Mortgage Calculator — Free Home Loan Payment Calculator
Calculate monthly mortgage payments, total interest, and view amortization schedules for your home loan. All calculations happen locally — nothing leaves your browser.
How to Use the Mortgage Calculator
- Enter home price — the total purchase price of the property.
- Set down payment — enter as a dollar amount or percentage of the home price.
- Set interest rate — your annual percentage rate (APR) from the lender.
- Choose loan term — select 15, 20, or 30 years.
- Review results — see your monthly payment, total interest, and amortization schedule.
Understanding Your Mortgage
A mortgage is a loan used to purchase a home, where the property itself serves as collateral. Your monthly payment typically includes principal (the amount borrowed), interest (the cost of borrowing), and sometimes taxes and insurance. Understanding how your payment breaks down helps you make informed decisions about refinancing, extra payments, and home affordability.
Frequently Asked Questions
Conventional loans typically require 3%–20% down. A 20% down payment lets you avoid Private Mortgage Insurance (PMI). FHA loans require as little as 3.5% down, and VA/USDA loans may require zero down payment. A larger down payment means lower monthly payments and less total interest.
A fixed-rate mortgage keeps the same interest rate for the entire loan term, so your payment never changes. An adjustable-rate mortgage (ARM) has a fixed rate for an initial period (e.g., 5 years), then adjusts periodically based on market conditions. ARMs typically start with lower rates but carry more risk.
A 15-year mortgage has higher monthly payments but significantly lower total interest — you can save tens of thousands of dollars. A 30-year mortgage offers lower monthly payments and more flexibility. Many homeowners choose 30-year terms and make extra principal payments when possible.
Use Cases
Home Purchase Planning
Determine what home price you can afford and plan your budget before house hunting.
Down Payment Comparison
Compare how different down payment amounts affect your monthly payment and total cost.
Refinancing Analysis
Compare your current mortgage terms with new rates to decide if refinancing makes sense.
Amortization Tracking
See how each payment splits between principal and interest over the life of the loan.