Mortgage Calculator

📋 How to Use This Calculator

1. 1Enter the home price and your planned down payment amount.
2. 2Set the annual interest rate and loan term in years.
3. 3Click 'Calculate Mortgage' to see your monthly payment and total cost breakdown.

💡 The amortization formula, demystified

Monthly payment M = P · r · (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan (price − down payment), r is the monthly rate (annual ÷ 12), and n is the total number of monthly payments. Early on most of M goes to interest; the principal share grows month by month — that's why the last few years pay down more equity than the first few.

Worked example: $300,000 home, 20% down ($60,000), $240,000 loan at 6.5% for 30 years → M ≈ $1,517/month, total paid ≈ $546,120, total interest ≈ $306,120. Cutting the term to 15 years raises M to ≈ $2,090 but drops total interest to ≈ $136,300 — more than $170,000 saved. This tool doesn't include property tax, insurance, or HOA fees; add those to M for a true PITI figure.

🏆 Why Use Our Tool?

• ✓2026 Accuracy — Built with the latest formulas and standards to give you precise, up-to-date results.
• ✓Privacy First — No data is stored or transmitted. All calculations happen right in your browser.
• ✓Fast Browser-Based Results — No sign-ups, no downloads. Just enter your values and get instant answers.

Before locking a rate, run the numbers at ±0.5% and at both 15- and 30-year terms — small differences here decide six-figure lifetime costs.