Mortgage Calculator - Calculate Your Home Loan Payments Instantly

Calculate your monthly mortgage payments, amortization schedule, and total loan costs.

Loan Details

$
$
20.00% of home price
%
%
$
$

Mortgage Tips

  • • 20% down payment avoids PMI insurance
  • • Shorter terms save on interest but increase monthly payments
  • • Property taxes vary by location

Payment Summary

Estimated Monthly Payment
$0
Principal & Interest: $0
+ Taxes: $0
+ Insurance: $0
Loan Amount
$0
Interest Rate
6.5%

Loan Composition

Total Loan Costs

Principal$0
Interest$0
Down Payment$70,000
Total Cost$0

Payment Breakdown

Yearly Payment Breakdown

Track how your payments change over the life of the loan.

Understanding Your Mortgage

Principal vs Interest

Early payments are mostly interest. Over time, more goes toward principal.

Loan Term Impact

Shorter terms mean higher payments but less total interest paid.

Rate Importance

Even small rate differences can significantly impact total costs over time.

Buying a home represents one of the largest financial commitments you will make - and understanding your financial position and what you can afford is critical.

Our Mortgage Calculator makes it simple to calculate how much your mortgage will be on a monthly basis which will help you budget in advance of meeting with the lender.

With a few inputs (loan amount, loan interest rate, loan stagger period, and down payment), the tool will estimate your monthly principal and interest amounts in just seconds. This mortgage calculator will help you to see how much home you can afford whether it's your first purchase or you are refinancing, and give you insight in advance of her meeting with the lender.

Mortgage Calculator

How the Mortgage Calculator Works

The Mortgage Calculator calculates monthly payments with a standard amortization formula.

All you need to input is:

Home Price / Loan Amount - The total home price or mortgage amount you're borrowing.
Down Payment - The portion you're paying upfront (optional).
Loan Term - The number of years you take to pay this back (i.e., 10, 15, 20, or 30 years).
Interest Rate - Your loan annual interest percentage.

Our Mortgage calculator will provide the results instantly whenever you change above fields.

Why Use an Online Mortgage Calculator?

Budget Smarter - Learn what you can financially manage before visiting the lender.
Save Time - Acquire results instantly instead of completing varied complicated calculations.
Plan Ahead - Factor in monthly expenses that are realistic to your situation so you don't get surprises when putting your budget together.
Comparison shop loans - Look at multiple mortgage offers all at once.
Test Scenarios - Change the loan term, interest rates, and down payment amounts to see how the loan changes.

Example:

Let's say you purchase a $300,000 home, you have a 20% down payment, a 30 year loan, and an interest rate of 6%. You enter that information into our Mortgage Calculator. You will get the results of your monthly payment and cost, at that moment in time, over the life of the loan. You can then decide if your down payment should be higher/lower, the term should be shorter, or if you should attempt to negotiate a better interest rate.

Tips for Or Getting the Most Accurate Result

Get realistic interest rates using your credit score.
Budget for property taxes, homeowners insurance, and PMI as part of your monthly payment.
Revisit the calculator if interest rates change - even a small rate change can make a big difference.
Compare at least two loan terms (e.g., 15 years vs. 30 years) to understand how you could save money over a long period of time.

FAQs

A Mortgage Calculator is an online tool to give you an estimate of what you can expect to pay for monthly home loan payments based on loan amount, interest rate, and loan term.

The calculations you see are only representative of what standard calculations look like, with the final numbers being fairly accurate if you are only looking at principal and interest. Actual payments can vary depending on amount of taxes, insurance, and/or PMI.

To help create more realistic numbers you can use to budget for your new home while also comparing loan offers from different lenders so you don't get any surprises - financially.

Changing the loan term to a shorter amount of time (for example, a 15 vs. 30 year loan), you will typically have a higher monthly payment, but will pay less total interest vs. a longer loan term which will have lower monthly payments but higher total interest.

Note: This calculator provides estimates. Actual terms may vary by lender.