Calculate your monthly mortgage payment, total interest paid, and view a complete amortization schedule. Our free mortgage calculator helps you compare 15-year vs 30-year loans, understand how down payment affects your payment, and plan your home purchase with confidence.
Enter your home price, down payment, interest rate, and loan term using the sliders or input fields. Click Calculate to see your estimated monthly payment broken down into principal and interest. The interactive charts show how your balance decreases over time.
The standard formula for calculating the principal-and-interest portion of a fixed-rate mortgage payment is: M = P × [i(1 + i)^n] / [(1 + i)^n – 1], where M is the monthly payment, P is the principal loan amount, i is the monthly interest rate (annual rate divided by 12), and n is the total number of payments.
How much house can I afford? A common guideline is the 28/36 rule: your monthly mortgage payment should not exceed 28% of your gross monthly income.
What is PMI? Private Mortgage Insurance is typically required when your down payment is less than 20% of the home price.
Should I choose a 15-year or 30-year mortgage? A 15-year mortgage has higher monthly payments but lower total interest. A 30-year offers more flexibility.