A simple, free mortgage calculator to estimate monthly payments, calculate total interest, and view amortization schedules. Perfect for planning your home purchase or refinancing. No Signup Required.
Loan-to-Value Ratio: 80%
Understanding different mortgage options can help you choose the right loan:
| Mortgage Type | Best For |
|---|---|
| Fixed-Rate | Stability, long-term planning |
| Adjustable-Rate (ARM) | Short-term ownership, potential savings |
| FHA Loans | Lower down payments, credit flexibility |
| VA Loans | Military members, veterans |
| Jumbo Loans | High-value properties above conforming limits |
Several factors affect the interest rate you'll be offered:
| Factor | Impact |
|---|---|
| Credit Score | Higher score = Lower rate |
| Down Payment | Larger down payment = Lower rate |
| Loan Term | Shorter term = Lower rate |
| Loan-to-Value Ratio | Lower LTV = Lower rate |
| Property Location | Varies by market conditions |
Beyond your principal and interest payment, be prepared for these costs:
Your monthly payment typically includes:
The modern mortgage originated in 13th century England as "dead pledges" where property ownership transferred to lenders until debts were repaid. The longest standard mortgage term worldwide is found in Sweden, where 105-year mortgages allow debt to span multiple generations. After the 2008 financial crisis, the average credit score needed for mortgage approval in the US jumped by nearly 50 points. Interestingly, the word "mortgage" comes from Old French, literally meaning "death pledge" - not because borrowers felt burdened, but because the pledge "died" when either the debt was paid or the property was foreclosed.
Mortgage calculators employ time-value-of-money equations that solve for payment amounts using exponential functions. The standard formula, P = L[c(1+c)^n]/[(1+c)^n-1], where P is payment, L is loan amount, c is periodic interest rate, and n is number of payments, requires careful handling of floating-point arithmetic to prevent compounding errors. Advanced calculators implement biweekly payment algorithms that account for the 26 payment cycles per year (not simply twice monthly), resulting in loan durations approximately 4 years shorter than standard 30-year terms. The most sophisticated tools use numerical methods like Newton-Raphson iteration to solve for unknown variables when multiple parameters are adjustable.
Our Mortgage Calculator helps you estimate monthly mortgage payments, calculate total interest paid over the life of the loan, and view amortization schedules. It's perfect for planning home purchases, refinancing, or understanding how different loan terms affect your payments.
Simply enter your loan amount, interest rate, loan term in years, and down payment amount. The calculator will automatically display your estimated monthly payment, total interest paid, and other important loan details.
A longer loan term (like 30 years) results in lower monthly payments but higher total interest paid over the life of the loan. A shorter term (like 15 years) means higher monthly payments but significantly less interest paid overall.
Yes, you can include property taxes, homeowners insurance, and PMI (Private Mortgage Insurance) in your calculation to get a more accurate estimate of your total monthly housing costs.
An amortization schedule shows how each payment is applied to both principal and interest over the life of your loan. It helps you understand how your loan balance decreases over time and how much interest you're paying each month.
Yes, we take data security seriously. Your mortgage information is processed locally in your browser and never sent to our servers. This ensures complete privacy and security of your financial information.
Absolutely! Our calculator works for fixed-rate mortgages, and you can adjust parameters to approximate payments for other loan types. You can compare different scenarios by changing loan amounts, interest rates, and terms.