Mortgage Calculator
Overview
Easily calculate your monthly mortgage payments and loan amortization schedule for fixed-rate mortgages.
The Mortgage Calculator helps you calculate your monthly payments and provides an amortization schedule for fixed-rate mortgages. Input your loan amount, interest rate, and term to get a breakdown of payments and how much interest you'll pay over the life of the loan.
How to use
Calculate your mortgage payment in a few quick steps.
- Enter home price and down payment: Fill in the home price and your down payment amount (or percentage, if available).
- Set the loan term: Choose the loan term in years (for example, 15 or 30 years).
- Add the interest rate: Enter the annual interest rate offered by your lender.
- Review results: Check the monthly payment and the amortization schedule to understand principal vs. interest over time.
FAQs
- How is my monthly mortgage payment calculated?
- Your monthly payment is calculated from the loan amount, interest rate, and loan term using the standard amortization formula.
- What’s included in a typical mortgage payment?
- Most mortgage payments include principal and interest. Depending on your situation, you may also pay property taxes, homeowners insurance, and PMI.
- What is an amortization schedule?
- An amortization schedule shows how each payment is split between interest and principal, and how your remaining balance changes over time.