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Mortgage Calculator

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About Mortgage Calculator

Our free mortgage calculator helps you estimate your monthly mortgage payment, total interest paid, and view a complete amortization schedule. Whether you are buying your first home or refinancing, this tool gives you the financial clarity you need.

Features

What is a Mortgage?

A mortgage is a loan used to purchase real estate. The property serves as collateral, and the borrower makes monthly payments over a set term (typically 15 or 30 years) that include both principal and interest.

Mortgage Calculator FAQ

How do I calculate my monthly mortgage payment?

Your monthly payment uses the amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly interest rate, and n is total payments. Our calculator handles this instantly for any loan amount, rate, and term.

How much house can I afford with my income?

Follow the 28/36 rule: spend no more than 28% of gross monthly income on housing, and no more than 36% on total debt. For $5,000/month income, your mortgage payment should stay under $1,400.

What is an amortization schedule?

An amortization schedule is a table showing each monthly payment split into principal and interest. Early payments are mostly interest; later payments go primarily toward principal over the loan term.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but saves tens of thousands in total interest. A 30-year mortgage gives lower monthly payments but costs more over time. Use our calculator to compare both.

What is PMI and when do I need it?

Private Mortgage Insurance is required when your down payment is less than 20%. It costs 0.5-1.5% of the loan annually and can be removed once you reach 20% equity in your home.