Mortgage Calculator Online — Free Tool

Generate a complete mortgage amortization schedule, including monthly payments, total principal paid, and total interest accrued.

Mortgage Calculator

Estimates monthly payment for a fixed-rate mortgage (principal + interest only).

Home price

Down payment

Interest (%/year)

Term (years)

Loan amount

240,000

Monthly payment

1,678.11

Total paid

604,121.34

Total interest

364,121.34

Total

604,121

Principal39.7%

Total Interest60.3%

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About this tool

A mortgage payment typically covers principal and interest on the loan balance. This calculator estimates monthly payment from loan amount, annual interest rate, and term, using standard amortization.

The amortization schedule shows how each payment splits between principal reduction and interest, and how the balance declines over 15-, 20-, or 30-year terms.

Common use cases

Budgeting monthly housing costs before applying
Comparing 15-year versus 30-year total interest paid
Seeing how extra principal payments accelerate payoff
Validating lender quotes and good-faith estimates

How to use

Enter the loan principal (home price minus down payment).
Set the annual interest rate and loan term in years.
Review monthly payment, total interest, and total amount paid.
Inspect the amortization table for principal/interest split by month.

This page is available at /tools/mortgage-calculator/.

Understanding the result

Early payments are mostly interest; principal share grows each month as the balance shrinks.
Total interest paid rises sharply with longer terms even if monthly payment drops.
A lower rate reduces both monthly payment and lifetime interest more than a small principal cut.
Amortization assumes fixed rate and on-time payments; escrow for taxes and insurance is separate.