Mortgage Calculator
Calculate your monthly mortgage payment based on your input loan amount, interest rate, term, and down payment. Check your full amortization table with charts.
Mortgage Summary
What Is a Mortgage?
A mortgage is a loan used to buy a home or property. You borrow money from a lender (such as bank), then repay it over time with interest. Most mortgages are paid monthly for 15 to 30 years.
Why Use a Mortgage Calculator?
Because it helps you:
- Understand what your monthly payments might look like
- Plan your budget before you buy
- See how much of your payment goes to interest vs. principal
- Explore different loan scenarios (fixed rate, down payment changes, etc.)
Let's say you are planning to buy a home worth $300,000 and make a 20% down payment. A mortgage calculator instantly shows your estimated monthly payment, how much interest you’ll pay over the life of the loan, and a full year-by-year payment breakdown.
Features of Our Mortgage Calculator
- Loan Amount: Just type in the home price and your down payment and check detailed mortgage summary.
- Loan Term: Choose how long you want to repay — 10, 15, 20, 25, or 30 years.
- Interest Rate: Enter the rate you are getting from your bank or lender to see how it affects your monthly payment.
Advanced Options:
- Property tax
- Home Insurance
- HOA fees
- Start month and year
- Visual Graph: See a chart of how your loan balance decreases over time.
- Amortization Table: See each month's breakdown of principal and interest.
Mortgage Component Breakdown:
- Loan Amount: How much loan do you need after subtracting your down payment
- Loan Term: For how many years you are planning to repay the load. if you select short terms, it will be higher payments but less interest
- Interest Rate: This means how much the lender (such as bank) is charging. Interest rates are charged yearly by the lenders.
- Start Date: Choose the month and year of your loan. It will help you calculate your full amortization schedule.
- Property Tax (optional): Add your yearly tax rate if you want to include it in your monthly breakdown.
- Home Insurance (optional): Most of the lenders (such as bank) require it. You can enter your annual premium for a full picture.
- HOA Fees (optional): If you pay a homeowners association fee, you can include the monthly amount here.
Example of Mortgage Calculator
- Loan Amount: $240,000
- Term: 30 years
- Interest Rate: 6.5%
Result
- Monthly Payment: $1,518
- Total Payment Over Time: $546,500
- Total Interest Paid: $306,500
The above example includes principal + interest, but you can add property tax, insurance, and fees to get your full payment.
Real-Life Tip
Assume, you borrow $250,000 at 6.5% interest for 30 years, you’ll pay over $318,000 in interest alone. But if you refinance to 5.5%, you save more than $55,000.
Try running both scenarios in this calculator and compare.
Simple Mortgage Formula
- P = Loan Amount
- R = Monthly Interest Rate (annual rate divided by 12)
- N = Number of Monthly Payments
Frequently Asked Questions
What is a mortgage calculator, and how does it work?
A mortgage calculator shows you how much your monthly home payment will be. You just type in your numbers—like home price, down payment, loan term, and interest rate—and it tells you what you will pay every month, how much goes to interest, and what the loan will cost in total.
What does EMI mean in mortgage terms?
EMI means Equated Monthly Installment. It includes two things: the interest charged by the lender and a part of the actual loan amount you are paying back.
How do I calculate monthly mortgage payments manually?
You can use this formula to calculate your mortgage manually: EMI = [P x R x (1+R)^N] / [(1+R)^N - 1], Where: P = loan amount, R = monthly interest rate, N = total number of monthly payments.
What is included in a mortgage payment?
Mortgage payments usually include Principal (the amount you borrowed), Interest (charged by the lender), Taxes (property tax), and Insurance (homeowners insurance). It is called PITI.
How can I lower my monthly mortgage payment?
There are many ways to lower your monthly mortgage payment. For example, Choose a longer loan term, Increase your down payment, Find a lower interest rate, and Remove optional costs like HOA fees.
What is an amortization schedule?
Amortization schedule breaks down your monthly payment. The amortization table will show how much goes toward interest vs principal and tracks your remaining balance over time.
How does extra payment affect my mortgage?
Making extra payments reduces your loan balance faster. It can shorten your loan term and cut down on how much interest you'll pay overall.
Can this calculator show property tax and insurance?
Yes, you can use the advanced options link toggle to include property tax, homeowners insurance, and HOA fees for a more realistic monthly estimate.
How to compare mortgage loans?
You can use this calculator to test different loan amounts, terms, and rates.