- Enter Details — Home price, down payment, interest rate, term, tax, insurance.
- Calculate — See monthly payment, total paid, and total interest.
- View Schedule — Amortization table showing principal/interest breakdown per year.
- Download — Export full amortization schedule as CSV.
Mortgage Calculator — Calculate Home Loan Payments
The Mortgage Calculator is a free tool that calculates your monthly mortgage payment including principal, interest, property tax, and insurance. It generates a full amortization schedule showing how each payment is split over the life of your loan.
How Mortgage Payments Work
A fixed-rate mortgage payment is calculated using the formula M = P[r(1+r)^n]/[(1+r)^n-1]. The interesting thing about mortgage amortization is that early payments go mostly toward interest, while later payments go mostly toward principal. This is why extra payments early in the loan term save the most interest.
Features
- Full Calculation — Monthly payment, total paid, total interest at a glance.
- Property Tax & Insurance — Include escrow for accurate total payment.
- Down Payment — Enter amount or percentage.
- Five Loan Terms — 10, 15, 20, 25, or 30 years.
- Amortization Schedule — Year-by-year principal/interest/balance breakdown.
- CSV Export — Download the full monthly schedule.
Mortgage Tips
- 20% Down — Avoids PMI (Private Mortgage Insurance) and reduces monthly payments.
- 15 vs 30 Year — A 15-year mortgage has higher payments but saves 50%+ in total interest.
- Rate Shopping — Even 0.25% lower rate saves thousands over 30 years.
- Extra Payments — One extra payment per year can shorten a 30-year mortgage by 4-5 years.
Example
A $350,000 home with 20% down ($70,000), 6.5% rate, 30-year term: Monthly PI = $1,770, plus ~$350 tax and ~$100 insurance = $2,220/month total. Total interest over 30 years: $357,000.
Privacy
All calculations run in your browser. No financial data is transmitted.