Free Online Tools for Digital Creators
Mortgage Calculator
Calculate your monthly mortgage payments and plan your home purchase
Payment Breakdown
Monthly Payment
Total Interest
Total Payment
Loan Amount
Monthly Cost Breakdown
Payment Allocation Over Time
About This Tool
Our Mortgage Calculator is a free online tool that helps you estimate your monthly mortgage payments, understand interest costs, and plan your home purchase budget. Whether you're a first-time homebuyer or looking to refinance, this tool provides accurate calculations to inform your financial decisions.
With detailed payment breakdowns and amortization insights, you can compare different loan scenarios and make informed choices about your home financing. The tool is completely free to use with no registration required.
How to Use
Enter Loan Details
Input the home price, down payment, loan term, and interest rate.
Add Additional Costs
Include property taxes, insurance, and other fees if applicable.
Calculate
Click the 'Calculate Mortgage' button to see your payment breakdown.
Review Results
Analyze your monthly payment, total interest, and amortization schedule.
Frequently Asked Questions
The monthly mortgage payment is calculated using the standard amortization formula, which includes principal and interest. Additional costs like property taxes and home insurance are added to give you the total monthly payment. The formula accounts for your loan amount, interest rate, and loan term to determine your payment schedule.
A 15-year mortgage has higher monthly payments but significantly less interest paid over the life of the loan. A 30-year mortgage has lower monthly payments but you'll pay more interest overall. The right choice depends on your financial situation and goals - whether you prioritize lower monthly payments or saving on total interest.
A larger down payment reduces your loan amount, which lowers your monthly payments and total interest paid. It may also help you avoid private mortgage insurance (PMI) if you put down 20% or more. A smaller down payment means a larger loan and higher monthly payments, but allows you to purchase a home with less cash upfront.