Mortgage Calculator
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How to use Mortgage Calculator
- Enter home price and down payment.
- Enter the rate, term, tax and insurance.
- Read the monthly payment and total interest.
Common uses
- Comparing loan terms.
- Planning a home budget.
- Seeing how a bigger down payment helps.
About this tool
Calculate a fixed-rate mortgage payment: loan amount = price minus down payment, then the standard amortisation formula, plus property tax and insurance spread over 12 months.
Worked example
A 300,000 mortgage at 6.5% a year over 30 years has a monthly principal-and-interest payment of about 1,896. Over 360 payments that adds up to about 683,000, so interest is more than the amount borrowed.
Common problems and fixes
- Payment excludes taxes and insurance.
- The calculator shows principal and interest. Property tax, insurance and fees are extra.
- Rates are quoted differently.
- Use the nominal annual rate, not the APR, unless you know the APR already includes fees.
- A shorter term costs less overall.
- A 15-year loan has higher payments but far less total interest than a 30-year loan.
Next steps
Frequently asked questions
What is included?
Principal, interest, and the yearly tax and insurance spread monthly.
What is not included?
Mortgage insurance, HOA fees and closing costs.
Is it exact?
It is an estimate; lenders may differ.
Are my files uploaded to a server?
No. Everything runs inside your browser on your own device, so your files and text are never sent anywhere.
Is it really free?
Yes. There is no sign-up, no watermark and no limit on how often you use it.
Does it work on my phone?
Yes. It works in any modern browser on phones, tablets and computers. Very large files may be slow on older phones.