Mortgage Calculator is a fast and accurate online tool that helps you calculate your monthly mortgage payments instantly. Just enter your home price, down payment, loan term, and interest rate to get a complete monthly breakdown.
This simple home loan calculator is useful for home buyers, real estate planning, refinancing, and comparing loan offers. Instantly see your monthly payment, total interest paid, and full loan cost over time.
Mortgage Calculator
How This Mortgage Calculator Works
This tool uses the standard mortgage amortization formula to estimate your monthly home loan payments. By entering your home price, down payment, interest rate, and loan term, it calculates your monthly payment and total financial cost.
What This Mortgage Calculator Shows
- Monthly mortgage payment
- Total loan amount after down payment
- Total interest paid over the full loan term
- Total amount paid (principal + interest)
Mortgage Formula Used
The formula used is the standard amortizing loan formula:
M = P × (r(1+r)n) / ((1+r)n – 1)
- M – Monthly payment
- P – Principal (loan amount)
- r – Monthly interest rate
- n – Number of monthly payments
Why Use a Mortgage Calculator?
It helps compare different mortgage offers, understand monthly payments, and estimate how much interest you will pay over the life of your home loan.
Examples
- $400,000 home, $80,000 down, 30 years at 6%: $1,919 monthly
- $250,000 home, $50,000 down, 15 years at 5%: $1,580 monthly
Related Tools
FAQs – Mortgage Calculator
How do I calculate my mortgage payment?
Enter home price, down payment, loan term, and interest rate to see your monthly payment instantly.
Is this mortgage calculator accurate?
Yes. It uses the official mortgage amortization formula.
Does this include taxes and insurance?
No. This calculator only calculates your principal and interest payment.
What loan term should I choose?
Most common loan terms are 15-year and 30-year mortgages.
Does a higher down payment reduce my monthly payment?
Yes. A larger down payment lowers your loan amount and interest cost.