Mortgage Calculator
Calculate your monthly mortgage payment, analyze loan costs, and explore amortization schedules.
Loan Details
Payment Summary
Amortization Schedule
About Mortgage Calculator
Professional mortgage payment calculator with amortization schedules, PMI calculations, and total cost analysis. Make informed home buying decisions with accurate financial projections.
Common Use Cases
First-time home buyers planning purchases
Homeowners considering refinancing
Real estate agents assisting clients
Financial advisors creating projections
Investors analyzing rental properties
Budget planners calculating affordability
Examples & Demonstrations
Standard conventional mortgage calculation
Input:
$400,000 loan at 6.5% for 30 years
Output:
$2,528 monthly payment
PMI calculation for low down payment
Input:
$300,000 loan with 15% down payment
Output:
PMI required at ~$125/month
Loan term comparison analysis
Input:
Compare 15-year vs 30-year loan
Output:
Save $200,000+ in interest with 15-year
Tips & Best Practices
Consider a larger down payment to avoid PMI costs
Compare 15-year vs 30-year loans for total savings
Include all costs (taxes, insurance, HOA) for accurate budgeting
Use pre-qualification to understand your price range
Factor in closing costs (2-3% of loan amount)
Consider interest rate trends when timing your purchase
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Frequently Asked Questions
How is the monthly mortgage payment calculated?
Monthly payment is calculated using the loan amount, interest rate, and loan term with the formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where M is monthly payment, P is principal, r is monthly interest rate, and n is number of payments.
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home's value. It protects the lender if you default on the loan and usually costs 0.3% to 1.5% of the loan amount annually.
Should property taxes and insurance be included in my mortgage payment?
Yes, most lenders require an escrow account for property taxes and homeowners insurance. This ensures these critical expenses are paid on time and protects both you and the lender.
How does the loan term affect my total cost?
Shorter loan terms (like 15 years) have higher monthly payments but significantly lower total interest costs. Longer terms (like 30 years) have lower monthly payments but cost much more in total interest over the life of the loan.
What's the difference between APR and interest rate?
Interest rate is the cost of borrowing the principal loan amount. APR (Annual Percentage Rate) includes the interest rate plus additional costs like origination fees, making it a more comprehensive measure of loan cost.
Why Choose Mortgage Calculator?
Our mortgage calculator stands out from other online tools with its precision, speed, and user-friendly interface. Built by engineers for professionals, students, and everyday users, it provides accurate results instantly without requiring any software installation or registration.
With robust error handling, multiple format support, and responsive design, this tool works seamlessly across all devices and browsers. Trust ConvertLarge for all your conversion and calculation needs.
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Mortgage Calculator Examples
Typical First-Time Home Buyer
Higher-End Property Purchase
15-Year Loan for Faster Payoff
How to Use the Mortgage Calculator
Our mortgage calculator helps you estimate monthly payments, total interest costs, and loan terms for home purchases. Simply enter your loan details including purchase price, down payment, interest rate, and loan term to get detailed payment breakdowns.
Key Mortgage Calculation Factors
- Principal Amount: The loan amount after down payment
- Interest Rate: Annual percentage rate (APR) from your lender
- Loan Term: Duration of the loan (15, 20, or 30 years typically)
- Property Taxes: Annual property tax amount
- Insurance: Homeowners insurance premiums
- PMI: Private mortgage insurance if down payment is less than 20%
Mortgage Planning Tips
- Compare different down payment amounts to see payment impacts
- Consider shorter loan terms to save on total interest
- Shop around with multiple lenders for the best rates
- Factor in property taxes and insurance for total housing costs
- Get pre-approved to understand your borrowing capacity
- Consider making extra principal payments to pay off early
Understanding Your Results
The calculator provides monthly principal and interest payments, total interest paid over the loan life, and total amount paid. These figures help you compare different loan scenarios and make informed decisions about home financing options.
Real Mortgage Calculation Examples
• $300,000 home with 20% down → $1,557/month at 6.75% over 30 years
• $650,000 home with 20% down → $3,287/month at 6.50% over 30 years
• $400,000 home with 20% down → $2,748/month at 6.25% over 15 years
• $500,000 home with 10% down → $2,194/month at 7.00% over 30 years (plus PMI)
• $750,000 home with 25% down → $3,727/month at 6.25% over 30 years