Free Mortgage Calculator

Estimate your monthly mortgage payment, total interest, and full amortization schedule for any home loan. No sign-up required.

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Loan Details

Loan Amount

Interest Rate

Loan Term

years

Payment Summary

Monthly Payment

$2,212

Total Interest

$446,406

Total Cost

$796,406

Principal

Interest

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How the loan payment formula works

Your monthly payment is calculated using the standard amortization formula. It spreads the loan amount (principal) and interest evenly over the loan term, so each payment is the same.

As you pay down the loan, more of each payment goes toward principal and less toward interest. You can see this shift in the amortization schedule above.

Tips to pay less interest

Choose a shorter loan term if you can afford a higher monthly payment.
Shop around for the lowest annual percentage rate (APR).
Make extra principal payments when possible.
Improve your credit score before applying.

Frequently Asked Questions

How do I calculate my monthly loan payment?: Enter your loan amount, annual interest rate, and loan term in years. The calculator uses the amortization formula to show your fixed monthly payment.
What is amortization?: Amortization is the process of paying off a loan over time through regular payments. Each payment covers interest and reduces the principal balance.
Does this calculator include taxes and insurance?: No. This calculator estimates principal and interest only. For mortgages, property taxes, homeowners insurance, and PMI may increase your actual monthly payment.
Can I use this for any currency?: Yes. The calculator uses dollars for display, but the math works the same for any currency.

This calculator is for informational purposes only and does not constitute financial advice. Actual loan terms, rates, and payments may vary by lender. Always consult a qualified financial professional before making borrowing decisions.