Mortgage Calculator

Calculate mortgage payments, interest, and amortization schedule for home loans

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Worked Example & Common Values

Below is a sample worked calculation demonstrating how Mortgage Calculator processes input data instantly inside your browser.

Sample Input $1,200 Loan Principal, 6% Interest Rate, 12 Months duration

Computed Result Monthly Payment: $103.28 | Total Interest Paid: $39.36

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About This Tool

This comprehensive mortgage calculator helps you estimate monthly payments, total interest costs, and create a detailed amortization schedule for your home loan. Enter the loan amount, interest rate, loan term, and down payment to see how different factors affect your mortgage payments. The calculator supports fixed-rate mortgages and provides a complete breakdown of principal vs. interest payments over the life of the loan.

Save your calculation history with a free account

How to Use

Enter the loan amount in the first field
Input the annual interest rate as a percentage
Select the loan term in years (15, 20, 25, or 30 years)
Enter your down payment amount (optional)
Click 'Calculate Mortgage' to see your monthly payment and full amortization schedule
Review the detailed results including total interest paid and payment breakdown

Frequently Asked Questions

Find Quick Answers

What is a mortgage calculator?

A mortgage calculator is a tool that helps you estimate your monthly mortgage payments based on the loan amount, interest rate, and loan term. It shows how much you'll pay in principal and interest over the life of the loan.

How is the monthly payment calculated?

The monthly payment is calculated using the standard mortgage formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ], where M is the monthly payment, P is the principal loan amount, i is the monthly interest rate (annual rate divided by 12), and n is the number of payments (loan term in years multiplied by 12).

What is an amortization schedule?

An amortization schedule is a table that shows each monthly payment broken down into principal and interest components. It demonstrates how your loan balance decreases over time and how much interest you pay at each stage of the loan.

Does this calculator include property taxes and insurance?

No, this calculator focuses on the principal and interest components of your mortgage payment. Property taxes, homeowners insurance, and PMI (Private Mortgage Insurance) are additional costs that would be included in your total monthly housing payment.

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