Free Mortgage Calculator

Calculate monthly mortgage payments, total interest, and view a full amortization schedule. Free and instant — no signup required.

What Is a Mortgage Calculator?

A mortgage calculator estimates your monthly mortgage payment based on the loan amount, interest rate, and loan term. It uses the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ – 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments. This calculator also generates a full amortization schedule showing how each payment splits between principal and interest over the life of the loan.

How to Calculate Mortgage Payments

  1. Enter home price — the purchase price of the property
  2. Set down payment — typically 20% for investment properties, 3.5-20% for primary residence
  3. Enter interest rate — your expected mortgage rate (check current mortgage rates)
  4. Choose loan term — 30-year or 15-year fixed rate are the most common
  5. View results — monthly payment, total interest paid, and full amortization schedule

Frequently Asked Questions

What is included in a monthly mortgage payment?

A monthly mortgage payment consists of principal (paying down the loan balance) and interest (the cost of borrowing). Many homeowners also pay property taxes, homeowners insurance, and private mortgage insurance (PMI) through escrow, often called PITI (Principal, Interest, Taxes, Insurance).

How much house can I afford?

A common guideline is the 28/36 rule: your monthly housing costs should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%. For example, with a $6,000 monthly income, aim for a maximum housing payment of $1,680.

15-year vs 30-year mortgage: which is better?

A 15-year mortgage has higher monthly payments but saves significantly on total interest (often 50%+ less). A 30-year mortgage has lower monthly payments, giving more cash flow flexibility. For investment properties, most investors choose 30-year terms to maximize monthly cash flow.