Mortgage Calculator — Monthly Payment & Home Loan Interest CalculatorM = P[r(1+r)ⁿ]/[(1+r)ⁿ−1] · Amortization · LTV · PMI · Refinance
Use this free Mortgage Calculator to instantly estimate your monthly mortgage payment, total interest payable over the loan term, and complete home loan amortization schedule — using the standard mortgage payment formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1] — where M is the monthly mortgage payment, P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (loan term × 12). Results include: monthly mortgage payment (principal + interest) · total interest paid over loan lifetime · total repayment amount (principal + total interest) · full month-by-month amortization schedule · Loan-to-Value ratio (LTV%) and equity build-up.
This online mortgage payment calculator is trusted across every home buying and real estate financing decision: first home buyer mortgage affordability assessment, mortgage refinancing savings analysis — comparing new vs existing rate, fixed rate vs adjustable rate mortgage (ARM) comparison, extra repayment and overpayment interest savings calculation, buy-to-let and investment property mortgage analysis, and stamp duty, PMI (Private Mortgage Insurance), and total purchase cost estimation. Supports all standard mortgage loan terms — 10, 15, 20, 25, and 30-year mortgages — and interest rates from variable tracker mortgages to fixed rate deals. Trusted by first-time home buyers, property investors, mortgage brokers, and financial advisors in the US, UK, India, Canada, and Australia for accurate home loan planning and mortgage affordability analysis.
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Mortgage Calculator — The True Monthly Cost Is More Than Principal and Interest
The mortgage payment lenders quote covers only principal and interest. Your actual monthly housing cost adds property tax (typically 1-1.5% of value annually), homeowner's insurance ($100-200/month), and PMI if your down payment is below 20% (0.5-1% of loan value annually). On a $400,000 home with 10% down, this adds $600-900/month on top of the P&I payment. The mortgage calculator includes all components so the number you plan around reflects reality, not the lender's simplified quote.
Down payment percentage changes the calculation in two ways simultaneously. A larger down payment reduces the loan amount and eliminates PMI once you cross the 20% threshold. Going from 10% to 20% down on a $400,000 home adds $40,000 to upfront costs but saves roughly $200/month in PMI plus reduces the loan balance by $40,000. The break-even on that extra down payment in monthly savings takes about 16 years — which matters if you plan to sell before then.
Interest rate sensitivity on mortgages is severe because of the 30-year compounding. The difference between 6.5% and 7.0% on a $350,000 mortgage is $115/month but $41,400 over the life of the loan. Refinancing from 7% to 6.5% on a $350,000 balance saves that same $115/month, and the break-even on typical refinancing costs ($3,000-5,000) occurs around 26-43 months. The calculator lets you run both scenarios so the refinancing decision is based on numbers, not intuition.