Use this free mortgage calculator to estimate your monthly mortgage payment, see the total interest you’ll pay over the life of the loan, and view a full amortization schedule. Enter your loan amount, interest rate, and loan term below to get an instant breakdown.
Mortgage Calculator
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How to use this mortgage calculator
1. Enter the home price — the full purchase price of the property.
2. Enter your down payment — the amount you are paying upfront. A 20% down payment avoids private mortgage insurance (PMI).
3. Enter the annual interest rate — check with your lender or use current average rates as a starting point.
4. Enter the loan term — most mortgages are 15 or 30 years. A shorter term means higher monthly payments but significantly less interest paid overall.
5. Click Calculate Payment to see your monthly payment, total interest, and full amortization schedule broken down by year.
Frequently asked questions
Q: What is included in a monthly mortgage payment?
A: A standard mortgage payment covers principal (the loan balance you are paying down) and interest. Your lender may also collect property taxes and homeowner's insurance through an escrow account, which would increase your total monthly payment beyond what this calculator shows.
Q: How much down payment do I need?
A: Most conventional loans require a minimum of 3% to 5% down. Putting down 20% eliminates the need for private mortgage insurance (PMI), which can add $100–$300 per month to your payment depending on the loan size.
Q: What is an amortization schedule?
A: An amortization schedule shows how each payment is split between principal and interest over the life of the loan. In the early years, most of your payment goes toward interest. As the loan matures, a larger portion goes toward reducing the principal balance.
Q: Should I choose a 15-year or 30-year mortgage?
A: A 30-year mortgage has lower monthly payments but you pay significantly more interest over time. A 15-year mortgage costs more each month but builds equity faster and saves tens of thousands in interest. Use this calculator to compare both scenarios side by side.
Q: How does the interest rate affect my payment?
A: Even a small change in interest rate has a large impact over a 30-year loan. For example, on a $300,000 loan, the difference between a 6% and 7% rate is roughly $200 per month and over $70,000 in total interest paid.