Mortgage Calculator
Calculate mortgage payments, interest, and amortization schedules for home loans
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The mortgage calculator turns a home price, down payment, interest rate and term into a monthly payment, and shows the total interest you would pay over the life of the loan. You can add monthly extras such as property tax and insurance to see a realistic full payment.
The total interest line deserves attention: on a 30 year loan at typical rates, interest can approach or exceed the amount you borrowed. Small differences in rate or term change the lifetime cost by tens of thousands.
- Estimate what monthly payment a given home price implies
- Compare 15, 20 and 30 year terms side by side
- See how a bigger down payment changes the monthly cost
- Budget the full monthly cost including taxes and insurance
- A 20 percent down payment usually avoids private mortgage insurance in the US
- Compare lender offers on APR, which includes most fees, not just the headline rate
- A 15 year term roughly halves total interest compared with 30 years at the same rate
- Leave room in your budget: a payment above about a third of net income gets risky
How is the monthly mortgage payment calculated?+
With the standard amortization formula: the loan amount, the monthly interest rate and the number of payments determine a fixed monthly amount that covers interest and gradually repays principal.
What does the payment include?+
The core figure is principal plus interest. Real monthly costs also include property tax, home insurance and sometimes HOA fees or mortgage insurance, which you can add in the extras field.
How much house can I afford?+
A common guideline keeps total housing costs under about a third of gross monthly income. Work backwards: pick a comfortable monthly payment and test prices until the calculator matches it.
Is this calculator financial advice?+
No. It is an informational estimate based on your inputs. Real offers depend on your credit profile, fees and lender terms, so always confirm with providers.
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Having trouble with this tool? Check our help section or contact support for assistance.
Free online mortgage calculator tool by UrDailyTools. No registration required, works in your browser. Updated regularly for accuracy and performance.