Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and full amortization schedule. Plain-English results, fast and free.
Accelerates payoff and reduces total interest
How to use this mortgage calculator
Enter the home price (or loan amount), your expected interest rate, and the loan term in years. You'll immediately see your monthly principal-and-interest payment, total interest over the life of the loan, and how long it takes to pay off. Add an extra monthly payment to see how much faster you'll be debt-free and how much interest you save.
What the numbers mean
The monthly paymentis what you owe the lender every month for principal and interest. Actual housing costs also include property tax, homeowners insurance, and (if your down payment is under 20%) private mortgage insurance (PMI). Those are typically escrowed and added to your monthly P&I, pushing the real cost 20–40% higher than this calculator shows.
Total interestis what the loan ultimately costs you in financing. On a 30-year mortgage at typical rates, you'll often pay close to the original loan amount again just in interest — a reality that makes extra principal payments unusually high-return "investments."
Payoff months shows how long it takes to fully repay the loan, including the effect of any extra monthly payments. Even $100–$200 extra per month can cut a 30-year loan to 25 years or less.
Mortgage math, briefly
Every amortized mortgage is a simple formula: payment equals the loan amount times the monthly rate times (1 plus the monthly rate) to the power of the number of payments, divided by (that same number minus one). Most of each early payment is interest on the outstanding balance; as principal falls, the interest share shrinks. The result is a schedule where you're paying mostly interest in year one, and mostly principal by year 25.
How to shop for a mortgage rate
Always compare offers from at least 3–5 lenders — rate spreads of 0.5% are common for identical borrowers, and 0.5% on a $400,000 loan is about $120/month or $43,000 over 30 years. Look at the APR (which includes lender fees), not just the nominal rate. Credit unions, online lenders, and local banks often beat big-bank quotes.
Frequently asked questions
How is my monthly mortgage payment calculated?▾
The payment uses the standard amortization formula: P × [r(1+r)^n] / [(1+r)^n – 1], where P is the loan amount, r is the monthly interest rate (APR divided by 12), and n is the number of payments (years × 12). Our calculator applies this exactly — you can verify the first-month interest by multiplying the loan balance by the monthly rate.
Does this include property tax, insurance, and PMI?▾
No. This calculator shows principal and interest (P&I) only. A full PITI figure adds property tax, homeowners insurance, and PMI (if down payment < 20%). Expect your total housing cost to be roughly 1.2–1.4× the P&I shown here depending on your state and insurance premiums.
How much does paying extra each month really save?▾
More than most people expect. Extra payments go entirely to principal, so you skip all the interest that balance would have accrued over the remaining years. Try entering an extra $200/month on a 30-year mortgage — you'll often cut 5–7 years off the loan and save tens of thousands in interest.
Should I pick a 15-year or 30-year mortgage?▾
A 15-year mortgage has a lower rate and saves dramatically on total interest, but the monthly payment is ~1.5× higher. A 30-year gives flexibility — lower required payment, freeing cash for investing, emergency fund, or principal prepayment. Run both scenarios in this calculator to see the delta before deciding.
Is the amortization schedule front-loaded with interest?▾
Yes — this is how all amortized mortgages work. In early years, most of your payment goes to interest because interest is calculated on the outstanding balance. As the balance shrinks, more of each payment goes to principal. On a 30-year loan at 6.75%, you typically won't have paid off half the principal until around year 20.
Does this calculator match what my lender will quote?▾
For the principal and interest portion, yes — this uses the identical formula lenders use. Your lender's quote will differ by adding taxes, insurance, closing costs, and any rate adjustments for credit score, down payment, or loan type. Use this as your baseline.
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