Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization for US home loans.
Mortgage Calculator
Mortgage Details
Enter loan amount, rate, and term
Monthly Payment
Rate Comparison
How rate changes affect your payment.
Smart Insights
Personalized takeaways from your numbers.
Real-Life Examples
$350K · 6.5% · 30 yr
$250K · 5.5% · 15 yr
The Formula Behind It
M = P × r × (1+r)^n / ((1+r)^n - 1)Variables
- M = P × r(1+r)^n / ((1+r)^n − 1)
How It Works
- Enter your home loan amount in US dollars.
- Set the annual interest rate (APR).
- Choose loan term in months (e.g., 360 for 30 years).
- View monthly payment, total interest, and amortization insights.
About Mortgage Calculator
The Mortgage Calculator helps US homebuyers estimate monthly principal-and-interest payments, total interest over the loan life, and equity buildup over time. Whether you’re buying your first home, refinancing, or comparing 15-year vs 30-year terms, accurate payment projections are essential for budgeting.
How Mortgage Payments Work
Monthly payments use the standard amortization formula: M = P × r(1+r)^n / ((1+r)^n − 1), where P is loan principal, r is monthly interest rate, and n is total months. Early payments are mostly interest; later payments apply more to principal.
15-Year vs 30-Year Mortgages
A 30-year mortgage offers lower monthly payments but significantly more total interest. A 15-year mortgage costs more monthly but builds equity faster and saves tens or hundreds of thousands in interest. Use this calculator to compare scenarios before committing.
What’s Not Included
This calculator covers principal and interest only. Your actual housing payment may include property taxes, homeowner’s insurance, HOA fees, and PMI (private mortgage insurance) if your down payment is below 20%. Budget for these additional costs when planning your purchase.
Frequently Asked Questions
How is a mortgage payment calculated?
Monthly payment uses the standard amortization formula with principal, annual interest rate, and loan term in months.
What is included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance. This calculator covers principal and interest only.
How does down payment affect my mortgage?
A larger down payment reduces principal, lowering monthly payments and total interest paid.
What is PMI?
Private Mortgage Insurance is required on many loans with less than 20% down. It is not included in this basic calculator.
Should I choose a 15 or 30 year mortgage?
15-year loans have higher monthly payments but much less total interest. 30-year loans offer lower monthly payments.
How do interest rates affect payments?
Even a 0.25% rate difference can change your monthly payment by tens or hundreds of dollars on large loans.
Can I pay off my mortgage early?
Yes. Extra principal payments reduce total interest. Check your lender for prepayment terms.
What is an amortization schedule?
A breakdown of each payment showing how much goes to principal vs interest over the loan life.
Are property taxes included?
No. Add property taxes and insurance separately for a complete housing cost estimate.
Is this calculator for US mortgages?
Yes. It uses standard US mortgage amortization. For other countries, see our EMI calculator for similar loan math.
Community Stories
Real experiences from people like you.
"Compared 15 vs 30 year before buying."
Saved $120K in interest with 15-year