Mortgage Calculator
Estimate principal and interest for a fixed-rate mortgage.
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Quick summary: Use this free Mortgage Calculator to estimate monthly principal and interest payments for a fixed-rate home loan. Get an instant estimate, learn the formula, co. Enter the requested values, calculate, review the result, and compare more than one realistic scenario before making a decision.
Read the complete guide
What this calculator does
The Mortgage Calculator estimates principal-and-interest payments for a home loan using the amount financed, interest rate, and repayment term. It can be used to compare loan sizes, rates, and terms before reviewing an official lender estimate.
How to use the calculator step by step
Enter the mortgage principal, annual interest rate, and loan term using the units shown. If the page includes taxes, insurance, or other housing costs, enter them separately so you can distinguish the loan payment from the broader monthly housing budget.
How the calculation works
A fixed-rate mortgage uses an amortization formula based on principal, monthly interest rate, and total number of monthly payments. Early payments usually contain more interest, while a larger share goes toward principal later in the schedule.
Worked example and scenario testing
A 300,000 mortgage at 6.5% for 30 years produces a principal-and-interest payment of roughly 1,896 per month. Property tax, homeowners insurance, mortgage insurance, association dues, and other costs can raise the actual monthly housing expense.
How to interpret your result
The monthly payment helps measure cash-flow requirements, while total interest shows the long-term cost of financing. A lower rate or shorter term can reduce total interest, although a shorter term normally increases the monthly payment.
Accuracy, assumptions, and limitations
Actual mortgage costs can include lender fees, mortgage insurance, escrow adjustments, taxes, homeowners insurance, association fees, variable rates, and closing costs not represented by the basic calculation.
Common mistakes to avoid
Do not confuse principal-and-interest payment with the complete cost of owning a home. Also compare total cost and loan term rather than choosing a mortgage only because its monthly payment is lower.
Privacy and browser-based calculations
Only general mortgage figures are required. Do not enter bank details, government identifiers, application numbers, or lender passwords.