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Mortgage Calculator

Estimate monthly mortgage payments using the standard amortization formula.

Buying a homeStep 4 of 6

Best for: Use it before buying or refinancing, to compare 15- vs 30-year terms, or to see how rate changes and down payment affect what you pay.

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Input

Optional: taxes, insurance, HOA & extra payment

Result

Estimate

Payment per month (P&I)

$1,896

Total paid
$682,633.47
Total interest
$382,633.47
Standard formula Private — runs in your browser, no account

What to do next

Part of the 🏡 Buy a Home pathNext: Property Tax CalculatorThe headline payment isn't the full cost - taxes and insurance come next.Benefit: Budget the true monthly cost of owning. · Impact: Medium - adds 15-25% to the payment.
Most users next calculate
Home Affordability CalculatorHome Loan Calculator
Principal: $300,000.04 (43.95%)
Interest: $382,633.46 (56.05%)
Total: $682,633.50
Remaining balance over time
299.7K0
MonthPaymentInterestPrincipalBalance
1$1,896.20$1,625.00$271.20$299,728.80
2$1,896.20$1,623.53$272.67$299,456.12
3$1,896.20$1,622.05$274.15$299,181.97
4$1,896.20$1,620.57$275.64$298,906.34
5$1,896.20$1,619.08$277.13$298,629.21
6$1,896.20$1,617.57$278.63$298,350.58
7$1,896.20$1,616.07$280.14$298,070.44
8$1,896.20$1,614.55$281.66$297,788.79
9$1,896.20$1,613.02$283.18$297,505.60
10$1,896.20$1,611.49$284.72$297,220.89
11$1,896.20$1,609.95$286.26$296,934.63
12$1,896.20$1,608.40$287.81$296,646.82
13$1,896.20$1,606.84$289.37$296,357.46
14$1,896.20$1,605.27$290.93$296,066.52
15$1,896.20$1,603.69$292.51$295,774.01
16$1,896.20$1,602.11$294.09$295,479.92
17$1,896.20$1,600.52$295.69$295,184.23
18$1,896.20$1,598.91$297.29$294,886.94
19$1,896.20$1,597.30$298.90$294,588.04
20$1,896.20$1,595.69$300.52$294,287.52
21$1,896.20$1,594.06$302.15$293,985.37
22$1,896.20$1,592.42$303.78$293,681.59
23$1,896.20$1,590.78$305.43$293,376.16
24$1,896.20$1,589.12$307.08$293,069.08
25$1,896.20$1,587.46$308.75$292,760.33
26$1,896.20$1,585.79$310.42$292,449.91
27$1,896.20$1,584.10$312.10$292,137.81
28$1,896.20$1,582.41$313.79$291,824.02
29$1,896.20$1,580.71$315.49$291,508.53
30$1,896.20$1,579.00$317.20$291,191.33
31$1,896.20$1,577.29$318.92$290,872.41
32$1,896.20$1,575.56$320.65$290,551.77
33$1,896.20$1,573.82$322.38$290,229.39
34$1,896.20$1,572.08$324.13$289,905.26
35$1,896.20$1,570.32$325.88$289,579.37
36$1,896.20$1,568.55$327.65$289,251.73
37$1,896.20$1,566.78$329.42$288,922.30
38$1,896.20$1,565.00$331.21$288,591.09
39$1,896.20$1,563.20$333.00$288,258.09
40$1,896.20$1,561.40$334.81$287,923.29
41$1,896.20$1,559.58$336.62$287,586.67
42$1,896.20$1,557.76$338.44$287,248.22
43$1,896.20$1,555.93$340.28$286,907.95
44$1,896.20$1,554.08$342.12$286,565.83
45$1,896.20$1,552.23$343.97$286,221.85
46$1,896.20$1,550.37$345.84$285,876.02
47$1,896.20$1,548.50$347.71$285,528.31
48$1,896.20$1,546.61$349.59$285,178.72
49$1,896.20$1,544.72$351.49$284,827.23
50$1,896.20$1,542.81$353.39$284,473.84
51$1,896.20$1,540.90$355.30$284,118.54
52$1,896.20$1,538.98$357.23$283,761.31
53$1,896.20$1,537.04$359.16$283,402.15
54$1,896.20$1,535.09$361.11$283,041.04
55$1,896.20$1,533.14$363.07$282,677.97
56$1,896.20$1,531.17$365.03$282,312.94
57$1,896.20$1,529.20$367.01$281,945.93
58$1,896.20$1,527.21$369.00$281,576.93
59$1,896.20$1,525.21$371.00$281,205.94
60$1,896.20$1,523.20$373.01$280,832.93
61$1,896.20$1,521.18$375.03$280,457.91
62$1,896.20$1,519.15$377.06$280,080.85
63$1,896.20$1,517.10$379.10$279,701.75
64$1,896.20$1,515.05$381.15$279,320.60
65$1,896.20$1,512.99$383.22$278,937.38
66$1,896.20$1,510.91$385.29$278,552.09
67$1,896.20$1,508.82$387.38$278,164.71
68$1,896.20$1,506.73$389.48$277,775.23
69$1,896.20$1,504.62$391.59$277,383.64
70$1,896.20$1,502.49$393.71$276,989.93
71$1,896.20$1,500.36$395.84$276,594.09
72$1,896.20$1,498.22$397.99$276,196.10
73$1,896.20$1,496.06$400.14$275,795.96
74$1,896.20$1,493.89$402.31$275,393.65
75$1,896.20$1,491.72$404.49$274,989.16
76$1,896.20$1,489.52$406.68$274,582.48
77$1,896.20$1,487.32$408.88$274,173.60
78$1,896.20$1,485.11$411.10$273,762.50
79$1,896.20$1,482.88$413.32$273,349.18
80$1,896.20$1,480.64$415.56$272,933.62
81$1,896.20$1,478.39$417.81$272,515.80
82$1,896.20$1,476.13$420.08$272,095.73
83$1,896.20$1,473.85$422.35$271,673.37
84$1,896.20$1,471.56$424.64$271,248.73
85$1,896.20$1,469.26$426.94$270,821.79
86$1,896.20$1,466.95$429.25$270,392.54
87$1,896.20$1,464.63$431.58$269,960.96
88$1,896.20$1,462.29$433.92$269,527.05
89$1,896.20$1,459.94$436.27$269,090.78
90$1,896.20$1,457.58$438.63$268,652.15
91$1,896.20$1,455.20$441.00$268,211.15
92$1,896.20$1,452.81$443.39$267,767.75
93$1,896.20$1,450.41$445.80$267,321.96
94$1,896.20$1,447.99$448.21$266,873.75
95$1,896.20$1,445.57$450.64$266,423.11
96$1,896.20$1,443.13$453.08$265,970.03
97$1,896.20$1,440.67$455.53$265,514.50
98$1,896.20$1,438.20$458.00$265,056.50
99$1,896.20$1,435.72$460.48$264,596.02
100$1,896.20$1,433.23$462.98$264,133.04
101$1,896.20$1,430.72$465.48$263,667.56
102$1,896.20$1,428.20$468.00$263,199.55
103$1,896.20$1,425.66$470.54$262,729.01
104$1,896.20$1,423.12$473.09$262,255.93
105$1,896.20$1,420.55$475.65$261,780.27
106$1,896.20$1,417.98$478.23$261,302.05
107$1,896.20$1,415.39$480.82$260,821.23
108$1,896.20$1,412.78$483.42$260,337.81
109$1,896.20$1,410.16$486.04$259,851.77
110$1,896.20$1,407.53$488.67$259,363.09
111$1,896.20$1,404.88$491.32$258,871.77
112$1,896.20$1,402.22$493.98$258,377.79
113$1,896.20$1,399.55$496.66$257,881.13
114$1,896.20$1,396.86$499.35$257,381.78
115$1,896.20$1,394.15$502.05$256,879.73
116$1,896.20$1,391.43$504.77$256,374.96
117$1,896.20$1,388.70$507.51$255,867.45
118$1,896.20$1,385.95$510.26$255,357.20
119$1,896.20$1,383.18$513.02$254,844.18
120$1,896.20$1,380.41$515.80$254,328.38
121$1,896.20$1,377.61$518.59$253,809.79
122$1,896.20$1,374.80$521.40$253,288.39
123$1,896.20$1,371.98$524.23$252,764.16
124$1,896.20$1,369.14$527.06$252,237.10
125$1,896.20$1,366.28$529.92$251,707.18
126$1,896.20$1,363.41$532.79$251,174.39
127$1,896.20$1,360.53$535.68$250,638.71
128$1,896.20$1,357.63$538.58$250,100.13
129$1,896.20$1,354.71$541.50$249,558.64
130$1,896.20$1,351.78$544.43$249,014.21
131$1,896.20$1,348.83$547.38$248,466.83
132$1,896.20$1,345.86$550.34$247,916.49
133$1,896.20$1,342.88$553.32$247,363.17
134$1,896.20$1,339.88$556.32$246,806.85
135$1,896.20$1,336.87$559.33$246,247.51
136$1,896.20$1,333.84$562.36$245,685.15
137$1,896.20$1,330.79$565.41$245,119.74
138$1,896.20$1,327.73$568.47$244,551.27
139$1,896.20$1,324.65$571.55$243,979.72
140$1,896.20$1,321.56$574.65$243,405.07
141$1,896.20$1,318.44$577.76$242,827.31
142$1,896.20$1,315.31$580.89$242,246.42
143$1,896.20$1,312.17$584.04$241,662.38
144$1,896.20$1,309.00$587.20$241,075.18
145$1,896.20$1,305.82$590.38$240,484.80
146$1,896.20$1,302.63$593.58$239,891.23
147$1,896.20$1,299.41$596.79$239,294.43
148$1,896.20$1,296.18$600.03$238,694.41
149$1,896.20$1,292.93$603.28$238,091.13
150$1,896.20$1,289.66$606.54$237,484.59
151$1,896.20$1,286.37$609.83$236,874.76
152$1,896.20$1,283.07$613.13$236,261.63
153$1,896.20$1,279.75$616.45$235,645.17
154$1,896.20$1,276.41$619.79$235,025.38
155$1,896.20$1,273.05$623.15$234,402.23
156$1,896.20$1,269.68$626.53$233,775.70
157$1,896.20$1,266.29$629.92$233,145.78
158$1,896.20$1,262.87$633.33$232,512.45
159$1,896.20$1,259.44$636.76$231,875.69
160$1,896.20$1,255.99$640.21$231,235.48
161$1,896.20$1,252.53$643.68$230,591.80
162$1,896.20$1,249.04$647.17$229,944.64
163$1,896.20$1,245.53$650.67$229,293.97
164$1,896.20$1,242.01$654.20$228,639.77
165$1,896.20$1,238.47$657.74$227,982.03
166$1,896.20$1,234.90$661.30$227,320.73
167$1,896.20$1,231.32$664.88$226,655.85
168$1,896.20$1,227.72$668.48$225,987.36
169$1,896.20$1,224.10$672.11$225,315.26
170$1,896.20$1,220.46$675.75$224,639.51
171$1,896.20$1,216.80$679.41$223,960.10
172$1,896.20$1,213.12$683.09$223,277.02
173$1,896.20$1,209.42$686.79$222,590.23
174$1,896.20$1,205.70$690.51$221,899.72
175$1,896.20$1,201.96$694.25$221,205.48
176$1,896.20$1,198.20$698.01$220,507.47
177$1,896.20$1,194.42$701.79$219,805.68
178$1,896.20$1,190.61$705.59$219,100.09
179$1,896.20$1,186.79$709.41$218,390.68
180$1,896.20$1,182.95$713.25$217,677.42
181$1,896.20$1,179.09$717.12$216,960.31
182$1,896.20$1,175.20$721.00$216,239.30
183$1,896.20$1,171.30$724.91$215,514.40
184$1,896.20$1,167.37$728.83$214,785.56
185$1,896.20$1,163.42$732.78$214,052.78
186$1,896.20$1,159.45$736.75$213,316.03
187$1,896.20$1,155.46$740.74$212,575.28
188$1,896.20$1,151.45$744.75$211,830.53
189$1,896.20$1,147.42$748.79$211,081.74
190$1,896.20$1,143.36$752.84$210,328.90
191$1,896.20$1,139.28$756.92$209,571.97
192$1,896.20$1,135.18$761.02$208,810.95
193$1,896.20$1,131.06$765.14$208,045.81
194$1,896.20$1,126.91$769.29$207,276.52
195$1,896.20$1,122.75$773.46$206,503.06
196$1,896.20$1,118.56$777.65$205,725.42
197$1,896.20$1,114.35$781.86$204,943.56
198$1,896.20$1,110.11$786.09$204,157.46
199$1,896.20$1,105.85$790.35$203,367.11
200$1,896.20$1,101.57$794.63$202,572.48
201$1,896.20$1,097.27$798.94$201,773.54
202$1,896.20$1,092.94$803.26$200,970.28
203$1,896.20$1,088.59$807.62$200,162.67
204$1,896.20$1,084.21$811.99$199,350.68
205$1,896.20$1,079.82$816.39$198,534.29
206$1,896.20$1,075.39$820.81$197,713.48
207$1,896.20$1,070.95$825.26$196,888.22
208$1,896.20$1,066.48$829.73$196,058.50
209$1,896.20$1,061.98$834.22$195,224.28
210$1,896.20$1,057.46$838.74$194,385.54
211$1,896.20$1,052.92$843.28$193,542.25
212$1,896.20$1,048.35$847.85$192,694.40
213$1,896.20$1,043.76$852.44$191,841.96
214$1,896.20$1,039.14$857.06$190,984.90
215$1,896.20$1,034.50$861.70$190,123.20
216$1,896.20$1,029.83$866.37$189,256.83
217$1,896.20$1,025.14$871.06$188,385.77
218$1,896.20$1,020.42$875.78$187,509.98
219$1,896.20$1,015.68$880.52$186,629.46
220$1,896.20$1,010.91$885.29$185,744.16
221$1,896.20$1,006.11$890.09$184,854.07
222$1,896.20$1,001.29$894.91$183,959.16
223$1,896.20$996.45$899.76$183,059.40
224$1,896.20$991.57$904.63$182,154.77
225$1,896.20$986.67$909.53$181,245.24
226$1,896.20$981.75$914.46$180,330.78
227$1,896.20$976.79$919.41$179,411.37
228$1,896.20$971.81$924.39$178,486.98
229$1,896.20$966.80$929.40$177,557.58
230$1,896.20$961.77$934.43$176,623.14
231$1,896.20$956.71$939.50$175,683.65
232$1,896.20$951.62$944.58$174,739.06
233$1,896.20$946.50$949.70$173,789.36
234$1,896.20$941.36$954.85$172,834.52
235$1,896.20$936.19$960.02$171,874.50
236$1,896.20$930.99$965.22$170,909.28
237$1,896.20$925.76$970.45$169,938.84
238$1,896.20$920.50$975.70$168,963.14
239$1,896.20$915.22$980.99$167,982.15
240$1,896.20$909.90$986.30$166,995.85
241$1,896.20$904.56$991.64$166,004.20
242$1,896.20$899.19$997.01$165,007.19
243$1,896.20$893.79$1,002.42$164,004.77
244$1,896.20$888.36$1,007.84$162,996.93
245$1,896.20$882.90$1,013.30$161,983.63
246$1,896.20$877.41$1,018.79$160,964.83
247$1,896.20$871.89$1,024.31$159,940.52
248$1,896.20$866.34$1,029.86$158,910.66
249$1,896.20$860.77$1,035.44$157,875.22
250$1,896.20$855.16$1,041.05$156,834.18
251$1,896.20$849.52$1,046.69$155,787.49
252$1,896.20$843.85$1,052.36$154,735.14
253$1,896.20$838.15$1,058.06$153,677.08
254$1,896.20$832.42$1,063.79$152,613.29
255$1,896.20$826.66$1,069.55$151,543.75
256$1,896.20$820.86$1,075.34$150,468.40
257$1,896.20$815.04$1,081.17$149,387.24
258$1,896.20$809.18$1,087.02$148,300.21
259$1,896.20$803.29$1,092.91$147,207.30
260$1,896.20$797.37$1,098.83$146,108.47
261$1,896.20$791.42$1,104.78$145,003.69
262$1,896.20$785.44$1,110.77$143,892.92
263$1,896.20$779.42$1,116.78$142,776.14
264$1,896.20$773.37$1,122.83$141,653.30
265$1,896.20$767.29$1,128.92$140,524.39
266$1,896.20$761.17$1,135.03$139,389.36
267$1,896.20$755.03$1,141.18$138,248.18
268$1,896.20$748.84$1,147.36$137,100.82
269$1,896.20$742.63$1,153.57$135,947.25
270$1,896.20$736.38$1,159.82$134,787.42
271$1,896.20$730.10$1,166.11$133,621.32
272$1,896.20$723.78$1,172.42$132,448.89
273$1,896.20$717.43$1,178.77$131,270.12
274$1,896.20$711.05$1,185.16$130,084.96
275$1,896.20$704.63$1,191.58$128,893.39
276$1,896.20$698.17$1,198.03$127,695.36
277$1,896.20$691.68$1,204.52$126,490.83
278$1,896.20$685.16$1,211.05$125,279.79
279$1,896.20$678.60$1,217.61$124,062.18
280$1,896.20$672.00$1,224.20$122,837.98
281$1,896.20$665.37$1,230.83$121,607.15
282$1,896.20$658.71$1,237.50$120,369.65
283$1,896.20$652.00$1,244.20$119,125.45
284$1,896.20$645.26$1,250.94$117,874.51
285$1,896.20$638.49$1,257.72$116,616.79
286$1,896.20$631.67$1,264.53$115,352.26
287$1,896.20$624.82$1,271.38$114,080.88
288$1,896.20$617.94$1,278.27$112,802.62
289$1,896.20$611.01$1,285.19$111,517.43
290$1,896.20$604.05$1,292.15$110,225.28
291$1,896.20$597.05$1,299.15$108,926.13
292$1,896.20$590.02$1,306.19$107,619.94
293$1,896.20$582.94$1,313.26$106,306.68
294$1,896.20$575.83$1,320.38$104,986.30
295$1,896.20$568.68$1,327.53$103,658.77
296$1,896.20$561.49$1,334.72$102,324.05
297$1,896.20$554.26$1,341.95$100,982.10
298$1,896.20$546.99$1,349.22$99,632.89
299$1,896.20$539.68$1,356.53$98,276.36
300$1,896.20$532.33$1,363.87$96,912.49
301$1,896.20$524.94$1,371.26$95,541.22
302$1,896.20$517.51$1,378.69$94,162.54
303$1,896.20$510.05$1,386.16$92,776.38
304$1,896.20$502.54$1,393.67$91,382.71
305$1,896.20$494.99$1,401.21$89,981.50
306$1,896.20$487.40$1,408.80$88,572.69
307$1,896.20$479.77$1,416.44$87,156.26
308$1,896.20$472.10$1,424.11$85,732.15
309$1,896.20$464.38$1,431.82$84,300.33
310$1,896.20$456.63$1,439.58$82,860.75
311$1,896.20$448.83$1,447.37$81,413.38
312$1,896.20$440.99$1,455.21$79,958.16
313$1,896.20$433.11$1,463.10$78,495.07
314$1,896.20$425.18$1,471.02$77,024.04
315$1,896.20$417.21$1,478.99$75,545.05
316$1,896.20$409.20$1,487.00$74,058.05
317$1,896.20$401.15$1,495.06$72,562.99
318$1,896.20$393.05$1,503.15$71,059.84
319$1,896.20$384.91$1,511.30$69,548.54
320$1,896.20$376.72$1,519.48$68,029.06
321$1,896.20$368.49$1,527.71$66,501.35
322$1,896.20$360.22$1,535.99$64,965.36
323$1,896.20$351.90$1,544.31$63,421.05
324$1,896.20$343.53$1,552.67$61,868.38
325$1,896.20$335.12$1,561.08$60,307.29
326$1,896.20$326.66$1,569.54$58,737.75
327$1,896.20$318.16$1,578.04$57,159.71
328$1,896.20$309.62$1,586.59$55,573.12
329$1,896.20$301.02$1,595.18$53,977.94
330$1,896.20$292.38$1,603.82$52,374.12
331$1,896.20$283.69$1,612.51$50,761.61
332$1,896.20$274.96$1,621.25$49,140.36
333$1,896.20$266.18$1,630.03$47,510.33
334$1,896.20$257.35$1,638.86$45,871.48
335$1,896.20$248.47$1,647.73$44,223.74
336$1,896.20$239.55$1,656.66$42,567.08
337$1,896.20$230.57$1,665.63$40,901.45
338$1,896.20$221.55$1,674.65$39,226.80
339$1,896.20$212.48$1,683.73$37,543.07
340$1,896.20$203.36$1,692.85$35,850.23
341$1,896.20$194.19$1,702.02$34,148.21
342$1,896.20$184.97$1,711.23$32,436.98
343$1,896.20$175.70$1,720.50$30,716.47
344$1,896.20$166.38$1,729.82$28,986.65
345$1,896.20$157.01$1,739.19$27,247.46
346$1,896.20$147.59$1,748.61$25,498.84
347$1,896.20$138.12$1,758.09$23,740.76
348$1,896.20$128.60$1,767.61$21,973.15
349$1,896.20$119.02$1,777.18$20,195.97
350$1,896.20$109.39$1,786.81$18,409.16
351$1,896.20$99.72$1,796.49$16,612.67
352$1,896.20$89.99$1,806.22$14,806.45
353$1,896.20$80.20$1,816.00$12,990.45
354$1,896.20$70.36$1,825.84$11,164.61
355$1,896.20$60.47$1,835.73$9,328.88
356$1,896.20$50.53$1,845.67$7,483.21
357$1,896.20$40.53$1,855.67$5,627.54
358$1,896.20$30.48$1,865.72$3,761.82
359$1,896.20$20.38$1,875.83$1,885.99
360$1,896.20$10.22$1,885.99$0.00
More about this result
Result quality
Type
Industry Standard
Method
Industry-standard method
Confidence
High

Uses the standard formula and conventions the industry relies on.

Explore scenarios

Challenge: Can you cut total interest with a shorter term?

Current
$300,000.00 - 6.5% - 30y
$1,896.20/mo
Rate 6.00% (-0.5%)
$1,798.65/mo
-$97.55/mo
25-year term
$2,025.62/mo
$129.42/mo
+10% down payment
$1,706.58/mo
-$189.62/mo
What would improve this most?
  1. Loan term· Most impactful— -5 years
  2. Interest rate· Moderately impactful— -1% rate
  3. Down payment· Least impactful— +10% down

Principal & interest only; excludes taxes and insurance.

What this means

The monthly payment covers principal + interest (taxes and insurance are usually added on top as escrow). Total interest = (payment × months) − loan amount. A 15-year term has a higher payment but far less total interest than a 30-year.

What impacts this result most?
  1. 1.
    Interest rateHigh impact

    Small rate changes move the payment and total interest a lot.

  2. 2.
    Loan amountHigh impact

    The payment scales almost directly with how much you borrow.

  3. 3.
    Loan termMedium impact

    A longer term lowers the payment but raises total interest.

  4. 4.
    Down paymentMedium impact

    A bigger down payment shrinks the loan and can drop PMI.

How to improve this result
  • Increase your down payment to shrink the loan and avoid PMI
  • Improve your credit score to qualify for a lower rate
  • Choose a shorter term to cut total interest
  • Make extra principal payments when you can
3 Important insights
  • Interest rate heavily impacts total cost over the loan's life.
  • Shorter terms mean a higher payment but far less total interest.
  • Taxes, insurance and maintenance are commonly underestimated.

A 15-year loan can cost less than half the total interest of a 30-year one at the same rate. — Freddie Mac PMMS (mortgage rates)

People usually ask next
Can I improve this? What if the inputs change? Is this above average?

Challenge: Can you cut total interest with a shorter term?Try it →

Worth a revisit later — mortgage rates change.

Was this helpful?
How it's calculated & sources

Method: standard amortization formula (principal + interest, monthly compounding). Excludes property tax, insurance and PMI — add those for a full PITI payment.

Key assumptions
  • Fixed interest rate for the whole term
  • No refinancing or rate changes
  • Taxes and insurance estimated separately

Free & no sign-up · runs entirely in your browser. Results are estimates for general information, not professional advice — verify important decisions with a qualified expert. Last reviewed June 2026.

How it works

Monthly Payment = P × [r(1+r)n] / [(1+r)n − 1]

Where P is the loan principal, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of monthly payments (years × 12).

Example

A $300,000 loan at 6.5% for 30 years has a monthly payment of about $1,896.20 and total interest paid of $382,633.

Frequently asked questions

Does this include taxes and insurance?+

No. This is principal + interest only. Add property taxes and insurance separately for a full PITI estimate.

What does APR vs interest rate mean?+

Interest rate is the cost of borrowing the principal. APR also includes fees, so APR is usually slightly higher.

Can I prepay my mortgage?+

Most lenders allow extra principal payments which reduce total interest. Check your contract for prepayment penalties.

Continue your journey

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Complete guide

Quick answers

Short, sourced answers to the questions people (and AI assistants) ask most.

What is Mortgage?
A mortgage calculator computes your monthly mortgage payment and total interest from the loan amount, interest rate and term. It is the standard tool for planning a home purchase or refinance.
Why does Mortgage matter?
Every interest and payment figure is calculated from the principal, so it sets the scale of the result.
How is Mortgage calculated?
Your mortgage is amortized — repaid in equal monthly payments where the interest portion shrinks and the principal portion grows over time. The payment is fixed for a fixed-rate loan. Formula: M = P × r × (1+r)^n ÷ ((1+r)^n − 1).
What is a good mortgage?
US 30-yr fixed about 6-7%; varies by credit and country
What are common mortgage mistakes?
Budgeting only principal + interest \u2014 add property tax, insurance and (if <20% down) PMI.
When should you use the Mortgage Calculator?
Use it before buying or refinancing, to compare 15- vs 30-year terms, or to see how rate changes and down payment affect what you pay.

What is the Mortgage Calculator?

A mortgage calculator computes your monthly mortgage payment and total interest from the loan amount, interest rate and term. It is the standard tool for planning a home purchase or refinance.

How the Mortgage Calculator works

Your mortgage is amortized — repaid in equal monthly payments where the interest portion shrinks and the principal portion grows over time. The payment is fixed for a fixed-rate loan.

M = P × r × (1+r)^n ÷ ((1+r)^n − 1)
  • M — Monthly principal + interest payment
  • P — Loan amount (price − down payment)
  • r — Monthly rate = annual rate ÷ 12 ÷ 100
  • n — Number of payments = years × 12
  1. Enter your principal — the original amount of money borrowed or invested, before any interest is added.
  2. Enter your interest rate — the percentage a lender charges you to borrow, or a bank pays you to save, usually quoted per year (per annum).
  3. Enter your loan term — the length of time you take to repay a loan, in years or months.
  4. Enter your down payment — the cash you pay upfront when buying on finance, reducing the amount you borrow.
  5. Enter your property value — the market price or appraised worth of a property.
  6. Enter your mortgage insurance (pmi) — insurance that protects the lender, usually required when your down payment is under 20%.
  7. Read the result, then change any input to compare scenarios instantly — the Mortgage Calculator recalculates as you type.

Understanding the inputs

What each value means, why it matters, and a typical range — so you can fill in the calculator with confidence.

Principal

The original amount of money borrowed or invested, before any interest is added.

Why it matters:
Every interest and payment figure is calculated from the principal, so it sets the scale of the result.
Typical range:
Whatever you borrow or invest - there is no standard value.
How it affects results:
  • Higher: Larger payments and more total interest.
  • Lower: Smaller payments and less total interest.

Common mistake: Entering the property price instead of the loan amount (price minus down payment).

Interest Rate

The percentage a lender charges you to borrow, or a bank pays you to save, usually quoted per year (per annum).

Why it matters:
It is the single biggest driver of how much a loan costs or a deposit earns over time.
Typical range:
3% to 12% per year for most loans; about 6% to 8% is common for home loans.
How it affects results:
  • Higher: More interest paid and bigger payments.
  • Lower: Cheaper borrowing and smaller payments.

Common mistake: Entering a monthly rate where an annual rate is expected (or the reverse).

Loan Term

The length of time you take to repay a loan, in years or months.

Why it matters:
It trades monthly affordability against total interest - longer terms cost much more overall.
Typical range:
15 to 30 years for home loans; 3 to 7 years for car and personal loans.
How it affects results:
  • Higher: Lower monthly payment but much more total interest.
  • Lower: Higher monthly payment but far less total interest.

Common mistake: Choosing the longest term just for a low payment, ignoring the far higher lifetime cost.

Down Payment

The cash you pay upfront when buying on finance, reducing the amount you borrow.

Why it matters:
A larger down payment shrinks the loan, lowers payments, and can remove mortgage insurance.
Typical range:
10% to 20% of the price for a home; 20% avoids most mortgage insurance.
How it affects results:
  • Higher: Smaller loan and less interest, but more cash needed upfront.
  • Lower: Bigger loan, higher payments, and often mandatory mortgage insurance.

Common mistake: Forgetting that a down payment under 20% usually triggers PMI.

Property Value

The market price or appraised worth of a property.

Why it matters:
Taxes, yields, loan-to-value and returns are all measured against the value.
Typical range:
Set by the local market.
How it affects results:
  • Higher: Higher taxes and a larger loan needed.
  • Lower: Lower taxes and a smaller loan needed.

Common mistake: Using the original purchase price years later instead of the current market value.

Mortgage Insurance (PMI)

Insurance that protects the lender, usually required when your down payment is under 20%.

Why it matters:
It adds to your payment without building equity, so it pays to avoid or remove it.
Typical range:
Roughly 0.3% to 1.5% of the loan per year.
How it affects results:
  • Higher: A larger monthly add-on.
  • Lower: A smaller monthly add-on.

Common mistake: Forgetting to budget PMI when putting down less than 20%.

Component definitions

The parts that drive this result and what each one contributes.

  • Principal — The loan amount you repay over time.
  • Interest — The cost of borrowing, set by the rate and term.
  • Taxes — Property tax, usually collected with the payment.
  • Insurance — Homeowner's (and PMI if under 20% down).

Benchmark reference

What counts as poor, average or excellent for this metric.

Mortgage Interest Rate

Average~6-7% (US 30-yr fixed)

Source: Freddie Mac PMMS (2026) · Updated June 2026

Typical values

Mortgage Interest Rate:
US 30-yr fixed about 6-7%; varies by credit and country

Common interpretation errors

  • Rates change frequently
  • Your rate depends on credit, term and country

What impacts results most

  1. 1.
    Interest rate (High impact)Small rate changes move the payment and total interest a lot.
  2. 2.
    Loan amount (High impact)The payment scales almost directly with how much you borrow.
  3. 3.
    Loan term (Medium impact)A longer term lowers the payment but raises total interest.
  4. 4.
    Down payment (Medium impact)A bigger down payment shrinks the loan and can drop PMI.

Key assumptions

  • Fixed interest rate for the whole term
  • No refinancing or rate changes
  • Taxes and insurance estimated separately

What's a typical value?

For reference, the U.S. average 30-year fixed rate is about 6.5% and the 15-year about 5.9% (Freddie Mac, June 2026). Lenders generally want your total monthly debt under ~36\u201343% of gross income.

Monthly principal & interest per $100,000 borrowed

5%$791$537
6%$844$600
7%$899$665
8%$956$734

15-year vs 30-year

15-year30-year
Monthly paymentHigherLower
Total interestMuch lowerMuch higher
PayoffFasterSlower

Worked example

Inputs: $300,000 loan, 6.5% APR, 30 years Calculation: monthly rate 0.5417%, 360 payments → P×i(1+i)^n/((1+i)^n−1) Result: $1,896/month (P&I), total interest $382,633 What it means: Most of the early payments are interest; a 15-year term would roughly halve total interest.

Key terms

PITI:
Principal, Interest, Taxes, Insurance \u2014 the full monthly housing payment.
APR:
Annual Percentage Rate \u2014 the rate including most fees, for comparing loans.
PMI:
Private Mortgage Insurance \u2014 usually required if your down payment is under 20%.
Amortization:
How each payment splits between interest and principal over time.

Common mistakes to avoid

  • Budgeting only principal + interest \u2014 add property tax, insurance and (if <20% down) PMI.
  • Picking the longest term for a low payment without seeing the far higher total interest.
  • Ignoring prepayment \u2014 even small extra payments cut years and a lot of interest.

Compared to alternatives

EMI vs Mortgage

Same amortisation math; mortgage tools add taxes, insurance and escrow.

EMIMortgage
OutputPrincipal + interestFull PITI payment
ScopeAny loanHome loans specifically
ExtrasTenure / prepaymentTaxes, insurance, PMI

Bottom line: Use EMI for the loan math; use the mortgage tool for the true cost of owning.

EMI calculator·Mortgage calculator

Related concepts

How Mortgage connects to the concepts around it.

EMI:
A fixed monthly loan payment of principal plus interest.
Down Payment:
Upfront cash that reduces the amount you borrow.
Affordability:
The largest home or loan you can comfortably afford.
PMI:
Insurance usually required when the down payment is under 20%.
Amortization:
How each payment splits between interest and principal over time.
Interest Rate:
The annual cost of borrowing or the return on savings.

Loans & Mortgage learning path

A sensible order to learn these concepts.

Interest RateEMIAmortizationAffordabilityMortgage

Reviewed sources & methodology

Methodology: Industry Standard · Last reviewed June 2026.

Keywords: mortgage, home, loan, payment.

This is an educational estimate, not financial advice. Rates, rules and figures change — verify the latest with the provider or a qualified advisor before you decide.

Sources: Freddie Mac PMMS (June 2026)

Reviewed by the Free Tools Galaxy editorial team · Updated June 2026 · Calculated privately in your browser.

Frequently asked questions

Is the Mortgage Calculator free to use?+

Yes. Every tool on Free Tools Galaxy is 100% free, runs in your browser and requires no signup.

How accurate is the Mortgage Calculator?+

Mortgage Calculator uses the standard mortgage formula in double-precision arithmetic, so the same inputs always produce the same result and you can verify any figure by hand. It is an educational estimate — real-world outcomes depend on your actual rates, rules and assumptions.

Do you store my inputs?+

No. The Mortgage Calculator runs entirely in your browser. Nothing is uploaded or saved to a server.

Can I use the Mortgage Calculator on mobile?+

Yes — the interface is fully responsive and works on phones, tablets and desktops.

What are common mistakes to avoid?+

The most frequent mistake is mixing units. Double-check your inputs use a single, consistent unit before clicking Calculate.

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Payment on $300,000 at 6% for 30 yearsPayment on $400,000 at 7% for 30 yearsPayment on $250,000 at 6% for 15 yearsPayment on $500,000 at 5% for 30 years

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Based on this tool, your recent activity and how others chain tools together.

Likely next step

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Part of a workflow

🏠Buy a HouseStep 2 / 4
budget calculatormortgage calculatoremi calculatorproperty tax calculator
Continue → EMI Calculator

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