Estimate your monthly principal & interest payment, total interest over the life of the loan, and view a full amortization schedule. Everything runs in your browser.
How the Mortgage Calculator works
This mortgage calculator uses the standard amortization formula M = P·r ÷ (1 − (1 + r)⁻ⁿ), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments (years × 12). Each month, part of your payment covers interest and the rest reduces the principal.
Example calculation
On a $350,000 home loan at 6.5% for 30 years, the monthly principal and interest is about $2,212. Over the full term you repay roughly $796,000 — meaning about $446,000 is interest. Shortening to 15 years raises the payment but slashes total interest dramatically.
Tips for using the Mortgage Calculator
- Put at least 20% down to avoid private mortgage insurance (PMI).
- A 15-year term costs more monthly but can save six figures in interest.
- Even one extra payment a year noticeably shortens a 30-year loan.
Mortgage Calculator — frequently asked questions
- Does this include taxes and insurance?
- No — this is principal and interest only. Property tax, insurance and PMI/HOA vary by location and are added by your lender.
- How do I pay less interest?
- A shorter term, larger down payment, lower rate, or extra principal each month all cut total interest significantly.
- What credit score do I need for the best mortgage rate?
- Generally 740+ unlocks the lowest advertised rates; lower scores still qualify but at higher rates, which this calculator lets you compare.
- Should I choose a 15 or 30-year mortgage?
- A 30-year keeps payments low and flexible; a 15-year builds equity faster and costs far less interest. Compare both here.
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