Mortgage Calculator
Calculate monthly mortgage payments, total interest and full amortization — no signup, no email required.
Shows principal & interest only — property tax, insurance (PITI), HOA dues and PMI are not included. Results are estimates; consult your lender for an exact payment.
A free mortgage calculator with extra-payment modeling
Enter the loan amount, rate, and term, and this calculator shows the monthly principal-and-interest payment plus the total interest you’ll pay over the life of the loan. Add an optional extra monthly payment to see how much faster you’d pay off and how much interest you’d save.
The mortgage payment formula
M = P × [r(1 + r)^n] / [(1 + r)^n − 1]
- M = monthly payment
- P = principal (loan amount)
- r = monthly interest rate (annual rate / 12 / 100)
- n = total number of monthly payments (years × 12)
On a $400,000 loan at 6.5% for 30 years, that works out to $2,528.27/month — $510,178 in total payments, $110,178 of which is interest.
Why the extra payment is the best button on the page
Amortization is front-loaded: in the first year of a 30-year mortgage at 6.5%, about 80% of your payment goes to interest. Any principal you can pay down early has 29 more years to compound out of the interest total. A few concrete examples on the same $400k / 6.5% / 30-year loan:
| Extra / month | Payoff in | Interest paid |
|---|---|---|
| $0 | 30y 0m | $510,178 |
| $100 | 27y 0m | $409,680 |
| $250 | 23y 5m | $328,088 |
| $500 | 19y 1m | $239,891 |
| $1,000 | 14y 7m | $158,780 |
Even $100/month — the price of two coffees a week — shaves three years off the loan.
What this calculator does not include
- Property tax — varies 0.3% to 2.5% of home value per year depending on location.
- Homeowners insurance — typically 0.3–1% of home value per year.
- Private Mortgage Insurance (PMI) — required if your down payment is less than 20%, usually 0.3–1.5% of the loan balance annually.
- HOA / condo dues — flat monthly figures, highly community-specific.
- Closing costs — one-off, typically 2–5% of the loan amount.
Add these to the P&I figure shown above to get your real out-of-pocket monthly housing cost.
How lenders use DTI (debt-to-income)
Lenders generally want your total monthly housing cost (PITI) to be under 28% of gross monthly income, and total debt payments (housing + car + student loans + credit cards) under 36%. If the monthly payment this calculator shows pushes you past those ratios, consider a smaller loan or a longer term.
Private, offline, and no signup
Most mortgage calculators on the web are lead-generation funnels — enter your number and you’ll be called by a loan officer within the hour. This one does the math client-side. No data leaves your browser.
Frequently asked questions
- What does the monthly payment include?
- Only **principal and interest** (P&I) on the loan itself. It does **not** include property tax, homeowners insurance, HOA fees or PMI — together known as PITI. A full PITI payment is typically 20–35% higher than the P&I figure shown here, depending on your location and insurance costs.
- What interest rate should I enter — APR or the nominal rate?
- Use the **nominal rate** (sometimes called the "note rate") for the most accurate monthly payment. APR is higher because it folds in closing costs amortized over the loan term, so using APR will overstate the monthly payment by a small amount.
- How does an extra monthly payment save so much interest?
- Every dollar of extra payment goes directly against principal, which means the next month's interest is calculated on a smaller balance. The effect compounds: on a $400,000 / 30-year / 6.5% loan, an extra $200/month pays the loan off about 5 years early and saves roughly $90,000 in interest. The earlier in the loan term you start extra payments, the bigger the effect.
- Does this work for 15-year, 20-year or ARM loans?
- The calculator handles any **fixed-rate** term from 5 to 40 years — set the rate and term and it's accurate. For adjustable-rate mortgages (ARMs), you can use it to estimate the current payment, but the rate will change on each reset, so the long-term interest total is only indicative.
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