Mortgage Calculator
Free online mortgage calculator. Calculate monthly payments, total interest and full amortization schedule for any home loan. Supports extra payments.
+ Add taxes, insurance & HOA
Balance Over Time
End-of-loan balance and total interest will still appear here if the chart does not load.
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|
How to Use the Mortgage Calculator
Enter your home price, down payment, interest rate, and loan term to get your estimated monthly mortgage payment instantly. Our calculator also shows your complete amortization schedule for the first 12 months, a visual breakdown of principal vs. interest, and the total cost of the loan including taxes and insurance.
Mortgage Payment Formula Explained
The standard fixed-rate mortgage formula calculates equal monthly payments that cover both principal and interest over the loan term:
30-Year vs. 15-Year Mortgage Comparison
Choosing between a 15-year and 30-year mortgage is one of the biggest financial decisions in homeownership. Here's how they compare on a $300,000 loan at 6.5%:
| Feature | 30-Year Mortgage | 15-Year Mortgage |
|---|---|---|
| Monthly Payment | $1,896 | $2,613 |
| Total Interest Paid | $382,633 | $170,342 |
| Total Cost | $682,633 | $470,342 |
| Interest Savings | — | $212,291 saved |
| Best For | Cash flow flexibility | Minimizing total cost |
What Affects Your Mortgage Payment
- Home Price & Down Payment — A larger down payment reduces your loan principal and can eliminate PMI (required when down payment is below 20%).
- Interest Rate — Even a 0.5% rate difference on a $300K loan changes your payment by ~$90/month and costs ~$32K more over 30 years.
- Loan Term — Shorter terms mean higher monthly payments but dramatically less total interest and faster equity building.
- Property Taxes & Insurance — Often collected monthly into an escrow account and can add $300–$700+/month depending on your location and home value.
- HOA Fees — Condos and planned communities often have mandatory HOA fees ranging from $100 to $1,000+/month.
💡 Pro Tip: Use the "Add taxes, insurance & HOA" section above to get your true all-in monthly housing cost — not just principal and interest. Lenders qualify you based on your total payment including PITI.
How Much House Can I Afford?
The general rule is to keep your total housing costs (PITI) below 28% of your gross monthly income, and total debt payments (housing + car + student loans) below 36–43%. For example, on a $80,000/year income ($6,667/month), your mortgage payment should ideally stay under $1,867/month.
⭐ Why Use BestMiniApps Mortgage Calculator?
Frequently Asked Questions
How much down payment do I need?
Conventional loans typically require 3–20% down. Putting 20% down eliminates PMI (Private Mortgage Insurance), which costs 0.5–1.5% of the loan annually. FHA loans require just 3.5% down but include mortgage insurance for the life of the loan. VA loans (for veterans) and USDA loans (rural areas) may require 0% down.
What is included in a mortgage payment (PITI)?
PITI stands for: Principal (repaying the loan balance), Interest (cost of borrowing), Taxes (property taxes collected monthly into escrow), and Insurance (homeowner's insurance, also escrowed). If your down payment is under 20%, PMI is added too.
Can I pay off my mortgage early?
Yes — making one extra payment per year on a 30-year mortgage can cut 4–5 years off the loan and save $50K+ in interest. Check your mortgage agreement for prepayment penalties (rare on modern loans). Even rounding up your payment by $100–$200/month makes a significant difference over time.
What's the difference between interest rate and APR?
The interest rate is the base cost of borrowing. The APR (Annual Percentage Rate) includes the interest rate plus lender fees (origination fees, mortgage points, broker fees), making it a better comparison tool when shopping for loans. Always compare APR, not just interest rate.
Should I buy points to lower my rate?
Mortgage points (each point = 1% of loan amount) can buy down your interest rate by ~0.25% per point. To decide if it's worth it, calculate your break-even: divide the cost of points by your monthly savings. If you plan to stay in the home longer than the break-even period (typically 5–7 years), buying points makes sense.