Is this mortgage calculator free to use?
Yes. This free mortgage calculator runs in your browser, does not require an account, and is built for quick principal-and-interest estimates.
finance/calculator
Mortgage Calculator: Free Monthly Payment Estimate
Use this simple home mortgage calculator to estimate a fixed-rate monthly principal-and-interest payment, compare total interest, and review an amortization schedule without creating an account.
free payment estimate
This monthly mortgage calculator focuses on loan amount, fixed annual interest rate, and term. Taxes, insurance, PMI, HOA fees, closing costs, and variable rates are excluded.
live estimate
Monthly principal and interest
Estimated monthly payment
$2,212.24
- Total principal
- $350,000.00
- Total interest
- $446,405.71
- Total repayment
- $796,405.71
- Monthly payments
- 360
Principal and interest only. This estimate does not include property taxes, homeowners insurance, PMI, HOA fees, closing costs, or changing rates.
Estimated monthly payment is ready.
Amortization schedule
See how each payment is split between interest and principal. Yearly view is shown by default for easier scanning on phones.
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $26,546.86 | $3,912.04 | $22,634.82 | $346,087.96 |
| 2 | $26,546.86 | $4,174.04 | $22,372.82 | $341,913.93 |
| 3 | $26,546.86 | $4,453.58 | $22,093.28 | $337,460.35 |
| 4 | $26,546.86 | $4,751.84 | $21,795.01 | $332,708.50 |
| 5 | $26,546.86 | $5,070.08 | $21,476.77 | $327,638.42 |
| 6 | $26,546.86 | $5,409.64 | $21,137.22 | $322,228.79 |
| 7 | $26,546.86 | $5,771.93 | $20,774.93 | $316,456.86 |
| 8 | $26,546.86 | $6,158.49 | $20,388.37 | $310,298.37 |
| 9 | $26,546.86 | $6,570.93 | $19,975.93 | $303,727.44 |
| 10 | $26,546.86 | $7,011.00 | $19,535.86 | $296,716.44 |
| 11 | $26,546.86 | $7,480.54 | $19,066.32 | $289,235.90 |
| 12 | $26,546.86 | $7,981.52 | $18,565.33 | $281,254.38 |
| 13 | $26,546.86 | $8,516.06 | $18,030.80 | $272,738.32 |
| 14 | $26,546.86 | $9,086.40 | $17,460.46 | $263,651.92 |
| 15 | $26,546.86 | $9,694.93 | $16,851.93 | $253,956.99 |
| 16 | $26,546.86 | $10,344.22 | $16,202.64 | $243,612.78 |
| 17 | $26,546.86 | $11,036.99 | $15,509.87 | $232,575.79 |
| 18 | $26,546.86 | $11,776.16 | $14,770.70 | $220,799.63 |
| 19 | $26,546.86 | $12,564.83 | $13,982.03 | $208,234.81 |
| 20 | $26,546.86 | $13,406.32 | $13,140.54 | $194,828.49 |
| 21 | $26,546.86 | $14,304.16 | $12,242.69 | $180,524.33 |
| 22 | $26,546.86 | $15,262.14 | $11,284.72 | $165,262.19 |
| 23 | $26,546.86 | $16,284.27 | $10,262.58 | $148,977.91 |
| 24 | $26,546.86 | $17,374.86 | $9,172.00 | $131,603.05 |
| 25 | $26,546.86 | $18,538.49 | $8,008.37 | $113,064.57 |
| 26 | $26,546.86 | $19,780.04 | $6,766.81 | $93,284.52 |
| 27 | $26,546.86 | $21,104.75 | $5,442.11 | $72,179.77 |
| 28 | $26,546.86 | $22,518.17 | $4,028.68 | $49,661.60 |
| 29 | $26,546.86 | $24,026.26 | $2,520.60 | $25,635.34 |
| 30 | $26,546.86 | $25,635.34 | $911.52 | $0.00 |
Not sure how much house you can afford?
Start from income, debts, down payment, and housing-cost assumptions with the home affordability calculator.
How to use this mortgage calculator
- Enter the loan amount. Use the amount borrowed, not the home price.
- Add a fixed annual interest rate. Use a decimal rate such as 6.5 for 6.5%.
- Choose the loan term. Select 15, 20, or 30 years, or enter a custom term.
- Review the schedule. Switch between yearly and monthly amortization views.
What this home mortgage payment includes
This calculator estimates principal and interest only. Principal is the amount you borrow for a home loan. Interest is the cost of borrowing that money over the term of the mortgage.
Many real mortgage payments also include property taxes, homeowners insurance, PMI, HOA fees, escrow changes, and lender-specific costs. Use the affordability calculator when you want to include broader housing-cost assumptions.
How monthly mortgage payments are calculated
For a fixed-rate loan, the calculator converts the annual interest rate into a monthly rate, multiplies the loan term by 12, and applies the standard amortization formula.
Using the sample values of $350,000, 6.50%, and 30 years, the estimated principal-and-interest payment is about $2,212.24 per month. If the interest rate is 0%, the payment is simply the principal divided by the number of months.
Mortgage calculator amortization schedule
Early payments usually go more heavily toward interest because the remaining balance is high. Over time, more of each payment goes toward principal, and the balance falls faster.
The final row is adjusted to end at $0.00 so rounding does not create a tiny negative balance.
Mortgage calculator FAQ
Does this calculator handle zero-interest loans?
Yes. With a 0% interest rate, the monthly payment is the principal divided evenly across the number of monthly payments.
Is a 15-year mortgage cheaper than a 30-year mortgage?
A shorter term usually has a higher monthly payment but lower total interest because the balance is paid down faster.
Does this calculator show how much mortgage I can afford?
No. This page estimates payments for a loan amount you enter. It does not calculate affordability, income qualification, debt-to-income limits, or loan approval.
Can I use this as a mortgage calculator with taxes?
Not yet. The current estimate excludes property taxes, insurance, PMI, HOA fees, and escrow. Those fields belong in a future expanded calculator.
Why can lender quotes vary from this result?
Actual quotes can include taxes, insurance, points, lender fees, credit-based pricing, rate locks, and escrow decisions that this educational estimate does not include.
Disclaimer: This calculator is for educational estimates only. It is not a loan offer, approval, affordability determination, or financial advice. Review actual loan terms with a qualified lender or financial professional.