Mortgage Calculator

Mortgage Calculator – Estimate Your Monthly Home Loan Payment

Our Mortgage Calculator helps you estimate your monthly mortgage payment along with other important costs of home ownership. Whether you are planning to buy a house or refinance an existing loan, this tool provides fast and accurate results based on loan amount, interest rate, loan term, and additional expenses.

This calculator is primarily designed for U.S. residents and supports popular loan terms such as 15-year and 30-year fixed-rate mortgages. You can also include extra payments to see how they reduce interest and shorten your loan term.

What Is a Mortgage?

A mortgage is a loan secured by real estate, usually a home or property. The lender provides funds to purchase the property, and the borrower repays the loan over time—typically 15 or 30 years. Each monthly payment includes:

• Principal – the original loan amount
  
  

• Interest – the cost of borrowing
  
  

• Escrow (optional) – property taxes and insurance
  
  

In the U.S., the most common mortgage is the 30-year fixed-interest loan, allowing predictable monthly payments and long-term affordability.

Key Mortgage Calculator Inputs

Loan Amount

The total amount borrowed after subtracting the down payment from the home price. Loan approval usually depends on income, credit score, and affordability.

Down Payment

The upfront amount paid by the buyer. A 20% down payment often avoids private mortgage insurance (PMI), while lower down payments may increase total costs.

Loan Term

The length of time to repay the loan, commonly 15, 20, or 30 years. Shorter terms usually have lower interest rates but higher monthly payments.

Interest Rate

The annual percentage rate (APR) charged by the lender. This calculator focuses on fixed-rate mortgages, where the rate stays the same throughout the loan term.

Additional Home ownership Costs

Monthly mortgage payments are not the only cost of owning a home. Common recurring expenses include:

• Property taxes (vary by state and county)
  
  

• Home insurance
  
  

• Private mortgage insurance (PMI) if down payment is under 20%
  
  

• HOA fees (if applicable)
  
  

• Maintenance and utilities
  
  

Our mortgage calculator allows you to include these costs for a more realistic estimate.

Extra Payments & Early Mortgage Payoff

Making extra mortgage payments can significantly reduce interest and shorten your loan term. This calculator supports:

• Monthly extra payments
  
  

• Annual lump-sum payments
  
  

• One-time additional payments
  
  

Popular early repayment strategies include paying extra monthly, making bi-weekly payments, or refinancing to a shorter loan term.

Pros of Paying Early

• Lower total interest
  
  

• Faster loan payoff
  
  

• Financial peace of mind
  
  

Things to Consider

• Possible prepayment penalties
  
  

• Opportunity cost of investing elsewhere
  
  

• Reduced mortgage interest tax deduction
  
  

Why Use Our Free Mortgage Calculator?

• Estimate monthly mortgage payments instantly
  
  

• Compare loan terms and interest rates
  
  

• See the impact of extra payments
  
  

• Designed for U.S. home buyers
  
  

• Free, accurate, and easy to use
  
  

Use this Mortgage Calculator to plan smarter, understand true home ownership costs, and make confident financial decisions before buying or refinancing a home.