Mortgage Calculator
Free online mortgage calculator. Find your monthly principal and interest payment, total interest paid, and amortization snapshots at Year 1, Year 5, Year 10, and the final year.
🏘️ Property Comparison
Compare up to 3 properties side by side — full cost of ownership, not just monthly payment.
📈 Interest Rate Sensitivity
What if rates change? Monthly payment from −2% to +3%.
💪 Overpayment Calculator
What if I pay extra each month? Slide to see time + interest saved.
📋 Full Amortization Schedule
Month-by-month for the entire loan. Exportable to PDF.
Try the mobile app
Mortgage Calc for Android — PITI, PMI/MIP, FHA/VA/USDA scenarios, refinance break-even.
How to Use This Mortgage Calculator
- Enter the home price and your down payment (either dollars or a percent — the other updates).
- Choose your loan term (15, 20, or 30 years are standard) and the annual interest rate.
- Hit Calculate. You'll see monthly P&I, total interest, and amortization snapshots.
How a Mortgage Payment Is Calculated
This is the standard fixed-rate amortization formula. The monthly payment stays the same for the life of the loan, but each payment is split differently between principal and interest as the balance shrinks.
where:
P = loan principal (price − down)
r = annual rate ÷ 12 ÷ 100
n = loan term in months
Year 1, Year 5, and Year 10 balances are calculated by walking the amortization schedule forward, which is exactly what your lender does each month.
What to look at beyond the monthly payment
The monthly principal-and-interest figure is the number everyone fixates on, but it's rarely the one that decides whether a mortgage is comfortable. Two others matter just as much. The first is total interest over the life of the loan — on a 30-year term it can rival the price of the house itself, and a shorter term or a slightly higher payment can cut it dramatically. The second is everything that isn't in the P&I number: property tax, homeowners insurance, and PMI if your down payment is under 20%. Together those are called PITI, and they can add hundreds a month on top of what this calculator shows.
So when you compare two loans, don't stop at the monthly payment. Look at the total interest, the term, and whether you'll be paying mortgage insurance — that's where the real money is.
"Should I pay my mortgage down early?" came up at lunch more often than any actual IT question in my twenty years of support work. What I noticed is that people obsess over chasing a 0.25% better rate while ignoring the two things that move the needle far more: the loan term and whether they're paying insurance on a small deposit. The colleague who switched a 30-year to a 20-year, or threw a fixed extra amount at the principal each month, always saved more than the one who spent a month rate-shopping. I'm not in finance — but if a calculator like this had shown them the total-interest number next to the monthly one, the decision would have taken five minutes instead of five weeks of worrying.
— Hill, 20 years in IT supportThis is an estimate to help you think it through, not mortgage advice. Before committing to a loan, check the exact figures with your lender or a qualified mortgage adviser.
Frequently Asked Questions
What is included in the monthly payment?
This calculator returns principal and interest only (P&I). Your real mortgage payment also includes property tax, homeowners insurance, and PMI/MIP if applicable — together called PITI.
How much down payment do I need?
Conventional loans typically require 5–20% down. FHA loans can go as low as 3.5%. Less than 20% down usually triggers PMI (mortgage insurance) until you reach 20% equity.
Is the interest rate fixed?
This calculator assumes a fixed-rate mortgage. The same annual rate is applied to every payment of the loan term. For ARM loans the monthly payment can change at reset dates.
Should I pay off my mortgage early?
It depends on your interest rate versus what you could earn elsewhere, and on how much you value being debt-free. Use the overpayment view above to see exactly how much interest and time a fixed extra monthly payment would save, then weigh that against your other goals. For a decision this size, it's worth talking to a financial adviser.