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About the Mortgage Calculator
The Mortgage Calculator computes monthly payments, total interest, and a full amortization schedule for home loans. You get a detailed breakdown of principal and interest for every payment across the loan term. This helps you see how each payment reduces your balance over time.
The calculator uses the standard amortization formula P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan principal, r is the monthly interest rate, and n is the total number of payments. You enter the loan amount, annual interest rate, and loan term in years. A useful tip: run the numbers for a 15-year and a 30-year term to compare total interest costs. For major borrowing decisions, consider consulting a mortgage professional.
- Enter the loan amount, interest rate, and loan term in years.
- Add a down payment to reduce the financed amount.
- Press calculate to view your monthly payment, total interest, and amortization schedule.