Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and amortization schedule. Plan your home loan with our comprehensive calculator.
Enter your loan details above to calculate mortgage
Get monthly payments, total interest, and amortization schedule
⚠️ Disclaimer: This calculator provides estimates for informational purposes only. Actual mortgage terms, interest rates, and fees vary by lender. Consult a financial advisor before making any major financial decisions.
Frequently Asked Questions
What is the difference between interest rate and APR?▼
Interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes interest plus fees and other costs, giving a more accurate picture of the loan's total cost. APR is typically higher than the interest rate.
What is mortgage insurance and do I need it?▼
Mortgage insurance protects the lender if you default. It's typically required when your down payment is less than 20% of the home's value. Once you reach 20% equity, you can usually cancel the insurance.
How does making extra payments affect my mortgage?▼
Extra payments directly reduce your principal balance, which saves you significant interest over time. Even small additional payments can shorten your loan term by years and save thousands in interest.
What is an amortization schedule?▼
An amortization schedule shows each payment's breakdown between principal and interest over the entire loan term. Early payments are mostly interest; later payments are mostly principal.
Should I refinance my mortgage?▼
Refinancing makes sense when interest rates have dropped significantly (typically 1-2% lower) and you plan to stay in your home long enough to recoup closing costs. Use our calculator to compare scenarios.