gizmo421

Mortgage Calculator

Estimate a monthly mortgage payment in seconds. Enter your loan amount, term, and interest rate — plus property taxes, PMI, and other recurring costs if you know them — and the calculator breaks down exactly where each dollar of the payment goes, with a full month-by-month amortization schedule.

Enter a loan amount, term, and rate to see your payment.
Show full amortization schedule
#PaymentInterestPrincipalBalance

How the mortgage calculator works

The calculator uses the standard amortization formula that lenders use: given the principal, the annual interest rate, and the number of payments, it solves for the fixed monthly payment that pays the loan off completely over the term. Change any input and the results update immediately — including the full amortization schedule, which shows how each payment splits between interest and principal over the life of the loan.

What each field means

  • Loan Amount — the purchase price minus your down payment. This is the principal you’re financing.
  • Loan Term — how many years to repay. 30-year loans have lower monthly payments but more total interest; 15-year loans cost more per month but far less overall.
  • Rate — the annual interest rate quoted by your lender, not the APR.
  • Property Tax — your estimated yearly property tax, added to the monthly payment (your lender may collect this in escrow).
  • PMI Insurance — private mortgage insurance, usually required when your down payment is under 20%.
  • Other Cost — homeowners insurance, HOA dues, or any other yearly recurring cost you want baked into the estimate.

    • A quick example

    A $300,000 loan at 6% for 30 years costs about $1,799 per month in principal and interest. Add $3,600 a year in property tax and $1,500 in insurance and the real monthly cost of owning climbs past $2,200 — which is exactly why estimating taxes and insurance alongside the loan itself gives a far more honest number than the mortgage payment alone.

    Why trust the math?

    This calculator is built in-house using the same amortization formula found in every lender’s loan software: M = P × r ÷ (1 − (1 + r)⁻ⁿ), where r is the monthly rate and n is the number of payments. You can verify it against any lender’s quote — the principal-and-interest figure will match to the penny. Everything runs entirely in your browser: nothing you type is sent to any server, including ours.

    Results are estimates for planning purposes. Your lender’s figures will differ based on the exact rate, fees, escrow requirements, and the day your loan closes. Always confirm real numbers with your loan officer.