Mortgage Calculator

Calculate mortgage monthly payments free online including principal, interest, and an optional down payment. See your total interest cost over the full loan term.

Home Price

Down Payment

Interest Rate (% per year)

Term (years)

Browser only -- principal and interest only, excludes tax/insurance.

How to Use This Tool

Enter home price and down paymentThe difference becomes your financed amount

Enter the rate and termUse your actual or quoted mortgage terms

See monthly payment and total costPrincipal and interest only, not tax/insurance

Mortgage Calculator is a free online tool that works entirely in your browser — no signup, no data uploaded, no limits.

The Down Payment's Outsized Effect on Total Cost

A larger down payment doesn't just reduce your monthly payment proportionally -- it reduces the principal that interest compounds against for the entire loan term, which means the total interest savings are often larger than the down payment difference alone would suggest, especially on longer 30-year terms.

15-Year Versus 30-Year -- The Real Tradeoff

A 15-year term at the same rate typically costs dramatically less in total interest than a 30-year term, often by a margin that surprises first-time calculators of this comparison. The tradeoff is a meaningfully higher monthly payment, which only makes sense if it fits comfortably within your budget without creating financial strain elsewhere.

What This Calculator Deliberately Excludes

Property tax, homeowner's insurance, and any HOA fees are not included in this calculation, since these vary enormously by location, property type, and lender escrow requirements. This focuses specifically on the principal-and-interest mortgage math, which is the core, universal piece of any mortgage payment regardless of location.

Frequently Asked Questions

The underlying amortization math is the same, but mortgages typically involve a down payment that reduces the financed principal, and often run over much longer terms (15-30 years) than typical personal loans, which significantly changes the total interest accumulated.

The longer term means paying interest on a remaining balance for twice as long, which compounds the total cost significantly even though the monthly payment is lower. Many buyers choose the longer term specifically for payment affordability, accepting the higher total cost as a tradeoff.

No, this calculates the pure principal-and-interest mortgage payment based on loan amount, rate, and term. Property tax, homeowner's insurance, and any HOA fees are typically added separately and vary significantly by location and property.

A larger down payment reduces the financed principal directly, which reduces both the monthly payment and the total interest paid over the loan's life, since interest is calculated on a smaller borrowed amount throughout the entire term.

This depends on your specific financial situation -- a shorter term costs less in total interest but requires a higher monthly payment, which only makes sense if your budget comfortably supports it without strain.