Mortgage Calculator
Calculate monthly payment, total interest and amortization schedule.
For reference only.
What is Mortgage Calculator
Estimate a monthly mortgage payment from home price, down payment, rate and term — with optional property tax, insurance and HOA for the full PITI picture. Add an extra monthly payment to see how much sooner the loan pays off, with yearly and monthly amortization schedules.
How to use Mortgage Calculator
- Enter home price and down payment (amount or %)
- Set the interest rate, term, and optional tax/insurance/HOA/extra payment
- Read the monthly payment, total interest and the amortization schedule
Frequently asked questions
What is the mortgage payment formula?
M = P·r·(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan principal, r the monthly rate (annual ÷ 12) and n the number of payments. A 0% loan simply divides P by n. A $300,000 loan at 6% for 30 years works out to $1,798.65/month.
Do extra payments really shorten the loan?
Yes — every extra dollar goes to principal, so future interest shrinks and the term ends early. On the 30-year example above, an extra $200/month cuts roughly 6 years off the loan and saves tens of thousands in interest.
What is PITI?
Principal, Interest, Taxes and Insurance — the full monthly housing cost lenders quote. This calculator adds property tax, homeowner’s insurance and HOA dues to the P&I figure so the number matches reality.
Is Mortgage Calculator free?
Mortgage Calculator is completely free — open the page and use every feature with no hidden charges.
Do I need to download or install Mortgage Calculator?
No download or installation is needed. It is an online tool that runs in the browser on your phone, tablet and computer.
Do I need an account to use Mortgage Calculator?
No. Use the tool right away — no account or sign-in required.
Does Mortgage Calculator work on mobile?
Yes. The page is fully responsive and works on phones, tablets and desktop browsers.