Free Mortgage Calculator – Plan Your Home Loan

Mortgage Calculator
Monthly Payment • Total Interest • Amortization Table
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🏠 Free Mortgage Calculator – Plan Your Home Loan
Calculate your monthly mortgage payments, total interest, and loan amortization instantly. Compare 15-year vs 30-year terms, visualize principal vs interest breakdown, and view a complete yearly payment schedule. Perfect for home buyers, refinancing decisions, and real estate investors. Adjust home value, down payment, interest rate, and loan term to find your perfect payment plan.
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💡 Frequently Asked Questions
How is my monthly mortgage payment calculated? ▼
Your monthly mortgage payment is calculated using the standard amortization formula: P × r × (1+r)^n / ((1+r)^n - 1), where P is your loan principal, r is your monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. This calculator also accounts for down payment and loan term.
What is the difference between 15-year and 30-year mortgages? ▼
A 15-year mortgage offers higher monthly payments but significantly lower total interest paid over the loan life. A 30-year mortgage has lower monthly payments, making it more affordable month-to-month, but you'll pay much more in total interest. Use our comparison feature to see the difference for your specific loan amount.
How much down payment do I need for a mortgage? ▼
Down payment requirements vary by loan type. Conventional loans typically require 5-20%, while FHA loans may require as little as 3.5%. VA and USDA loans may offer 0% down options. This calculator lets you enter any down payment amount or percentage to see how it affects your monthly payment.
What is an amortization schedule? ▼
An amortization schedule shows each loan payment broken down into principal and interest portions, plus the remaining balance over time. In early years, most of your payment goes toward interest. Over time, more goes toward reducing principal. Our calculator provides a yearly amortization table to help you understand this process.
Are property taxes and insurance included in these calculations? ▼
This calculator focuses on principal and interest only, which are the core components of your mortgage payment. Property taxes, homeowners insurance, and PMI (Private Mortgage Insurance) vary by location and lender. Always consult with a mortgage professional for a complete estimate including all costs.
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