Mortgage Calculator

Calculate your monthly mortgage payment, total interest, and see a full amortization schedule — instantly, free.

Buying a home is the largest financial commitment most people make. This mortgage calculator shows your monthly payment, total interest cost, and amortisation schedule for any loan amount, interest rate, and term — helping you compare scenarios and understand the true cost before committing to a property.

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Monthly Payment
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Total Interest
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Total Amount Paid
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Loan Amount

How to Use the Mortgage Calculator

  1. Enter the home price — the full purchase price of the property.
  2. Enter your down payment — the amount you'll pay upfront.
  3. Set the interest rate — your annual mortgage rate (e.g. 6.5%).
  4. Choose a loan term — 30, 20, 15, or 10 years.
  5. Click Calculate — see your monthly payment, total interest, and amortization schedule.

How the Monthly Payment Is Actually Calculated

Lenders use the amortisation formula: M = P × r × (1+r)n ÷ ((1+r)n − 1), where P is the principal, r the monthly rate (annual ÷ 12), and n the number of payments.

Example — $300,000 borrowed at 6.5% over 30 years: r = 0.065 ÷ 12 = 0.005417, n = 360. That gives M ≈

,896 per month, and about $382,600 of total interest over the life of the loan — more than the amount borrowed. Early payments are mostly interest: of the first
,896 payment,
,625 is interest and only $271 reduces the balance.

What a Rate Change Really Costs ($300,000, 30-year fixed)

RateMonthly paymentTotal interest (30 yrs)
5.5%
,703
$313,212
6.0%
,799
$347,515
6.5%
,896
$382,633
7.0%
,996
$418,527

Every half-point costs roughly

00/month on this loan — that's why buying down the rate or improving your credit score before applying matters. Remember the payment above excludes property tax, homeowner's insurance, and PMI (required above 80% LTV — check with our Loan to Value Calculator), which typically add 20–40% on top.

Frequently Asked Questions

How is the monthly payment calculated? ▼
We use the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate, and n is the total number of monthly payments.
Does this include taxes and insurance? ▼
This calculator shows principal & interest (P&I) only. Actual monthly housing costs may also include property taxes, homeowners insurance, HOA fees, and PMI.
What's a good mortgage interest rate? ▼
Rates vary by market, credit score, and loan type. Check current rates from multiple lenders. Even 0.25% lower can save thousands over the life of the loan.
Should I choose 15 or 30 years? ▼
A 15-year mortgage has higher monthly payments but much less total interest. A 30-year mortgage is more affordable monthly but costs more overall. Use this calculator to compare both!