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Free Mortgage Payment Calculator

Calculate your monthly mortgage payment instantly with our free calculator. Enter your loan amount, interest rate, and term (typically 15 or 30 years) to see a clear payment breakdown: principal vs. interest, plus a full amortization schedule. Even small rate changes matter a 0.25%–0.50% difference can shift your payment and total interest by thousands over the life of a loan. This tool helps first-time homebuyers compare scenarios, and it’s also useful for refinancing decisions or extra-payment planning. No signup required and 100% client-side: your numbers stay on your device. Trusted by 10,000+ homebuyers for quick, realistic estimates. It helps you move from guesswork to a confident decision with clear inputs and readable output. Adjust values, compare scenarios, and share results quickly. Runs client-side in your browser, with no signup required. Method details for Mortgage Calculator - Payment & Interest: The result model exposes each formula and equation, applies deterministic calculation steps, uses explicit decimal rounding, and keeps unit assumptions visible so outputs are auditable.

Advanced Settings
Auto: Off (down payment >= 20%)
% of loan/year

PMI is automatically applied when down payment is less than 20% of home price.

How to Calculate Your Mortgage Payment

  1. Enter the loan amount - This is the home price or the amount you're borrowing
  2. Input your interest rate - Your lender's annual percentage rate (APR)
  3. Set the loan term - Common options are 15 or 30 years
  4. Add down payment (optional) - This reduces your loan amount
  5. Click Calculate - See your monthly payment and total interest instantly

Understanding the Mortgage Formula

This calculator uses the standard amortization formula used by lenders worldwide: M = P × [r(1+r)^n] / [(1+r)^n - 1] where M is your monthly payment, P is the principal, r is the monthly interest rate, and n is the number of payments.

Why interest matters so much: On a $300,000 loan at 6.5% over 30 years, you'll pay approximately $383,000 in interest alone - more than the original loan amount. This is why many financial advisors recommend 15-year mortgages or extra principal payments.

Pro tip: Even small changes in interest rate make a significant difference. A 0.5% rate reduction on a $300,000 loan saves approximately $30,000 over 30 years. Shop around and negotiate with lenders.