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Mortgage Calculators

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.

Inputs
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%
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Estimates only. Adjust any value to recalculate instantly.

Results
Estimated monthly payment $1,820.36 $288,000 financed at 6.50% · 30-year term
Principal & interest $1,820.36
Total interest paid $367,328 128% of principal
Total of payments $655,328
Loan-to-value 80.0% No PMI needed
Payoff time 30 yrs
Where your money goes
Where your money goes Principal: $288kInterest: $367k
  • Principal $288k
  • Interest $367k
Paid per year PrincipalInterest
Paid per year: Principal vs Interest $22k$16k$11k$5.5k$0 Yr 1Yr 6Yr 11Yr 16Yr 21Yr 26

Add an extra monthly payment to see how much interest you could save.

Estimated yearly amortizationView table
YearPrincipalInterestBalance
1$3,219$18,625$284,781
2$3,435$18,410$281,346
3$3,665$18,180$277,682
4$3,910$17,934$273,772
5$4,172$17,672$269,600
6$4,451$17,393$265,148
7$4,749$17,095$260,399
8$5,068$16,777$255,331
9$5,407$16,437$249,924
10$5,769$16,075$244,155
11$6,155$15,689$238,000
12$6,568$15,277$231,432
13$7,008$14,837$224,425
14$7,477$14,367$216,948
15$7,978$13,867$208,970
16$8,512$13,332$200,459
17$9,082$12,762$191,377
18$9,690$12,154$181,687
19$10,339$11,505$171,347
20$11,031$10,813$160,316
21$11,770$10,074$148,546
22$12,559$9,286$135,987
23$13,400$8,445$122,588
24$14,297$7,547$108,291
25$15,255$6,590$93,036
26$16,276$5,568$76,760
27$17,366$4,478$59,394
28$18,529$3,315$40,864
29$19,770$2,074$21,094
30$21,094$750$0

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

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%

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.

Frequently asked

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.

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