Mortgage Calculator
Free online Mortgage Calculator.
Calculator
How to Use
- Enter the required values
- Click Calculate to see the result
- Review the detailed output
Formula
M = P[r(1+r)^n] / [(1+r)^n - 1], where M = monthly payment, P = principal, r = monthly interest rate, n = number of payments. Includes principal and interest; add taxes and insurance separately.
Example Calculations
First-Time Homebuyer
Input: $250,000 at 6.0% for 30 years, 20% down
Result: Monthly P&I: $1,199.10, Total interest: $179,674
15-Year Mortgage
Input: $400,000 at 5.5% for 15 years
Result: Monthly payment: $3,268.09, Total interest: $188,256
Refinancing
Input: $200,000 at 4.5% for 20 years
Result: Monthly payment: $1,264.14, Total paid: $303,394
About This Calculator
Free online mortgage calculator. Calculate instantly in your browser with our easy-to-use tool. No sign-up required.
Our mortgage calculator is free, easy to use, and provides instant results. All calculations are performed in your browser for privacy and speed.
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Frequently Asked Questions
What does a mortgage calculator include?
It computes principal and interest. For full PITI including taxes, insurance, and PMI, add those separately.
How does down payment affect my mortgage?
A larger down payment reduces the loan amount, lowers payments, and helps avoid private mortgage insurance.
What is PMI?
Private Mortgage Insurance is required when down payment is below 20%. It protects the lender and costs 0.5-1% of the loan annually.
15-year vs 30-year mortgage?
15-year has higher payments but less total interest. 30-year offers lower payments with more budget flexibility.
APR vs interest rate?
Interest rate is the borrowing cost percentage. APR includes the rate plus fees like origination charges for a complete cost picture.
How do property taxes affect payments?
Property taxes are often included via escrow. Rates vary by location, typically 0.5-2.5% of home value annually.