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Mortgage Calculator
Enter the loan amount, annual rate and term to see your monthly principal-and-interest payment, the total interest you will pay over the life of the loan, and roughly when the loan pays off. Computed instantly in your browser.
How the payment is calculated
The standard amortisation formula spreads each payment between interest and principal so the loan reaches zero exactly at the end of the term: M = P·r(1+r)n / ((1+r)n−1). Early payments are mostly interest; later ones are mostly principal.
Adjustable-rate mortgages
An ARM (5/1, 7/1…) fixes the rate only for the first years, then adjusts with the market. This tool computes the payment at the rate you enter — use it for the fixed period, and re-run it if the rate adjusts.
What is not included
Taxes, homeowner's insurance, PMI and HOA dues are on top of principal and interest — lenders quote the full PITI figure, which is always higher than the number here.
Frequently Asked Questions
Does the monthly payment include property tax and insurance?
No — principal and interest only. Add roughly your annual tax + insurance divided by 12 for the full housing payment.
15-year vs 30-year — which saves more?
A 15-year loan at the same rate typically saves more than half the total interest, but the monthly payment is much higher. Compare both terms above.
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