Mortgage Calculator
Calculate monthly mortgage payments, total interest, and view a full amortization schedule.
This calculator provides estimates for informational purposes only. Actual loan terms depend on your lender, credit score, and local regulations.
Monthly Payment
P&I: · Tax: · Insurance:
Loan Amount
Total Interest
Total Cost
Interest %
Principal vs Interest
| Year | Principal | Interest | Balance |
|---|---|---|---|
How It Works
Enter home price, down payment, interest rate, and loan term. See your monthly P&I payment, total interest paid, and yearly amortization table.
**Mortgage Calculator — Plan Your Home Loan**
Buying a home is the largest financial decision most people make. Our mortgage calculator shows your exact monthly payment, total interest cost over the life of the loan, and a year-by-year amortization breakdown.
**The Mortgage Payment Formula**
Monthly P&I = P × [r(1+r)^n] / [(1+r)^n − 1]
Where:
- P = Principal (loan amount)
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total payments (years × 12)
**Factors That Affect Your Payment**
- **Home price** — Higher price means larger loan
- **Down payment** — More down = smaller loan + no PMI (usually at 20%)
- **Interest rate** — Even 0.5% difference significantly affects total cost
- **Loan term** — 30-year has lower payments but 2× the interest of a 15-year
**True Monthly Cost Includes:**
- Principal & Interest (P&I) — the calculated payment
- Property tax — typically 0.5–2% of home value annually
- Homeowner's insurance — typically \$800–\$2,000/year
- PMI — if down payment < 20% (~0.5–1.5% annually)
- HOA fees — if applicable