Enter the home price, down payment, interest rate and term. The calculator uses the standard amortization formula to find the monthly principal and interest, adds property tax, insurance and service charges, and shows a year-by-year schedule.
How to use the mortgage calculator
- Enter the price, down payment, rate and term.
- Add yearly property tax and insurance if you know them.
- Read the monthly payment and check the amortization table.
Mortgage payment formula
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of monthly payments. Early payments are mostly interest; the principal share grows over time.
How to pay less interest
A larger down payment, a shorter term and a lower rate all cut total interest sharply. On a $320,000 loan at 6.5%, a 15-year term costs about $182,000 in interest versus $408,000 over 30 years. Extra principal payments early in the loan have the biggest effect.
Frequently asked questions
Does this include PMI?
No. If your down payment is under 20%, lenders in the US usually add private mortgage insurance; add it to the monthly service charge field.
Can I use it for a home loan in Pakistan or India?
Yes. Set the currency and the bank’s rate. For KIBOR-linked variable loans, results are an estimate at today’s rate.
Updated October 2026 · Built and tested by Sharjeel Tahir · How our tools are tested