Estimate your monthly home loan payments and total interest
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Our free Mortgage Calculator helps home buyers estimate their monthly payments, total interest costs, and complete amortization schedule. Whether you're planning to buy a new home or refinance an existing mortgage, this tool provides accurate calculations to help you make informed financial decisions.
Did you know? The word "mortgage" comes from Old French meaning "death pledge" - referring to the pledge ending (dying) when the obligation is fulfilled or the property is taken through foreclosure. Today it's simply a home loan!
Thousands of users rely on our Mortgage Calculator because:
Your monthly mortgage payment typically consists of four components (PITI):
The portion that pays down your loan balance. Starts small but increases over time.
The cost of borrowing money. Highest at the beginning of the loan term.
Property taxes that lenders often collect monthly and pay annually.
Homeowners insurance and possibly PMI (if down payment < 20%).
Note: Our calculator focuses on principal and interest. Taxes and insurance can be added separately.
Monthly payments are calculated using this standard formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ]
Where:
Most lenders recommend spending no more than 28% of your gross monthly income on housing expenses. Use our calculator with different home prices to find comfortable payments.
15-year loans have higher monthly payments but much less interest. 30-year loans offer lower payments but more total interest. Compare both scenarios using our calculator.
Larger down payments reduce your loan amount, monthly payments, and often eliminate PMI. Try different down payment amounts in our calculator to see the impact.
Lower rates save more over the loan term. Use our calculator to compare different interest rates and see the long-term impact on total payments.
Yes! Our amortization schedule shows how extra payments can shorten your loan term and reduce total interest. Many homeowners make biweekly payments (half-payment every 2 weeks) to pay off faster.