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.
Tips for Getting Accurate Results
For the most accurate results, use up-to-date numbers from official sources. Double-check your inputs before calculating — small errors in the starting values can lead to significantly different outputs. If you are comparing scenarios, keep all variables the same except the one you are testing. Save or screenshot your results for future reference. This calculator uses standard formulas and is designed to give you a reliable quick estimate, though professional advice may be needed for complex situations.
Frequently Asked Questions
How is the monthly mortgage payment calculated?
Using the formula M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the loan amount, r is the monthly interest rate, and n is total number of monthly payments.
What is a good mortgage interest rate?
Rates vary by market conditions. As of 2026, rates between 5.5-7% are typical for 30-year fixed mortgages. Your rate depends on credit score, down payment, and loan type.
How much should my down payment be?
20% is ideal to avoid Private Mortgage Insurance (PMI). However, FHA loans allow as low as 3.5%, and VA/USDA loans may require 0%. A larger down payment means lower monthly payments.
What is amortization?
Amortization is the process of paying off a loan through regular payments. Early payments are mostly interest; later payments are mostly principal. The amortization schedule shows this breakdown.
Does this include property tax and insurance?
No. This calculator shows principal and interest only. Your actual monthly housing cost also includes property tax, homeowners insurance, and possibly PMI and HOA fees.
Is my data private?
Yes. All calculations run in your browser. No financial data is sent to any server.