Mortgage Calculator
Calculate monthly mortgage payments, total interest, view an amortization schedule, analyze payment breakdowns, and compare refinancing options. Includes property tax, insurance, down payment, and extra payment scenarios.
Results Overview
Payment Breakdown
- Monthly P&I: Principal & Interest (the main loan cost).
- Monthly Taxes & Insurance: Added by lender for property-related obligations.
- Extra Payments: Shorten loan duration, reduce lifetime interest.
- See detailed amortization and customize more options below.
Amortization Table
| Payment # | Payment | Principal | Interest | Taxes | Insurance | Extra | Balance |
|---|
Principal & Interest reduce the main loan balance. Taxes and Insurance are non-reducing costs.
What To Know About Mortgage Costs
- Principal is the amount you borrow from the lender.
- Interest is the yearly rate charged by the lender for borrowing.
- Property Tax is collected, held in escrow, and paid to your local government by your lender.
- Insurance (usually homeowners) is required by lenders and also escrowed in monthly payments.
- Down Payment upfront reduces the amount financed, which lowers your monthly payment and total interest.
- Extra Payments speed up payoff and reduce the total interest you pay—consider small extra amounts each month.
- The amortization schedule shows how each payment is apportioned and how your loan balance reduces.
Frequently Asked Questions
Payments are typically based on a fixed-rate loan with equal payments using the formula:
where P = loan amount, r = monthly interest rate, and n = total number of payments.
Most lenders require escrow for tax/insurance to ensure ongoing coverage and compliance with local law.
Yes! Even small additional principal payments each month reduce both the interest you pay and the loan duration.
This tool provides an accurate estimate for standard fixed-rate loans, but does not account for closing costs, variable rates, or lender-specific fees.
Mortgage Calculator – Plan Your Monthly Payments with Confidence
Buying a home is one of the biggest financial decisions you’ll ever make—and it starts with knowing exactly what you can afford. A Mortgage Calculator simplifies the process by giving you instant insights into your monthly payments, interest costs, loan duration, and more. Whether you’re a first-time buyer or refinancing your current mortgage, this tool can help you make smart, informed choices.
🔍 What Is a Mortgage Calculator?
A Mortgage Calculator helps you determine the financial impact of a home loan based on key variables like:
- Loan amount
- Interest rate
- Loan term (years)
- Property taxes and insurance
- Down payment
- PMI (Private Mortgage Insurance)
It gives a complete breakdown of:
- 🗓️ Monthly payment (principal + interest)
- 💰 Total interest paid over the loan
- 📈 Amortization schedule
- 📊 Total loan cost
🧮 How Does It Work?
To use the calculator, simply input:
- 🏷️ Purchase price of the home
- 💵 Down payment amount or percentage
- 🏦 Loan term (usually 15, 20, or 30 years)
- 📉 Interest rate (fixed or adjustable)
- 🧾 Optional fields: Property taxes, homeowners insurance, HOA fees
The tool will instantly generate:
- Monthly payment estimate
- Total cost over the loan’s lifetime
- Breakdown between interest and principal
- Amortization table (year-by-year)
📌 Example Mortgage Breakdown
| Details | Amount |
|---|---|
| Home Price | $400,000 |
| Down Payment (20%) | $80,000 |
| Loan Amount | $320,000 |
| Interest Rate | 6.5% |
| Loan Term | 30 years |
| Monthly Payment (P&I) | ~$2,022 |
| Total Interest Paid | ~$409,000 |
| Total Paid Over 30 Years | ~$729,000 |
📈 Features Included
- Mortgage calculator
- Home loan calculator
- How much can I afford mortgage
- Monthly mortgage payment calculator
- Fixed rate vs adjustable rate mortgage
- First-time buyer mortgage calculator
- Refinance mortgage calculator
- Property tax and mortgage calculator
🎯 Why Use a Mortgage Calculator?
- ✅ Set realistic home-buying expectations
- ✅ Avoid overextending your budget
- ✅ Plan for extra costs like taxes and insurance
- ✅ Evaluate how down payment affects interest
- ✅ Compare 15-year vs 30-year loan terms
- ✅ Forecast interest payments over time
Whether you’re buying in the suburbs of Texas, the countryside in the UK, or downtown Toronto, using a calculator can save you from financial stress down the road.
🏘️ Adjustable vs Fixed Rate Mortgages
A good mortgage calculator allows you to compare:
| Type | Description | Best For |
|---|---|---|
| Fixed Rate | Same interest rate for life of the loan | Long-term budgeting |
| Adjustable Rate | Rate changes after intro period (e.g., 5/1 ARM) | Short stays or risk-takers |
Choosing between the two can change your monthly payment dramatically—especially in markets like California or New York.
📊 Use Case: First-Time Buyer in the USA
Let’s say you’re buying your first home in Florida for $350,000 with a 5% down payment and a 30-year loan at 6.75%.
- Down Payment: $17,500
- Loan: $332,500
- Monthly Payment: ~$2,157 (P&I only)
- Total Interest Over Life: ~$445,000
This gives you a full snapshot of what to expect over time.
🧭 Plan Long-Term with Our Other Tools
Want to see how home equity builds up over time? Try our Compound Interest Calculator to track mortgage interest savings and reinvestment options.
🔗 External Trusted Resources
- Consumer Financial Protection Bureau (USA)
- Mortgage Calculator UK
- Canada Mortgage and Housing Corporation
These tools offer country-specific advice and rates for mortgage comparison.
🏡 Final Thoughts
A Mortgage Calculator doesn’t just estimate monthly payments—it empowers you to take charge of your financial future. Knowing your budget, understanding interest costs, and preparing for the total investment lets you purchase your home with confidence and clarity.