Free tools

Free Mortgage Calculator

Free mortgage calculator. Enter your loan amount, interest rate, and loan term to calculate your monthly payment, total interest, and full amortization schedule.

$
$
%
%

Our free mortgage calculator instantly works out your monthly payment, total interest paid, and total loan cost. Enter your home price, down payment, loan term, and interest rate to get a full breakdown — including a year-by-year amortization schedule.

How is a mortgage payment calculated?

Monthly mortgage payments are calculated using the standard amortization formula:

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]

Where P is the principal loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12).

What does the monthly payment include?

This calculator covers principal and interest only. Your actual monthly payment may also include property taxes, homeowner's insurance, and private mortgage insurance (PMI) if your down payment is less than 20%. Contact your lender for a full PITI (Principal, Interest, Taxes, Insurance) estimate.

How does the down payment affect my mortgage?

A larger down payment reduces the loan principal, which lowers your monthly payment and the total interest you pay over the life of the loan. Putting down 20% or more also typically eliminates the need for PMI, saving you additional money each month.

15-year vs 30-year mortgage

Term Monthly payment Total interest paid
30 yearsLowerMuch higher
15 yearsHigherSignificantly lower

A 15-year mortgage typically saves tens of thousands of dollars in interest, but requires a higher monthly payment. Use the calculator above to compare terms side by side.

Frequently Asked Questions

What does the monthly mortgage payment include?
This calculator covers principal and interest only. Your actual monthly payment will likely also include property taxes, homeowner's insurance, and private mortgage insurance (PMI) if your down payment is under 20%. Contact your lender for a full PITI (Principal, Interest, Taxes, Insurance) estimate.
How does my down payment affect the mortgage?
A larger down payment reduces the loan amount, lowering your monthly payment and the total interest paid over the life of the loan. Putting down 20% or more also typically eliminates PMI, saving additional money each month.
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the purchase price. It protects the lender if you default. PMI typically costs 0.5–1.5% of the loan amount per year and can be removed once you reach 20% equity.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but builds equity faster and costs far less in total interest. A 30-year mortgage has lower monthly payments but you pay roughly twice as much interest over the loan's lifetime.
How much does the interest rate affect total mortgage cost?
Even a small rate difference has a large cumulative impact. On a $300,000 mortgage, the difference between 6% and 7% is roughly $65,000 in total interest over 30 years. Shopping for the best rate before committing can save tens of thousands of dollars.
What is an amortization schedule?
An amortization schedule shows every monthly payment over the life of the mortgage, split into the interest and principal portions. In the early years most of each payment goes to interest; over time more goes toward reducing the principal balance.

Related tools

Acceleration CalculatorAge CalculatorArea CalculatorAverage CalculatorBusiness Days CalculatorCountdown Calculator

Super tools

Welcome to Super Tools! We're here to provide you with a collection of easy-to-use tools and utilities to help make your day-to-day tasks a little bit easier.

About Super Tools

Whether you need to quickly count the number of characters in a block of text, convert measurements from pixels to inches, or generate a catchy business name, you'll find what you need right here.

Our goal is to create a one-stop-shop for all your basic productivity needs. We've carefully curated a set of practical, user-friendly tools that are accessible to everyone. No complicated setups or confusing interfaces - just simple solutions to common problems.

Feel free to explore our growing suite of free tools and let us know if there's anything else we can do to help streamline your workflow. We're always happy to hear your feedback and suggestions.

Is Super Tools free?

Our suite of productivity tools is 100% free for anyone to use. We believe everyone should have access to helpful utilities that can save time and make life easier. Whether you're a student, freelancer, small business owner, or just someone looking to simplify certain tasks, you can take advantage of our free character counters, unit converters, name generators, and more without paying a dime. Our commitment to providing valuable, cost-free resources is central to our mission. You'll never encounter paywalls, subscriptions, or hidden fees on our site - just high-quality tools that you can use at no charge. Explore our growing collection of free online utilities today and discover how they can streamline your workflows and boost your productivity.

Looking for More Tools?

Discover curated tools at ToolForThis.com

Visit ToolForThis.com