Mortgage Calculator
Free mortgage calculator — monthly payment, total interest, and full amortization schedule with taxes and insurance. Instant, private, in your browser.
A mortgage calculator turns a price, deposit, rate and term into a monthly payment. This one adds optional property tax and home insurance for a full monthly figure, then opens a year-by-year amortisation schedule showing exactly how the balance falls. Everything runs in your browser — no sign-up, nothing transmitted.
What you enter and what you get back
Six inputs: home price, down payment, interest rate, term in years, and optionally annual property tax and annual home insurance. The down-payment label shows your deposit as a percentagelive as you type, which is the number that decides whether you avoid mortgage insurance. Quick buttons set the term to 10, 15, 20, 25 or 30 years, and a Load Sample Values button fills in a worked $350,000 example if you want something to poke at first.
Results appear immediately: the estimated monthly payment, a split into principal-and-interest versus taxes-and-insurance, then four cards — total loan principal, monthly principal and interest, total lifetime interest, and the total of all payments.
Worked example, using the tool's own defaults
A $350,000 home with $70,000 down is a $280,000 loan at a 20% deposit. At 6.5% over 30 years:
| Term | Monthly P&I | Total of all payments | Lifetime interest |
|---|---|---|---|
| 30 years | $1,769.79 | $637,125 | $357,125 |
| 20 years | $2,087.60 | $501,025 | $221,025 |
| 15 years | $2,439.10 | $439,038 | $159,038 |
Read the 30-year row again: $357,125 of interest on a $280,000 loan — you pay the house price back, and then some, in interest alone. Choosing 15 years costs $669.31 more each month, about 37.8% higher, and saves roughly $198,000 of interest. That is a 55% reduction, not the two-thirds figure often quoted, and it is worth knowing the real number before you stretch for the shorter term.
Why the amortisation schedule is the useful part
A fixed-rate payment never changes, but its composition shifts dramatically, and the schedule is where you see it. On that default loan, year one puts $18,108 toward interest and only $3,130 toward the balance — after twelve payments totalling over $21,000 you owe $276,870 of the original $280,000. Ten years in the balance is still $237,373.
The crossover matters more than any single row: principal does not overtake interest until year 20 on a 30-year term. That single fact explains why selling or refinancing early feels like it achieved nothing, and why overpayments in the first decade are worth far more than the same money later — every dollar of early principal removes all the future interest that would have accrued on it.
Rates move the needle more than you expect
Half a percentage point sounds trivial and is not. On the same $280,000 over 30 years, going from 6.5% to 7.0% adds $93.06 a month and $33,500 over the term. Comparing three or four lenders is usually the single highest-value hour in the whole process, ahead of haggling over fees. A stronger credit profile and a larger deposit are what move you into a better rate tier in the first place.
What this calculator does not model
Being clear about the gaps matters when the output is going into a budget:
| Cost | Modelled? | How to handle it |
|---|---|---|
| PMI (deposit under 20%) | No | Add the annual premium into the insurance box |
| HOA or service charge | No | Add it to the insurance box too, annualised |
| Closing costs and fees | No | Budget separately; they are not part of the payment |
| Extra or lump-sum payments | No | Use the mortgage payoff calculator |
| Variable or tracker rates | No — fixed rate only | Re-run at each rate you want to test |
| Escrow timing and tax rises | No | Property tax is split evenly across twelve months |
Both untracked costs land in the same place: because tax and insurance are simply divided by twelve and added on, the insurance box works as a catch-all for any fixed annual housing cost. Total up PMI, HOA and insurance, enter the sum, and the monthly figure becomes realistic.
Related calculators
To see the effect of overpaying, the mortgage payoff calculator models extra payments and the months they remove, andmortgage amortization goes month by month rather than year by year. Working out what you can borrow at all is thehouse affordability calculator, and sizing the deposit is the down payment calculator. If you already have a loan and rates have moved, the refinance calculator gives you the break-even month. Outside the US, try the UK andCanadian versions.
Frequently Asked Questions
What formula does this mortgage calculator use?
The standard amortisation formula: M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan principal, r is the monthly rate (annual rate ÷ 12) and n is the number of monthly payments. At 0% it falls back to principal ÷ months, which is the correct answer rather than a divide-by-zero error.Does it show a full amortisation schedule?
Yes. Below the summary cards there is a Show Amortisation Schedule button that reveals a year-by-year table of principal paid, interest paid and remaining balance for the whole term. It only appears when the rate is above zero, since a 0% loan has no interest to break out.Does the calculator include PMI?
No — there is no separate PMI field, so a sub-20% down payment will not add mortgage insurance automatically. The workaround is to fold your quoted annual PMI into the Home Insurance box, since both are simply divided by twelve and added to the monthly total.Does it include property taxes and home insurance?
Yes, as two optional annual figures. Enter them and the green summary splits your payment into principal and interest versus taxes and insurance. Leave them at zero and the result is principal and interest only, which is the figure lenders quote for the loan itself.What is the difference between a 15-year and a 30-year mortgage?
On a $280,000 loan at 6.5%, the 15-year payment is $2,439.10 against $1,769.79 — about 37.8% more each month. In exchange, lifetime interest falls from $357,125 to $159,038, a saving of roughly $198,000. The trade is cash-flow flexibility now against a much lower total cost.How much does a 0.5% higher interest rate really cost?
On that same $280,000 over 30 years, moving from 6.5% to 7.0% adds $93.06 a month and $33,500 across the full term. That is why shopping several lenders is worth more than most other savings you can make on a mortgage — half a point is real money.Can I use it for an Indian home loan EMI?
The maths is identical, since EMI on a fixed-rate loan is the same amortisation formula Indian banks use. The only caveat is cosmetic: every figure is formatted and labelled in US dollars, so read the amounts as your own currency and ignore the symbol.Is my financial data stored or sent anywhere?
No. Every figure is computed in your browser with JavaScript — no loan amounts, incomes or property details are transmitted, logged or saved, and nothing persists when you close the tab. The page also keeps working with your connection switched off once loaded.