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Calculate Monthly Payment
Enter your loan details to calculate payments
Enter the total loan amount (max $10M)
Annual percentage rate (0% to 50%)
Loan duration in years (max 40)
How to Use the Mortgage Calculator
Payment Calculator
Enter your loan amount, interest rate, and term to calculate monthly payments and total interest.
Monthly Payment Formula:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where: M = payment, P = principal, r = monthly rate, n = total months
Extra Payments
See how additional monthly payments can save years and thousands in interest.
Pro Tip:
Even $50-100 extra per month can save significant interest over the life of the loan.
Mortgage Types & Considerations
Fixed-Rate Mortgages
- • Consistent monthly payments
- • Rate locked for entire term
- • 15, 20, or 30-year options
- • Protection from rate increases
Adjustable-Rate (ARM)
- • Lower initial rates
- • Rate adjusts periodically
- • Payment can fluctuate
- • Rate caps provide protection
Government Loans
- • FHA: Lower down payments
- • VA: Veterans benefits
- • USDA: Rural properties
- • Special qualification requirements
Mortgage Planning Tips
Before You Apply
- • Check credit score (aim for 620+)
- • Save for down payment (3.5-20%)
- • Calculate debt-to-income ratio
- • Get pre-approved for better rates
- • Shop multiple lenders
Money-Saving Strategies
- • Make extra principal payments
- • Consider bi-weekly payments
- • Refinance when rates drop
- • Avoid PMI with 20% down
- • Pay closing costs upfront
Frequently Asked Questions
What's included in my monthly mortgage payment?
Your payment typically includes principal, interest, property taxes, homeowners insurance, and possibly PMI (private mortgage insurance). This is often called PITI.
How much house can I afford?
A general rule is that your housing costs shouldn't exceed 28% of your gross monthly income, and total debt payments shouldn't exceed 36%. Use our home affordability calculator for a more detailed analysis.
Should I choose a 15-year or 30-year mortgage?
15-year mortgages have higher monthly payments but lower total interest. 30-year mortgages have lower monthly payments but higher total interest. Choose based on your monthly budget and long-term financial goals.
When should I refinance my mortgage?
Consider refinancing if rates have dropped significantly (typically 0.5-1% or more), your credit has improved, or you want to change loan terms. Factor in closing costs when calculating savings.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing money. APR (Annual Percentage Rate) includes the interest rate plus other loan costs like fees, giving you a more complete picture of the loan's total cost.
Should I make bi-weekly payments instead of monthly?
Bi-weekly payments (26 payments = 13 monthly equivalents) can save significant interest and reduce loan term by 4-6 years. However, verify your lender applies extra payments to principal, not just advances the due date.
What are mortgage points and should I buy them?
Points are prepaid interest (1 point = 1% of loan amount = ~0.25% rate reduction). Buy points if you'll stay in the home long enough to recoup the upfront cost through monthly savings.
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Complete Guide to Mortgage Calculator
Calculate mortgage payments, amortization schedule, and extra payment savings
Quick Answers
What is mortgage calculator?
Why use our mortgage calculator?
Free, accurate, instant results with no registration required. Mobile-optimized, secure, and designed by experts with 10+ years of experience in finance calculations.
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