Mortgage Calculator
Calculate monthly payment, total interest, and view amortization table for your mortgage loan.
The Mortgage Calculator works out your monthly payment, total interest, and an amortization table for a home loan. It helps you compare loans and see how long each one really runs.
| Year | Month | Payment | Principal | Interest | Balance |
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What is a Mortgage Calculator?
A mortgage calculator is a financial tool that helps you estimate your monthly mortgage payments and understand the total cost of your home loan. It takes into account the principal loan amount, the annual interest rate, the loan term in years, and optionally a down payment percentage. The calculator uses the standard amortization formula to determine how much of each monthly payment goes toward interest versus principal, allowing you to see the complete picture of your mortgage repayment schedule over time. The term is usually entered in years and is converted to monthly periods, which is the same basis that most lenders use when they quote a rate.
Mortgage calculators are essential for homebuyers who want to understand what they can afford, for borrowers comparing different loan scenarios, and for financial planners analyzing mortgage costs. By adjusting variables like the loan amount, interest rate, or term length, you can see how these changes impact your monthly payment and total interest paid over the life of the loan. This information helps you make informed decisions about home purchases, refinancing options, and payment strategies to potentially save thousands in interest costs. Because the amortization table is optional, you can keep the view simple with just the headline numbers or expand it to see how each payment is split between principal and interest.
This mortgage calculator runs entirely in your browser with no data sent to any server. All calculations happen locally on your device using JavaScript, ensuring complete privacy and security for your financial information. You can use it as many times as needed without any restrictions or concerns about data collection. The tool is completely free to use and requires no account registration or personal information. Your mortgage calculations remain confidential and are never stored or transmitted anywhere. All of the figures are computed in the browser, so your loan details stay on your own device and are never shared with a lender or with any server.
How to use this Mortgage Calculator
- Enter your loan amount in dollars in the Loan Amount field.
- Input your annual interest rate as a percentage (e.g., 6.5 for 6.5%).
- Set the loan term in years (common terms are 15 or 30 years).
- Enter your down payment as a percentage of the home price.
- View your monthly payment, total interest, and total paid amounts.
- Toggle the amortization table to see the detailed payment schedule.
FAQ
How is the monthly mortgage payment calculated?
The monthly payment is calculated using the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate, and n is the total number of payments.
What is amortization and how does it work?
Amortization is the process of paying off a debt over time through regular payments. Each payment covers both interest on the loan and a portion of the principal. Early payments consist mostly of interest, while later payments apply more to the principal balance.
Can I include a down payment in the calculation?
Yes, the mortgage calculator includes a down payment field. Enter your down payment amount or percentage, and the tool will automatically calculate the loan amount as the purchase price minus the down payment.
Is the amortization table adjustable?
The amortization table shows the standard schedule based on your inputs. You can toggle it on or off to show or hide the detailed breakdown. For customized payment schedules, you may need to adjust the loan terms or use additional financial tools.