Buying a home is one of the biggest financial decisions you will ever make. Our Mortgage Calculator helps you estimate your monthly payments, understand how interest rates affect your mortgage, and see your full amortization schedule. Whether you are a first-time homebuyer or looking to refinance, this tool gives you the clarity you need to make informed decisions.
Calculate your monthly mortgage payments, total interest costs, and full amortization schedule with our free Mortgage Calculator. Whether you’re buying your first home or refinancing, knowing your numbers gives you confidence.
Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and amortization schedule. Use the scenario comparison tool to compare different loan options side by side.
Compare Scenarios
Compare two mortgage scenarios side by side to find the best option for your situation.
Scenario A
Scenario B
How the Mortgage Calculator Works
We use the standard mortgage amortization formula:
M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1]
Where M = monthly payment, P = loan amount (price − down payment), r = monthly interest rate (annual rate ÷ 12), and n = total payments (years × 12).
For a $300,000 home with 20% down at 6.5% over 30 years: Monthly payment ≈ $1,517, total interest ≈ $306,107.
💡 Next Decision
If you want to plan your down payment: Use our Savings Goal Calculator to calculate how much to save each month.
If you want to compare loan terms: Use our Loan Calculator to see how interest rate and term affect your payments.
If you are considering investing vs buying: Use our Compound Interest Calculator to compare investment growth.
Frequently Asked Questions
What’s a good down payment?
20% down avoids Private Mortgage Insurance (PMI), but many programs accept as little as 3-5%. FHA loans offer 3.5% down.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but much less total interest. A 30-year mortgage offers lower payments but costs more over time.
Pro Tips
- Get pre-approved before house hunting to know your budget
- Consider buying mortgage points to lower your interest rate
- Shop around with at least 3-4 lenders for the best rate
Related Tools
- Use our Loan Calculator to compare different loan scenarios
- Use our Savings Goal Calculator to plan your deposit
- Use our Compound Interest Calculator to explore investment options
- Explore all our financial tools on the Personal Finance Hub
How the Mortgage Calculator Works
Mortgage payments are calculated using the standard amortization formula:
M = P[r(1+r)^n] / [(1+r)^n – 1]
Where: M = Monthly payment, P = Principal (loan minus down payment), r = Monthly interest rate (annual rate ÷ 12), n = Total payments (years × 12).
Example: $300,000 home with 20% down at 6.5% APR for 30 years means ~$1,517/month.