Plan your mortgage with clear numbers

This calculator estimates principal and interest payments for a fixed rate mortgage. Enter your loan amount, annual rate, term, and down payment to see the monthly payment and a schedule breakdown.

Monthly payment estimate Total interest and total paid Monthly schedule table Charts, compare, PDF export
Payment
Monthly principal and interest
Totals
Interest and total paid
Schedule
Balance over time

How to use the Mortgage Calculator

  1. 1

    Enter the loan amount

    Type the amount you plan to borrow for the home purchase.

  2. 2

    Set the interest rate

    Enter the annual interest rate from your lender.

  3. 3

    Choose the term and down payment

    Set the mortgage term in years and enter an optional down payment.

  4. 4

    Calculate and review

    Review monthly payment, totals, charts, and schedule. Add scenarios and export PDF if needed.

Detailed guide and references▶

Mortgage basics

A mortgage is a secured loan used to purchase real estate. The property acts as collateral. This calculator estimates principal and interest for a fixed rate loan. It does not include property taxes, insurance, HOA fees, or lender fees.

Couple standing in front of a house
Use the estimate as a baseline, then add taxes and insurance for a full housing budget

Inputs

  • Loan amount: total price portion you plan to finance.
  • Annual interest rate: the yearly rate from the lender.
  • Loan term: duration in years such as 15 or 30.
  • Down payment: upfront amount paid, subtracted from loan amount to get financed principal.

Formula

For a fixed rate mortgage, the monthly payment is often calculated with the amortization formula:

  • P = [r × PV] / [1 - (1 + r)^(-n)]
  • P is monthly payment, r is monthly rate, PV is principal, n is total number of payments

The schedule table shows how each payment splits into interest and principal, and how the remaining balance declines over time.

Cost factors

Interest rate

  • Higher rates raise monthly payment and total interest.

Term length

  • Longer terms lower monthly payment but usually increase total interest.

Down payment

  • Larger down payments reduce financed principal and can reduce total interest.

FAQs

Are the results exact?▶

No. This is a simplified principal and interest estimate. Fees, insurance, and taxes are not included.

Does this include property taxes and insurance?▶

No. Add those separately to estimate full monthly housing cost.

Why does total interest change so much with term?▶

Longer terms spread principal repayment across more months, keeping the balance higher for longer, which increases interest paid over time.

What does the schedule table show?▶

It shows each month’s payment, interest portion, principal portion, and remaining balance.

Key takeaways

  • Monthly payment depends on principal, rate, and term
  • Longer terms usually increase total interest even if payments are lower
  • Down payment reduces financed principal and often lowers total interest
  • Use the schedule to see how interest declines as balance drops
  • Add taxes and insurance to estimate full housing cost

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Calculator

Enter mortgage inputs, then press Calculate

These results are for reference only and were developed for educational and testing purposes.

The results shown are for general reference only and may differ from actual mortgage outcomes.