Calculate your monthly mortgage payments instantly. This free mortgage calculator shows you the total payment including principal and interest, with a full amortization schedule for any loan term.
Using this mortgage calculator is simple. Start by entering the total loan amount you plan to borrow — this is the purchase price minus your down payment. Next, input the annual interest rate your lender has quoted (or a current market rate if you're shopping around). Finally, choose your loan term in years — typically 15, 20, or 30 years for most home loans.
Click "Calculate" and you'll instantly see your monthly payment (principal and interest only). The calculator also shows the total amount you'll pay over the full loan term and the total interest you'll pay over the life of the loan.
Try adjusting the interest rate or loan term to see how even small changes affect your monthly payment. A lower rate or shorter term means less interest paid overall.
Looking to pay off your mortgage faster? Check out our Home Loan Prepayment Calculator to see how extra payments save on interest.
The monthly payment is calculated using the standard amortization formula:
Where: M = monthly payment, P = loan principal, r = monthly interest rate (annual rate / 12), and n = total number of monthly payments (term × 12).