Mortgage Calculator

Calculate your monthly mortgage payments, total interest, and view detailed amortization schedule. Essential tool for home buyers, refinancing, and real estate investment planning.

Mortgage Calculation Results

Monthly Payment

$0.00

Total Interest

$0.00

Total Amount

$0.00

Loan Summary

Loan Amount: $0.00
Down Payment: 0.00%
Interest Rate: 0.00%
Loan Term: 0 years

How It Works

Step-by-Step Instructions:

  1. Enter Home Price: Input the total purchase price of the home you're considering
  2. Enter Down Payment: Input the amount you plan to pay upfront (typically 10-20% of home price)
  3. Set Interest Rate: Enter the annual interest rate offered by your lender
  4. Choose Loan Term: Select the loan duration (15, 20, 25, or 30 years)
  5. Calculate Results: Click "Calculate" to see monthly payments and total costs

Industry-Standard Formula:

M = P × [r(1+r)^n] / [(1+r)^n - 1]

Where: M = Monthly Payment, P = Principal Loan Amount, r = Monthly Interest Rate, n = Number of Payments

Source: Federal Housing Administration (FHA) and conventional mortgage standards

Real-World Example:

Scenario: First-time home buyer purchasing a $400,000 home

  • Home Price: $400,000
  • Down Payment: $80,000 (20%)
  • Loan Amount: $320,000
  • Interest Rate: 6.5% annually
  • Loan Term: 30 years
  • Monthly Payment: $2,022.59
  • Total Interest: $408,132.40

Analysis: Over 30 years, you'll pay $408,132 in interest, making the total cost $728,132. Consider shorter terms to reduce total interest.

Related Calculators

Loan Payment Calculator

Calculate monthly payments for any type of loan with flexible terms

Amortization Calculator

View detailed payment schedule showing principal and interest breakdown

Debt-to-Income Calculator

Determine if you qualify for a mortgage based on your income and debts

Frequently Asked Questions

What's included in my monthly mortgage payment?

Your monthly payment typically includes Principal and Interest (P&I). However, most lenders also require PITI: Principal, Interest, Taxes, and Insurance. Property taxes and homeowners insurance are often collected monthly and held in escrow.

How much should I put down on a house?

While 20% down payment avoids PMI (Private Mortgage Insurance), many programs allow 3-5% down. FHA loans require as little as 3.5%. Consider your budget, PMI costs, and cash reserves for emergencies when deciding.

Should I choose a 15-year or 30-year mortgage?

15-year mortgages have higher monthly payments but significantly lower total interest costs. 30-year mortgages offer lower monthly payments but cost more over time. Choose based on your budget and financial goals.

What interest rate can I expect?

Mortgage rates vary based on credit score, down payment, loan type, and market conditions. Rates typically range from 6-8% as of 2024. Shop with multiple lenders to find the best rate for your situation.

How accurate is this mortgage calculator?

Our calculator uses standard mortgage formulas and provides accurate estimates for principal and interest. However, actual payments may include taxes, insurance, PMI, and HOA fees. Consult with lenders for complete payment details.

Important Disclaimer

Mortgage Calculation Tool: This mortgage calculator is provided for educational and informational purposes only. The calculations are based on standard mortgage formulas and should not be considered as professional financial or real estate advice.

Accuracy Notice: While we use precise calculation methods, actual mortgage payments may vary based on lender fees, insurance costs, property taxes, PMI, and other factors. Always consult with qualified mortgage professionals and lenders for accurate quotes.

Risk Warning: Mortgage decisions significantly impact your financial future. Consider all costs, your ability to make payments, market conditions, and potential rate changes. Seek advice from licensed mortgage brokers, real estate professionals, and financial advisors.

Regulatory Compliance: Mortgage lending is subject to federal and state regulations. This tool does not constitute a loan application or guarantee of loan approval. All mortgage applications are subject to lender underwriting and approval processes.