How to Calculate Mortgage Payments - Free Mortgage Calculator

Understanding your mortgage payments is essential when buying a home. Our free mortgage calculator helps you estimate monthly payments, total interest, and the overall cost of your mortgage.

Why Calculate Mortgage Payments?

• Budget Planning: Know how much house you can afford
• Compare Options: Compare different mortgage rates and terms
• Financial Planning: Plan your monthly budget around mortgage payments
• Decision Making: Make informed decisions about home purchases

How to Calculate Mortgage Payments

1. Visit our Mortgage Calculator
2. Enter the home price or loan amount
3. Enter the down payment amount
4. Enter the annual interest rate
5. Enter the loan term (typically 15 or 30 years)
6. Click "Calculate" to see your monthly payment

Mortgage Calculator Results

The calculator shows:

• Monthly principal and interest payment
• Total interest paid over the loan term
• Total amount paid (principal + interest)
• Amortization schedule (if available)

Mortgage Types

• Fixed-Rate Mortgage: Interest rate stays the same
• Adjustable-Rate Mortgage (ARM): Interest rate can change
• 15-Year Mortgage: Shorter term, higher payments, less interest
• 30-Year Mortgage: Longer term, lower payments, more interest

Additional Costs to Consider

• Property taxes
• Homeowners insurance
• Private Mortgage Insurance (PMI) if down payment is less than 20%
• Homeowners Association (HOA) fees

Tips for Mortgage Planning

• Save for a larger down payment to reduce monthly payments
• Compare rates from multiple lenders
• Consider making extra payments to pay off faster
• Factor in all costs, not just the mortgage payment

Our mortgage calculator is free to use and provides accurate estimates to help you plan your home purchase.