Home
$0
Principal + interest
Principal: —
Interest: —

How to Use the Mortgage Calculator

Buying a home is the biggest financial decision most people ever make. Before you commit to a mortgage, you need to know exactly what you're getting into — the monthly payment, the total interest you'll pay over the life of the loan, and how much of your payment goes toward the actual house vs. the bank's profit.

What is included in a mortgage payment?

A standard mortgage payment consists of four components — often called PITI:

  • Principal — the portion that reduces your loan balance
  • Interest — the cost of borrowing, calculated on your remaining balance
  • Taxes — property taxes, often collected monthly and held in escrow
  • Insurance — homeowner's insurance plus PMI if your down payment is under 20%

How much does a 1% difference in interest rate matter?

On a $300,000 30-year mortgage, the difference between 6% and 7% interest is about $190 per month — that's $68,400 more over the life of the loan. This is why shopping for the best rate before you commit is one of the most valuable financial decisions you can make.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has a higher monthly payment but saves an enormous amount in total interest — often more than $100,000 on a $300,000 loan. A 30-year mortgage keeps monthly payments low and gives you flexibility. Use the calculator above to compare both scenarios side by side.

💡 Mortgage Tips

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A 20% down payment eliminates PMI and saves you thousands each year.

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Even 0.25% lower interest rate saves tens of thousands over 30 years.

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Making one extra payment per year can cut 4–6 years off a 30-year loan.

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Get pre-approved from 3 different lenders to find the best rate.

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💳 EMI Calculator 📈 Compound Interest 💱 Currency Converter
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Frequently Asked Questions

The monthly payment is calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal loan amount, r is the monthly interest rate, and n is the number of payments. This ensures your loan is fully paid off at the end of the term.

An amortization schedule is a complete table of loan payments showing how each monthly payment is split between principal and interest, and the remaining balance after each payment. In early years, most of your payment is interest. Over time, more goes toward the principal.

Yes. Click "Add Tax, Insurance & PMI" to include your estimated monthly property tax, homeowner's insurance, and PMI. This gives you the true total monthly housing payment (PITI).

PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home's purchase price. It typically costs 0.5–1.5% of the loan amount per year, divided into monthly payments. Once you reach 20% equity, you can request PMI cancellation.

There are several strategies: make a larger down payment, choose a shorter loan term (15 vs 30 years), make extra principal payments each month, refinance when rates drop significantly, or make one extra payment per year. Use the calculator to see exactly how each strategy impacts your totals.