🏠 Mortgage Calculator
Advanced mortgage analysis — payments, amortization, refinance, and more.
Loan Details
Monthly Extras
Total Monthly Payment
$2,423
Principal & Interest
$2,023
Tax + Insurance + HOA
$400
$320,000
$408,142
$808,142
2056
Monthly Breakdown
Loan Cost Breakdown
Principal
$320,000
Interest Paid
$408,142
Free Mortgage Calculator — Complete Home Loan & Payment Guide
Our free mortgage calculator helps you estimate your monthly home loan payment, compare rates, and plan your path to homeownership — whether you are a first-time buyer or a seasoned investor.
What Is a Mortgage Calculator?
A mortgage calculator is an online tool that helps you estimate your monthly mortgage payment based on your home price, down payment, interest rate, and loan term. Our advanced mortgage payment calculator also factors in property taxes, homeowner's insurance, HOA fees, and PMI (private mortgage insurance) so you get a true picture of what you will pay each month.
Understanding your monthly mortgage payment before you buy is crucial. Use our home loan calculator to experiment with different scenarios — change the down payment, adjust the mortgage interest rates, or switch between 15-year and 30-year terms to find the combination that fits your budget.
Whether you are shopping for a conventional loan, an FHA loan, a VA loan, a USDA loan, or a jumbo mortgage, our calculator works for all loan types. It is also fully compatible with mortgage rates today — simply enter the current rate quoted by your lender for an accurate estimate.
How to Use the Mortgage Payment Calculator
Step 1 — Enter Your Home Price & Down Payment
Use the sliders or input fields to set your home price and down payment. The calculator will automatically compute your loan amount and show you the down payment as a percentage. If your down payment is below 20%, the tool adds PMI to your monthly payment, which is standard for conventional mortgages with less than 20% equity.
Step 2 — Set Your Interest Rate & Loan Term
Enter the annual interest rate offered by your lender. Current mortgage rates vary by loan type, credit score, and lender. Choose your loan term: a 30-year mortgage offers lower monthly payments while a 15-year mortgage saves significant interest over the life of the loan. Our mortgage loan calculator supports 10, 15, 20, 25, and 30-year terms.
Step 3 — Add Monthly Extras
Add your annual property tax, homeowner's insurance, and monthly HOA fees to get a complete picture of your total monthly housing cost. Many lenders include these in your escrow payment, so knowing the full amount helps with budgeting.
Step 4 — Explore Charts, Amortization & Refinance
Switch to the Amortization tab to see your full amortization schedule — month by month for the entire loan term. Use the Extra Payments tab to see how paying an extra $100, $200, or $500 per month can save tens of thousands of dollars in interest and shorten your payoff by years. The Refinance tab helps you calculate whether mortgage refinancing makes financial sense with a break-even analysis.
Understanding Mortgage Rates & Loan Types
Mortgage interest rates are a critical factor in determining your monthly payment and the total cost of your home loan. Even a small difference — like 0.5% — can mean tens of thousands of dollars over the life of a 30-year loan. Use our mortgage rate calculator to compare how different rates affect your payment.
Conventional Loans
The most common loan type, ideal for buyers with good credit and a 20% down payment to avoid PMI. Typically available in 10, 15, 20, and 30-year fixed terms. Use our loan calculator to estimate payments.
FHA Loans
Backed by the Federal Housing Administration, FHA loans allow down payments as low as 3.5% and are popular with first time home buyers. They require mortgage insurance premium (MIP) for the life of the loan if your down payment is below 10%.
VA Loans
VA loans are available to eligible veterans, active-duty service members, and surviving spouses. They require no down payment and no PMI, often with competitive interest rates. One of the best home financing options available.
Home Equity Loans & Reverse Mortgages
A home equity loan lets you borrow against your existing equity at a fixed rate. A reverse mortgage allows homeowners 62+ to convert equity into cash. Our calculator helps you estimate the financial impact of these and other home loan products.
Buy-to-Let Mortgages
For property investors, a buy to let mortgage is specifically designed for purchasing rental properties. Lenders typically require a larger deposit (25%+). Our mortgage repayment calculator and rental yield analysis help you evaluate investment properties.
Mortgage UK & International
Our mortgage calculator UK works the same way — enter your figures in the appropriate currency equivalent and use it to calculate repayments, compare mortgage broker quotes, and plan your home purchase in any country with fixed interest loans.
How to Pay Off Your Mortgage Faster & Save on Interest
Making extra payments on your mortgage is one of the most effective ways to build equity faster and dramatically reduce the total interest you pay over the life of your home loan. Our extra payment mortgage calculator shows you exactly how much you save with additional monthly, yearly, or one-time payments.
For example, on a $400,000 home loan at 6.5% over 30 years, adding just $200/month in extra principal payments can save over $60,000 in interest and cut your payoff time by more than 5 years. Use the Extra Payments tab above to model your specific scenario.
Other strategies to pay down your mortgage faster include biweekly payments (which result in one extra full payment per year), making lump-sum payments when you receive bonuses or tax refunds, and refinancing to a shorter loan term when rates are favorable. Our refinance calculator includes a break-even analysis to help you decide whether refinancing makes financial sense given your current balance and remaining term.
Mortgage Calculator FAQ
How is my monthly mortgage payment calculated?
Your monthly mortgage payment (principal + interest) is calculated using the standard amortization formula. Our mortgage payment calculator then adds your monthly share of property taxes, homeowner's insurance, HOA fees, and PMI if applicable to give your total monthly housing cost.
What is an amortization schedule?
An amortization schedule is a complete table showing every payment over the life of your loan, broken down into principal and interest portions. Early in the loan, most of your payment goes toward interest. Over time, more goes to principal as the balance decreases. Our tool generates the full schedule for your loan in seconds.
Should I refinance my mortgage?
Refinancing your mortgage makes sense when the new rate is at least 0.5–1% lower than your current rate, and when you plan to stay in the home long enough to recoup closing costs. Use the Refinance tab in our mortgage calculator to calculate your exact break-even point.
What is PMI and how can I avoid it?
Private mortgage insurance (PMI) is required on conventional loans when your down payment is less than 20% of the home's value. It typically costs 0.5%–1% of the loan annually. You can avoid PMI by putting 20% down, using a VA loan, or requesting cancellation once you reach 20% equity in your home.
What are current mortgage rates?
Current mortgage rates change daily based on market conditions, inflation, and Federal Reserve policy. As of 2025–2026, 30-year fixed mortgage rates in the US range from approximately 6% to 7.5% depending on your credit score, lender, and loan type. Check with your mortgage broker or lender for a personalized rate quote.
How much home can I afford?
A common guideline is the 28/36 rule: your monthly mortgage payment should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36%. Use our home loan calculator to find a payment that fits within these guidelines and helps you plan for a successful home purchase as a first time home buyer or repeat buyer.