Free Mortgage Calculator - Calculate Monthly Payments & Amortization

Calculate your monthly mortgage payments, total interest, and amortization schedules with our free online mortgage calculator. Supports 15, 20, 30, and 40-year loans with detailed breakdowns. No registration required.

How to Use Our Mortgage Calculator

1. Enter your home price or loan amount
2. Input your down payment amount
3. Set your interest rate (current market rates available)
4. Choose your loan term (15, 20, 30, or 40 years)
5. Add annual property tax and insurance costs
6. Click calculate to see your monthly payment and amortization schedule

Understanding Your Mortgage Payment

Principal and Interest

The core of your mortgage payment consists of principal (the loan amount) and interest (the cost of borrowing). Early in your loan, most of your payment goes toward interest, but over time, more goes toward principal.

Property Tax and Insurance

Your monthly payment may also include property taxes and homeowners insurance, which are typically held in an escrow account and paid annually.

Total Monthly Payment

Your total monthly payment includes principal, interest, property taxes, and insurance (PITI). This is the amount you'll pay each month to your lender.

Amortization Schedule

An amortization schedule shows how your payments are split between principal and interest over time, helping you understand how much you'll pay in total interest.

Comparing Loan Terms

15-Year Loan

Higher monthly payments but significantly less interest over the life of the loan. Best for borrowers who can afford higher payments and want to build equity quickly.

20-Year Loan

A middle ground between 15 and 30-year loans. Lower monthly payments than 15-year but higher than 30-year, with moderate interest savings.

30-Year Loan

Most popular option with the lowest monthly payments. Higher total interest over time but more affordable monthly payments for most borrowers.

40-Year Loan

Lowest monthly payments but highest total interest. Best for borrowers who need maximum affordability but can handle higher long-term costs.

Mortgage Calculator Tips

Budget for Total Costs

Don't just consider the mortgage payment. Factor in maintenance, utilities, and other homeownership costs when determining your budget.

Compare Different Terms

Use our calculator to compare different loan terms and see how they affect your monthly payment and total interest paid.

Consider Down Payment Impact

A larger down payment reduces your loan amount and monthly payment. It may also help you qualify for better interest rates.

Shop Around for Rates

Interest rates vary by lender. Get quotes from multiple lenders to find the best rate and terms for your situation.

Frequently Asked Questions

How accurate is this mortgage calculator?

Our calculator uses standard mortgage formulas and provides accurate estimates. Actual payments may vary based on your specific loan terms and lender requirements.

What's included in the monthly payment?

The calculator includes principal, interest, property taxes, and homeowners insurance (PITI). Additional costs like PMI, HOA fees, or utilities are not included.

Can I use this for refinancing calculations?

Yes, you can use this calculator to estimate refinancing payments. Enter your current loan balance as the loan amount and your new interest rate.

Is my information secure?

Yes, all calculations are performed locally in your browser. We don't store or transmit any of your personal or financial information.