Mortgage Calculator
Calculate monthly mortgage payments, total interest and full amortization schedule.
Loan Details
Monthly Payment Breakdown
Full Amortization Schedule
| # | Payment | Principal | Interest | Balance |
|---|
How to Use Mortgage Calculator
Type the purchase price or total loan amount. This is the starting point of your calculation.
Enter a dollar amount or percentage. Both fields sync automatically — change one and the other updates instantly.
Enter your expected annual interest rate and select a loan term (10, 15, 20, or 30 years).
Optionally enter annual property tax and homeowner's insurance to get your full PITI payment.
Click "View Amortization Schedule" to see month-by-month payment breakdown and download it as CSV.
Features & Benefits
Live Calculations
Results update instantly as you type any value — no submit button needed.
Visual Breakdown
Donut chart shows your payment split between principal, tax, and insurance at a glance.
Amortization Table
Full month-by-month schedule showing principal, interest, and remaining balance for every payment.
CSV Export
Download the full amortization schedule as a CSV file for use in Excel or Google Sheets.
About Mortgage Calculator
What Is a Mortgage Calculator?
A mortgage calculator is an essential financial planning tool that helps you estimate your monthly home loan payment before you commit to buying a property. Our free mortgage calculator breaks down every component of your payment — principal, interest, property taxes, and homeowner's insurance (collectively known as PITI) — so you understand exactly where your money goes each month.
How Mortgage Payments Work
When you take out a mortgage, each monthly payment serves two purposes: repaying the loan principal (the original amount borrowed) and paying interest to the lender. In the early years of your mortgage, the vast majority of each payment goes toward interest. As years pass, more of each payment shifts toward principal reduction. This process is called amortization.
The Mortgage Payment Formula
The standard mortgage payment formula is: M = P[r(1+r)^n]/[(1+r)^n-1], where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12), and n = total number of payments. Our calculator uses this exact formula plus adds property tax and insurance estimates for a complete picture.
15-Year vs 30-Year Mortgage: Which Is Better?
The most common mortgage terms are 15 and 30 years. A 30-year mortgage offers lower monthly payments, giving you more cash flow flexibility, but you'll pay significantly more in total interest over the life of the loan. A 15-year mortgage has higher monthly payments but builds equity faster and costs you dramatically less in interest — often 50% less than a comparable 30-year loan. Use our calculator to compare both scenarios side by side.
Fixed vs Adjustable Rate Mortgages
Fixed-rate mortgages lock in your interest rate for the entire loan term — your payment never changes. Adjustable-rate mortgages (ARMs) start with a lower fixed rate for a period (3, 5, or 7 years), then adjust annually based on market rates. ARMs work best if you plan to sell before the adjustment period begins.
How Down Payment Affects Your Mortgage
A larger down payment means a smaller loan and lower monthly payments. Crucially, putting 20% or more down eliminates Private Mortgage Insurance (PMI), which typically costs 0.5%–1.5% of your loan annually. On a $350,000 loan, that's $1,750–$5,250 per year in extra costs.
Common Mortgage Mistakes to Avoid
- Buying at the top of your budget with no room for repairs or life changes
- Ignoring the total interest cost over 30 years (often exceeds the purchase price)
- Forgetting to factor in property taxes, insurance, and maintenance
- Not shopping multiple lenders — even 0.5% difference saves tens of thousands
- Making major purchases or changing jobs before closing
Tips for Getting a Better Mortgage Rate
Credit score above 740 typically qualifies for the best rates. Larger down payments reduce risk for lenders and often secure better rates. Shopping at least 3–5 lenders within a 14-day window counts as a single credit inquiry.
Frequently Asked Questions
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a full mortgage payment. This calculator includes all four when you fill in the property tax and insurance fields.
The P&I payment uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P = principal, r = monthly interest rate, and n = number of payments. Tax and insurance are divided by 12 and added.
PMI (Private Mortgage Insurance) is not included in this calculator. PMI typically applies when your down payment is less than 20% and usually costs 0.5%–1.5% of the loan amount per year. Add it manually to your insurance field if needed.
A 15-year mortgage has higher monthly payments but you pay significantly less total interest (often 50% less). A 30-year mortgage has lower payments, giving you more monthly cash flow, but you pay much more in total interest over time. Use this calculator to compare both scenarios side by side.
This calculator provides mathematically accurate estimates based on the inputs you provide. Actual payments may vary based on your lender's fees, points, escrow requirements, and rounding methods. Always confirm with your lender before making financial decisions.