Mortgage Calculator
Calculate your monthly mortgage payment and see how much you'll pay in total interest.
Loan Details
Amortization Schedule
How Mortgage Payments Work
Your monthly mortgage payment is calculated using the standard amortization formula:
M = P[r(1+r)^n]/[(1+r)^n-1]
- M = Monthly payment
- P = Principal loan amount
- r = Monthly interest rate (annual rate / 12)
- n = Total number of payments (years × 12)
Understanding Mortgage Calculations
Our free mortgage calculator helps you estimate your monthly home loan payments and understand the total cost of borrowing. Whether you're a first-time homebuyer or refinancing your existing mortgage, this tool provides accurate calculations based on industry-standard formulas used by banks and lenders.
The amortization schedule shows exactly how each payment is split between principal and interest over the life of your loan. In the early years, most of your payment goes toward interest, but as you pay down the principal, more of each payment reduces your loan balance.
Tips for Getting the Best Mortgage Rate
- Improve your credit score before applying - aim for 740+ for the best rates
- Save for a larger down payment - 20%+ avoids PMI (Private Mortgage Insurance)
- Compare offers from multiple lenders - rates can vary significantly
- Consider shorter loan terms - 15-year mortgages have lower rates than 30-year
- Lock your rate when you find a good offer to protect against rate increases