Overview
What Is a Mortgage Calculator?
This tool estimates your monthly mortgage payment based on loan amount, interest rate, and loan term, using the standard amortization formula.
Estimate your monthly mortgage payment instantly.
This tool estimates your monthly mortgage payment based on loan amount, interest rate, and loan term, using the standard amortization formula.
Useful for budgeting a home purchase, comparing loan offers, or understanding how rate changes affect your payment.
Input the total amount you're borrowing.
Input the annual interest rate.
Input the number of years for the loan.
The result updates automatically.
No, this calculates principal and interest only. Property tax and insurance are typically added separately by your lender.
This varies with market conditions - check current rates with lenders for accurate figures.
Using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly rate, and n is total payments.
A 15-year mortgage has higher monthly payments but significantly less total interest paid over the loan's life.
Yes, a larger down payment reduces your loan amount, which lowers your monthly principal and interest payment.
Yes, enter your new loan amount, rate, and term to estimate a refinanced payment.
This calculator assumes a fixed rate - ARM payments will change over time as the rate adjusts.
No, Private Mortgage Insurance (typically required with less than 20% down) isn't included in this estimate.
It's mathematically accurate for principal and interest, but your actual payment may include additional costs.
Yes, completely free with no sign-up required.