Free Mortgage Calculator
A free online mortgage calculator — enter your price, down payment, rate and term to see the monthly payment and full amortization instantly, with no sign-up.
How the mortgage calculator works
This calculator finances the home price minus your down payment, then spreads repayment over your chosen term at a fixed rate. Each month's payment covers the interest accrued on the remaining balance first, with everything left over reducing the principal — which is why early payments are mostly interest and later ones mostly principal.
Worked example: with home price of $360,000, down payment of $72,000 and interest rate (apr) of 6.50%, the mortgage calculator shows estimated monthly payment of $1,820.36.
- Principal & interest
- $1,820.36
- Total interest paid
- $367,328
- Total of payments
- $655,328
- Loan-to-value
- 80.0%
| Home price | Estimated monthly payment |
|---|---|
| $250,000 | $1,125.08 |
| $350,000 | $1,757.15 |
| $450,000 | $2,389.22 |
| $600,000 | $3,337.32 |
| $750,000 | $4,285.42 |
Estimated principal & interest on a 30-year fixed-rate mortgage (property taxes and insurance not included).
| Loan amount | 5.5% | 6% | 6.5% | 7% | 7.5% |
|---|---|---|---|---|---|
| $200,000 | $1,135.58 | $1,199.10 | $1,264.14 | $1,330.60 | $1,398.43 |
| $300,000 | $1,703.37 | $1,798.65 | $1,896.20 | $1,995.91 | $2,097.64 |
| $400,000 | $2,271.16 | $2,398.20 | $2,528.27 | $2,661.21 | $2,796.86 |
| $500,000 | $2,838.95 | $2,997.75 | $3,160.34 | $3,326.51 | $3,496.07 |
| $600,000 | $3,406.73 | $3,597.30 | $3,792.41 | $3,991.81 | $4,195.29 |
The formula
Monthly payment = P × r ÷ (1 − (1 + r)⁻ⁿ), where P is the loan amount, r is the monthly rate (annual ÷ 12) and n is the number of monthly payments.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the mortgage calculator
How is my monthly mortgage payment calculated?
It applies the standard amortization formula to your loan amount (home price minus down payment), interest rate and term. Interest on the current balance is charged first each month and the rest reduces your principal.
When am I required to pay PMI?
Private mortgage insurance is typically required when your down payment is under 20% — a loan-to-value above 80%. It usually falls away automatically once you reach 22% equity.
How much can extra payments save me?
A lot. Because interest is front-loaded, adding even $100–$200 of principal each month can cut years off a 30-year loan and save tens of thousands in interest. Enter an extra amount to see your figure.
Is the Mortgage Calculator free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.
How much is the monthly payment on a $300,000 mortgage?
At rates around 6%–7% over 30 years, the principal-and-interest payment on a $300,000 mortgage is roughly $1,800–$2,000 a month, before taxes and insurance. Enter your own rate and term above for an exact figure.
How much income do I need for a $300,000 mortgage?
Using the 28% rule, a $300,000 loan needs roughly $80,000–$95,000 of gross income, depending on rate, taxes, insurance and other debts. Lenders focus on your total debt-to-income ratio, ideally 36% or lower.
- 2026 Conforming Loan Limits (Fannie Mae / Freddie Mac) — Baseline and high-cost conforming limits by units, 2026 vs 2025, plus the jumbo threshold.
- The True Cost of Your Mortgage Rate — What every 0.25% of rate adds to your payment and total interest.