Mortgage Calculator
Calculate your monthly mortgage payments and total loan cost.
$0.00
Monthly Payment
$0.00
Total Repayment
$0.00
Total Interest
How to Use This Tool
- Enter the required values into the Mortgage Calculator input fields shown above.
- The Mortgage Calculator recalculates automatically as soon as all required inputs are filled in.
- Review the breakdown of the result and adjust any input to instantly see how the outcome changes.
Common Use Cases
- Home buying decisions: First-time buyers compare 15-year versus 30-year terms to weigh monthly affordability against total interest paid.
- Refinance analysis: Homeowners compute new payments at current rates to decide whether closing costs justify the rate drop.
- Affordability planning: Calculate the maximum loan that keeps PITI under 28% of gross monthly income (the classic underwriting rule).
Frequently Asked Questions
How is monthly mortgage payment calculated?
M = P * r(1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly rate (annual/12), and n is number of monthly payments. A $300,000 loan at 6.5% for 30 years gives M = $1,896.20 in principal and interest, excluding taxes and insurance.
What's the difference between APR and interest rate?
Interest rate is what accrues on the balance. APR (Annual Percentage Rate) bakes in lender fees, points, and mortgage insurance, giving the true annualized cost. APR is always higher than note rate; compare APRs (not rates) when shopping lenders.
How much faster does biweekly payment pay off a mortgage?
Paying half your monthly amount every two weeks results in 26 half-payments per year, equal to 13 full monthly payments instead of 12. On a 30-year loan at 6.5%, this typically shaves 5-6 years and tens of thousands in interest off the total.