Mortgage Calculator
Estimate monthly mortgage payments, total interest and amortization for any home loan amount, rate and term.
How the mortgage payment is calculated
We use the standard amortization formula for the principal and interest portion of your payment:
M = P ยท r ยท (1 + r)n / ((1 + r)n โ 1)
Where P is the loan principal (price โ down payment), r is the monthly interest rate (annual รท 12), and n is the number of monthly payments (years ร 12). When the rate is 0, the payment is simply P / n.
Property taxes and home insurance are typically paid into an escrow account alongside your monthly payment. We estimate this by dividing the annual amounts by 12. HOA fees are paid directly to the association on a monthly basis, but are often included in affordability calculations.
Frequently Asked Questions
Is the Mortgage Calculator free to use?
Yes, the Mortgage Calculator is 100% free to use. There are no subscriptions, no sign-ups, and no hidden fees.
Is my data safe when using the Mortgage Calculator?
Absolutely. All calculations performed by the Mortgage Calculator happen locally in your web browser. We do not store, track, or transmit your inputs or results to any server.
How accurate is the Mortgage Calculator?
Our Mortgage Calculator uses industry-standard formulas and methodology. You can view the exact formula and calculation logic used in the methodology section above to verify the math yourself.
Can I use the Mortgage Calculator on my mobile phone?
Yes! The Mortgage Calculator is fully responsive and works seamlessly on all devices including smartphones, tablets, and desktop computers.