Free Mortgage Calculator
Calculate monthly payment, total interest, and view the full amortization table.
How It Works
Enter the loan amount, annual interest rate, and loan term in years. The calculator uses the standard amortization formula to compute your fixed monthly payment, total interest paid over the life of the loan, and the interest-to-principal ratio. Expand the amortization table to see a year-by-year breakdown of principal, interest, and remaining balance. All calculations run locally.
When to Use It
- Comparing different loan offers by varying interest rates and terms to find the cheapest option.
- Planning your budget before applying for a mortgage to ensure the monthly payment is affordable.
- Analyzing the impact of making extra payments by comparing total interest across different scenarios.
Frequently Asked Questions
What formula does the calculator use?
It uses the standard fixed-rate 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 number of payments. This is the same formula used by banks worldwide.
Does it account for property taxes and insurance?
This calculator focuses on the loan itself (principal + interest). Property taxes, homeowner insurance, and PMI vary by location and provider. Add those amounts separately to your monthly payment for a complete picture.
Can I use it for variable-rate mortgages?
The calculator assumes a fixed interest rate. For variable-rate mortgages, you can run multiple calculations with different rates to model best-case and worst-case scenarios based on expected rate changes.
All calculations happen in your browser. No data is sent to any server.