Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and view the full amortization schedule.
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How to Calculate
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where P = principal loan amount, r = monthly interest rate (annual rate / 12), n = total number of payments (years × 12).
Frequently Asked Questions
How much house can I afford?
A common rule is that your housing costs should not exceed 28% of your gross monthly income. This includes mortgage payment, property taxes, insurance, and HOA fees.
What is an amortization schedule?
An amortization schedule is a table showing each monthly payment broken down into principal and interest portions. Over time, more of your payment goes toward principal and less toward interest.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage offers lower payments and more financial flexibility. Choose based on your budget and financial goals.
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