Mortgage & Loan Calculator

What Is a Mortgage Calculator For?

It estimates your monthly mortgage or loan payment based on the loan amount, interest rate, and repayment term — helping you see how much a home or large loan will actually cost you over time, including total interest.

How It’s Calculated

Monthly Payment = [P × R × (1+R)ⁿ] ÷ [(1+R)ⁿ − 1], where P = loan principal (after down payment), R = monthly interest rate, n = total number of monthly payments.

Example

A $300,000 home loan at 6.5% annual interest over 30 years (360 months): monthly payment ≈ $1,896, with total interest paid over the loan life of roughly $382,000.

Comparing loan options? Our EMI Calculator works well for shorter-term personal, car, or business loans, and the Percentage Calculator is handy for quickly checking a down payment percentage or rate change.

Learn more: How Rising Mortgage Rates Affect Your Payment and Loan Prepayment: Pay Off Early or Invest?, and First-Time Homebuyer’s Guide to Mortgage Calculators

FAQ

How does the down payment affect my monthly payment? A larger down payment reduces the principal you’re borrowing, which lowers both your monthly payment and total interest paid.

Does this include property tax and insurance? No — this calculates principal and interest only. Actual monthly housing costs are usually higher once taxes, insurance, and HOA fees are added.

What’s the impact of a shorter loan term? A shorter term (e.g., 15 years vs. 30) raises the monthly payment but significantly cuts total interest paid over the life of the loan.

Can extra payments reduce my loan term? Yes, additional principal payments reduce the balance faster, which can shorten the loan term or reduce total interest — check with your lender on how they apply extra payments.