Mortgage Calculator

Monthly mortgage payment

This free Mortgage Calculator turns a home price into the number that actually matters: the monthly payment. Tell it the price, your down payment, the interest rate and the loan term, and it works out the loan amount, the monthly principal-and-interest payment, the total interest you will hand over across the whole term, and a year-by-year summary showing how each year's payments split between interest and paying down the balance. Seeing the total interest figure is often the most eye-opening part, because on a long mortgage it can rival a large share of the price itself.

The yearly table tells the real story of a mortgage. In the early years almost every payment is interest, with only a sliver reducing what you owe; the balance shifts gradually until, near the end, most of each payment is principal. Comparing two terms side by side — say twenty years against thirty — makes the trade-off concrete: shorter terms mean higher monthly payments but dramatically less total interest. This calculator covers principal and interest only; property taxes, home insurance, HOA fees and mortgage insurance are not included and will add to a real monthly bill. Everything runs locally in your browser, so your figures stay private.

How to use

  1. Enter the full purchase price of the home.
  2. Enter your down payment as a plain amount.
  3. Type the annual interest rate and the loan term in years.
  4. Click Calculate payment to see the monthly figure and totals.
  5. Read the yearly table to see the balance fall over time.

Frequently asked questions

Why is so much of my early payment interest?

Interest is charged on the outstanding balance, which is at its largest at the start. As the balance slowly falls, the interest part of each fixed payment shrinks and the principal part grows by the same amount. This front-loading is normal for almost every mortgage.

How much difference does a bigger down payment make?

Every extra dollar of down payment is a dollar you never borrow, never pay interest on, and never insure. It lowers the monthly payment and the total interest, and crossing twenty percent down often removes private mortgage insurance in markets that charge it.

Is a fifteen or twenty year mortgage better than thirty?

Shorter terms almost always carry slightly lower rates and far less total interest, but the monthly payment is much higher. The better choice depends on whether the higher payment still leaves you a comfortable emergency cushion each month.

What costs are not included here?

Property taxes, homeowner's insurance, HOA dues, closing costs and any mortgage insurance sit outside the loan payment itself. Lenders often collect taxes and insurance monthly with the payment, so a real statement will usually show a higher total than this principal-and-interest figure.


 

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