Free mortgage calculator. Calculate monthly payment, total interest, and full amortization for home loans. Instant results, no signup.
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Mortgage Calculator
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Formula
Formula
Monthly Payment = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1)
P = Loan amount (price minus down payment) · r = Monthly interest rate · n = Total monthly payments. Typical 30-year mortgage = 360 payments.
Frequently Asked Questions
What is a good mortgage rate?+
Mortgage rates vary by country and market conditions. In the US, rates typically range from 3-8%. Compare multiple lenders to find the best rate.
How much down payment do I need?+
Most lenders require 10-20% down payment. A 20% down payment avoids Private Mortgage Insurance (PMI).
Should I choose 15 or 30 years?+
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage has lower monthly payments but costs more overall.