Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and view a full amortization schedule.
Mortgage Results
Payment breakdown
How to Use the Mortgage Calculator
- Enter your home loan principal (the amount you're borrowing).
- Input the annual interest rate offered by your lender.
- Choose your loan term in years (typically 15 or 30).
- Results update instantly — click "Amortization Table" to see every payment.
Formula
The monthly mortgage payment is calculated with:
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]- M = monthly payment
- P = principal loan amount
- r = monthly interest rate (annual rate ÷ 12)
- n = number of payments (years × 12)
Frequently Asked Questions
What is included in a mortgage payment?
The standard mortgage payment (PITI) includes Principal, Interest, Taxes, and Insurance. This calculator shows P+I only; add your property tax and homeowner's insurance estimates separately.
How does a 15-year vs 30-year mortgage compare?
A 15-year mortgage has higher monthly payments but significantly lower total interest paid — often 50% less. A 30-year mortgage lowers monthly obligations but costs more over time.
What is mortgage amortization?
Amortization is the process of paying off your loan gradually through scheduled payments. Early payments are mostly interest; later payments are mostly principal.
How does the interest rate affect my payment?
Every 1% increase in interest rate increases monthly payments roughly $60 per $100,000 borrowed on a 30-year loan.
Should I make extra principal payments?
Yes — even small extra payments applied to principal can shave years off your loan and save tens of thousands in interest.
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