What the Mortgage Calculator does
This free mortgage calculator turns your numbers into a realistic monthly payment estimate that updates live as you type. Plug in a home price, a down payment, an annual interest rate and a loan term, then add your yearly property tax and home insurance, and it works out a total monthly payment that breaks out principal and interest plus the monthly share of taxes and insurance. It also shows the loan amount, the total interest and the total repaid, plots a payoff chart of your remaining balance year by year, and lays out a full amortization schedule. Add an extra monthly payment and it reveals how much interest you save and how much sooner the loan is gone. 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.
- Add your yearly Property tax and Home insurance. The tool spreads each over twelve months and folds them into the total.
- Optionally enter an Extra monthly payment to see the interest saved and the earlier payoff.
Everything updates instantly, so there is no button to press. Change any field and the total monthly payment, the cards, the payoff chart and the schedule all recalculate at once. Open the collapsible amortization schedule to see the principal, interest and remaining balance for each year. Try a larger down payment, or drop the rate half a point, and watch the figures 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 total monthly payment covers principal and interest plus the property tax and home insurance you enter, but those two are estimates, and HOA dues and PMI are not included, so your real monthly cost may differ. Use the figure as a planning estimate, not formal lending advice. Always confirm exact terms, tax assessments and insurance quotes with your lender and insurer before you commit.
Frequently asked questions
- How is the monthly mortgage payment calculated?
- Principal and interest use 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 headline total then adds the monthly share of your yearly property tax and home insurance on top.
- What does the total monthly payment include?
- It combines principal and interest with one twelfth of your yearly property tax and one twelfth of your yearly home insurance. The headline breaks these out so you can see the loan portion separately from the taxes and insurance you entered.
- Are the property tax and insurance figures accurate?
- They are only as accurate as the yearly amounts you enter, and those are estimates. Real tax assessments and insurance quotes vary by property and provider, and HOA fees and PMI are not included, so treat the total as a planning figure and confirm exact numbers with your lender and insurer.
- What does the extra monthly payment do?
- Adding an extra amount to each payment goes straight to principal, so the balance falls faster. The calculator shows how much total interest you save and how many months or years sooner the loan is paid off.
- Can I see a payoff chart and amortization schedule?
- Yes. A payoff chart plots the remaining balance year by year, and a collapsible amortization schedule lists the principal, interest and remaining balance for each year of the term.
- Can I see how much total interest I will pay?
- Yes. Along with the monthly payment, the calculator reports the loan amount, the total interest paid and the total repaid 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.
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Last updated: June 15, 2026