Free Mortgage Calculator 2026
Calculate your monthly mortgage payment, total interest, and see an amortization schedule.
Mortgage Payment & Amortization Explained
A mortgage calculator uses the standard amortization formula to compute your monthly payment: principal and interest (P&I). You enter the loan amount, annual interest rate, and term in years; the calculator returns the fixed monthly P&I payment, total interest over the life of the loan, and an amortization schedule showing how each payment is split between principal and interest. This calculator does not include property taxes, homeowners insurance, or PMI—those are separate and depend on your location and down payment.
How amortization works
In the early years, most of each payment goes to interest because the balance is high. As you pay down the balance, the interest portion shrinks and the principal portion grows. By the end of the term, almost the entire payment is principal. The schedule we show lets you see exactly how much interest you pay each year and how much equity you build. On a 30-year loan at 7%, you pay roughly as much in interest as the original loan amount—so shortening the term or making extra principal payments can save a lot.
What this calculator is for
Use it to compare different loan amounts, rates, and terms (e.g., 15-year vs 30-year), or to see how much house you can afford at a given payment. To see how extra payments shorten your loan and save interest, use our mortgage payoff calculator. For how long it takes to save a down payment, try our down payment calculator. To plan retirement housing and income, use our retirement income calculator and retirement calculator.
Mortgage Calculator FAQ
The payment is computed with the standard formula: P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments (years × 12). This gives principal and interest only; property taxes, insurance, and PMI are not included.
Make extra principal payments. Even one extra payment per year or a fixed extra amount each month can cut years off the loan and save thousands in interest. Use our mortgage payoff calculator to see exact months saved and total interest saved.
A 15-year loan has higher monthly payments but much less total interest and builds equity faster. A 30-year loan has lower monthly payments, so it can be easier to qualify for and leaves more cash flow for investing or other goals. Run both in this calculator to compare.
Plan Your Full Retirement
Use our retirement calculator for Monte Carlo simulations, Social Security, and country-specific planning.
Try Retirement Calculator