What the Mortgage Calculator does
This free mortgage calculator turns four simple numbers into a clear monthly payment estimate. Plug in a home price, a down payment, an annual interest rate and a loan term, and it works out your monthly principal and interest, the loan amount you are actually borrowing, and the total interest you will pay over the life of the loan. It is handy for first-time buyers comparing houses, anyone weighing a bigger down payment against a smaller one, and people checking whether a rate change makes a place affordable.
How to use it
- Enter the Home price (for example 300,000).
- Type your Down payment. The calculator subtracts this to find the loan amount.
- Set the Annual interest rate as a percent, like 6.
- Choose the Term in years, such as 30 or 15.
- Press Calculate. You will see the monthly payment, the loan amount, and total interest right away.
Change any field and calculate again to compare scenarios side by side. Try a larger down payment, or drop the rate half a point, and watch the monthly figure move.
Why use this one
It runs entirely in your browser, so nothing you type is uploaded and there is no account to create. Results appear instantly, with no ads slowing you down. It is free with no limits, and it works on a phone, tablet or laptop, so you can run the numbers while standing in an open house.
Good to know
The result covers principal and interest only. Property tax, home insurance, HOA dues and PMI are not included, so your real monthly cost will be a bit higher. Use the figure as a planning estimate, not formal lending advice. Always confirm exact terms with your lender before you commit.
Frequently asked questions
- How is the monthly mortgage payment calculated?
- It uses the standard amortization formula on the loan amount (home price minus down payment), the monthly interest rate (annual rate divided by 12), and the number of monthly payments (term in years times 12). The output is principal and interest only.
- Does this mortgage calculator include taxes, insurance and PMI?
- No. It shows principal and interest only. Property taxes, homeowners insurance, HOA fees and PMI are not included, so your full monthly housing cost will be somewhat higher than the number shown.
- Can I see how much total interest I will pay?
- Yes. Along with the monthly payment, the calculator reports the loan amount and the total interest paid over the full term, so you can compare how rate and term affect lifetime cost.
- Is the calculator free and is my data private?
- Yes on both. It is free with no sign-up, and every calculation happens locally in your browser. Nothing you enter is sent to a server.
Related calculators
Last updated: June 15, 2026