Home Loan Calculator
Calculate your monthly mortgage payment, total interest, and view the full amortization schedule. Compare different loan terms and interest rates. Free, instant, and private.
How the Home Loan Calculator Works
This calculator uses the standard mortgage payment formula to determine your monthly payment based on the loan amount, interest rate, and term. It then generates a full amortization schedule showing how each payment is split between principal and interest over the life of the loan.
Mortgage Payment Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
M = monthly payment, P = loan principal, r = monthly rate, n = total months
30-Year vs 15-Year Mortgage
A 30-year mortgage has lower monthly payments but costs significantly more in total interest. A 15-year mortgage has higher payments but saves tens of thousands in interest. Use this calculator to compare — enter the same loan amount with different terms to see the difference.
How Much House Can You Afford?
Financial experts recommend your monthly housing costs (mortgage, insurance, taxes) should not exceed 28% of your gross monthly income. Use this calculator to find a monthly payment that fits your budget, then work backward to determine your maximum home price.
Tips for Getting the Best Mortgage Rate
Improve your credit score above 740, save for a 20% down payment to avoid PMI, compare rates from multiple lenders, consider mortgage points to buy down your rate, and lock your rate when you find a good deal. Even a 0.25% rate difference can save thousands over the life of a loan.