Mortgage Calculator
Calculate your monthly payment, total interest, and see a full amortization breakdown -- instantly.
Enter your details to see results
How to use this calculator
Enter your loan details accurately
Start with the home price and your down payment. The calculator derives the loan amount from these two numbers. Use the actual purchase price -- even a $10,000 difference changes your monthly payment by roughly $50 and your total interest paid by thousands. For the interest rate, use the current average for your loan type as a starting point, then adjust once you have a lender quote.
Tip: Use the Freddie Mac Primary Mortgage Market Survey (published every Thursday) for the most current average 30-year rate.
Understand what the monthly payment includes
The base payment shown covers principal and interest (P+I) only. Your actual monthly obligation also includes property taxes, homeowners insurance, and -- if your down payment is under 20% -- PMI. Add these to get your true total housing cost. Taxes and insurance can range from a few hundred to over a thousand dollars per month depending on location and home value.
Tip: In high-tax states like New Jersey or Illinois, property taxes alone can add $500-1,000+ per month on a $400,000 home.
Compare scenarios before you commit
Run the calculator with different loan terms (15-year vs. 30-year) and down payment amounts. A 15-year mortgage has a higher monthly payment but dramatically lower total interest. Increasing your down payment from 10% to 20% eliminates PMI and reduces the loan amount. These comparisons take seconds and can save you tens of thousands of dollars.
Tip: The 15-year rate is typically 0.5-0.75% lower than the 30-year, compounding the interest savings beyond just the shorter term.
About this calculator
This mortgage calculator uses the standard fixed-rate amortization formula to compute monthly principal-and-interest payments, total interest paid, and a year-by-year amortization schedule. It does not include property taxes, homeowners insurance, HOA fees, or PMI -- costs that vary by location and lender.
Rate benchmarks referenced on this page are sourced from the Freddie Mac Primary Mortgage Market Survey (PMMS), published weekly. Loan limit data is sourced from the Federal Housing Finance Agency (FHFA).
MyLoanCalcs.com provides free educational calculators and does not offer financial advice, mortgage brokerage, or lending services. Always consult a licensed mortgage professional before making borrowing decisions.
Frequently asked questions
What does the monthly payment include?+
How is the mortgage payment calculated?+
What happens if I make extra payments?+
How does my down payment affect the payment?+
What is the difference between interest rate and APR?+
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About the Author: De Van Do
De Van Do is the author and site builder behind MyLoanCalcs.com. With a background in technology, De Van Do built this site out of an interest in making financial calculations clear and accessible. De Van Do is not a licensed loan officer, mortgage broker, or financial advisor -- content on this site is for informational purposes only.