Key Features
About Mortgage Calculator
Our free online mortgage calculator helps you calculate your monthly mortgage payment, total interest over the loan term, and compare different repayment strategies. Whether you're planning to buy a home or refinance your existing mortgage, this tool provides accurate calculations to help you make informed financial decisions.
This comprehensive mortgage calculator is perfect for:
- Calculating monthly mortgage payments based on loan amount, interest rate, and term
- Understanding how much interest you'll pay over the life of the loan
- Comparing normal repayment vs early payment strategies
- Viewing amortization schedule to see principal and interest breakdown
- Visualizing interest accumulation over time
- Planning extra payments to save on interest
- Making informed decisions about loan terms and interest rates
Loan Types Supported: Our calculator supports multiple loan types including Fixed Rate (standard), ARM/Variable Rate (adjustable rate mortgages), Interest-Only (pay only interest initially), and Principal-Only (pay only principal). Select your loan type to see accurate calculations.
Monthly Payment Calculation: Our calculator uses the standard mortgage payment formula to compute your monthly principal and interest payment. The calculation accounts for the loan amount, annual interest rate, and loan term in years. For ARM loans, it calculates payments for both initial and adjustment periods.
Total Interest: See exactly how much interest you'll pay over the entire loan term. This helps you understand the true cost of borrowing. For Interest-Only loans, this includes both the interest-only period and the standard payment period.
Strategy Comparison: Compare normal repayment with early payment strategies. See how making extra monthly payments can significantly reduce your total interest and shorten your loan term.
Amortization Schedule: View a detailed breakdown of each payment, showing how much goes toward principal vs interest. For ARM loans, the schedule shows when the rate changes. This helps you understand how your loan balance decreases over time.
Interest Visualization: Our chart shows how interest accumulates over the loan term, helping you visualize the cost of borrowing.
All calculations are performed locally in your browser, ensuring complete privacy and security. No financial data is collected, stored, or transmitted to any server.
Frequently Asked Questions
How do I calculate my mortgage payment?
Enter your loan amount, annual interest rate, and loan term (in years) into the mortgage calculator, then click 'Calculate'. The calculator will show your monthly payment, total interest, and payment breakdown.
Is the mortgage calculator free?
Yes, our mortgage calculator is completely free to use. No registration, no fees, and no hidden costs.
Is my financial data private?
Yes, all calculations are performed locally in your browser. We don't collect, store, or transmit any of your financial information.
What is included in the mortgage payment calculation?
The calculator computes your monthly principal and interest payment. It shows the breakdown of principal vs interest, total interest over the loan term, and provides an amortization schedule.
Can I compare different repayment strategies?
Yes, our calculator allows you to compare normal repayment vs early payment strategies, showing how much you can save in interest by making extra payments.
How accurate is the mortgage calculator?
Our mortgage calculator uses standard mortgage payment formulas and is highly accurate. It accounts for principal, interest, and loan term to provide precise calculations.
What is an amortization schedule?
An amortization schedule shows the breakdown of each payment over the life of the loan, indicating how much goes toward principal and how much goes toward interest. It helps you see how your loan balance decreases over time.
How does making extra payments affect my loan?
Making extra payments reduces your principal balance faster, which means you'll pay less interest over the life of the loan and potentially pay off your mortgage sooner. Our calculator shows you exactly how much you can save.
What loan types are supported?
Our calculator supports four loan types: Fixed Rate (standard principal and interest), ARM/Variable Rate (adjustable rate with initial and adjustment periods), Interest-Only (pay only interest for a period, then principal + interest), and Principal-Only (pay only principal, typically for refinancing).
How does ARM (Adjustable Rate Mortgage) calculation work?
ARM loans have an initial fixed rate period (e.g., 5 years) followed by an adjustment period. Enter the initial rate, adjustment rate, and initial period length. The calculator will show payments for both periods and total interest over the loan term.
What is Interest-Only payment?
Interest-Only loans allow you to pay only the interest for a period (typically 10 years), then switch to standard principal + interest payments. This can lower initial monthly payments but may result in higher total interest over the loan term.
What is Principal-Only payment?
Principal-Only payments pay down the loan balance without paying interest. This is typically used for refinancing scenarios where you want to see how quickly you can pay off the principal. Note that interest may still accrue but is not included in the payment.
Does the calculator include property taxes and insurance?
This calculator focuses on principal and interest payments. Property taxes, homeowners insurance, and PMI (Private Mortgage Insurance) are not included in the calculation. These are typically added to your monthly payment by your lender.
Feedback & Suggestions
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