Mortgage Calculator
This mortgage calculator works out the monthly principal-and-interest payment, loan amount, total interest and total cost from the home price, down payment, interest rate and term, and shows an amortization schedule for the first 12 months.
About this tool
This mortgage calculator works out the monthly principal-and-interest payment, loan amount, total interest and total cost from the home price, down payment, interest rate and term, and shows an amortization schedule for the first 12 months.
How to use it
- Enter the home price and your down payment in percent.
- Enter the annual interest rate and the loan term in years.
- Read the monthly payment, loan amount, total interest and total cost.
- Check the first 12 months of the amortization schedule.
Good to know
- Loan amount = home price − down payment.
- Monthly payment M = L × r(1 + r)^n / ((1 + r)^n − 1), with r the monthly rate and n the number of months.
- Example: a 300,000 home with 20% down (a 240,000 loan) at 6.5% over 30 years costs about 1,516.96 a month and about 306,107 in total interest.
- Early payments are mostly interest; the principal share grows every month, as the schedule shows.
Runs entirely in your browser — nothing you enter is uploaded or stored.
Frequently asked questions
How is a mortgage payment calculated?
The monthly payment uses the amortization formula M = L × r(1 + r)^n / ((1 + r)^n − 1), where L is the loan amount, r the monthly rate and n the number of payments.
Does the payment include taxes and insurance?
No. It shows principal and interest only. Property tax, home insurance and mortgage insurance, if any, are added on top.
How much does a bigger down payment help?
A larger down payment reduces the loan amount, which lowers both the monthly payment and the total interest over the term.
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, more of each payment goes to principal.