- Home
- /
- Mortgage Calculator
✓100% Free✓No Signup✓No Data Stored✓Works Instantly
✦ Calculator
FREE MORTGAGE CALCULATOR
Calculate your monthly mortgage payment, total cost and interest instantly. Free mortgage calculator with amortisation breakdown. No signup.
Please enter valid loan amount and interest rate.
How Mortgage Payments Are Calculated
Monthly payments use the amortisation formula: M = P[r(1+r)^n]/[(1+r)^n-1] where P is principal, r is monthly rate, and n is total payments. Most of your early payments go toward interest, with principal repayment increasing over time.
Factors That Affect Your Mortgage Payment
- Loan amount — higher loan = higher payment
- Interest rate — even 0.5% difference saves tens of thousands over 30 years
- Loan term — 15-year loans have higher payments but cost far less in total interest
- Down payment — larger down payment reduces principal and eliminates PMI
Frequently Asked Questions
What is a good mortgage rate?+
Rates vary by market conditions. As of 2026, compare rates from at least 3 lenders and look for rates within 0.25% of the average.
What is not included in this calculation?+
Property tax, home insurance, and PMI (if applicable) are not included. Add these to get your true monthly housing cost.
Should I choose 15 or 30 years?+
15-year loans save massive interest over time but require higher monthly payments. If you can afford it, 15 years is significantly cheaper overall.
What is an amortisation schedule?+
A table showing each monthly payment split between principal and interest over the life of the loan. Interest is front-loaded — most early payments are mostly interest.