Mortgage Calculator

Estimate monthly payments, total interest, and property affordability with advanced interactive tools and amortization charts.

Currency

Home Price ($)

Down Payment (%)

Down Payment ($)

Loan Amount ($)

Interest Rate (%)

Loan Term (years)

Mortgage Calculator: Master Your Home Financing

A reliable mortgage calculator is essential for anyone entering the housing market. Whether you're a first-time homebuyer trying to understand affordability, or an existing homeowner exploring refinance options to lower interest rates, estimating your monthly payments and tracking amortization is crucial.

What Factors Impact Your Mortgage Payment?

Principal & Interest

The core of your mortgage payment. The principal pays down your loan balance, while the interest is the cost of borrowing the lender's money.

Down Payment

A higher upfront down payment dramatically lowers your monthly expenses and protects you from paying costly Private Mortgage Insurance (PMI).

Loan Term

A 15-year term features higher monthly payments but saves tens of thousands in interest, whereas a 30-year term stretches out the payments to make housing affordable.

How Do I Calculate Extra Payments?

Use the Extra Payments tab above to see how adding even $100 to your monthly payment drastically shifts your amortization schedule. Because extra payments are applied directly to the principal balance, they skip future interest compounding, shaving years off your 30-year loan.

Mortgage Affordability & The 28/36 Rule

Financial experts typically recommend the 28/36 Rule: Your housing expenses (mortgage, taxes, insurance) shouldn't exceed 28% of your gross monthly income, and your total debt load (housing plus car loans, student loans, and credit cards) shouldn't exceed 36%. Our Affordability tab automatically calculates these thresholds to keep you financially safe.