Finance
Mortgage calculator: work out your monthly payment
Free mortgage calculator. Enter price, deposit, rate and term for your monthly payment, the total interest over the loan, and a year-by-year breakdown.
A mortgage calculator turns four numbers — property price, deposit, interest rate and term — into your monthly repayment. Enter them above and you will also see the total interest over the life of the loan, which is usually the more revealing figure.
Mortgage calculator
— per month
- Amount borrowed
- —
- Total interest
- —
- Total repaid
- —
Principal Interest
Enter a price, deposit, rate and term to see your monthly payment.
Runs entirely in your browser. Capital-and-interest repayment only — it excludes tax, insurance, fees and any change of rate.
The Mortgage Calculator is an essential tool for anyone looking to purchase a home or refinance an existing mortgage. One of the most important financial decisions you will ever make is purchasing a home. Whether you are buying a house for the first time or trying to refinance your current loan, knowing your monthly payment ahead of time can keep you from having to deal with unexpected money problems.
A mortgage calculator eliminates the need to consult a financial advisor by providing instantaneous estimates of monthly payments, the ability to compare various lending programs, and an understanding of total costs over time. Mortgage calculators, whether they are free, easy, or for a property, are assisting millions of purchasers to make better, more educated decisions.
Why Use A Mortgage Calculator?
Budget Clarity: Know exactly how much you can spend before looking for a place to live.
Compare Loan Options: Evaluate different situations by altering loan quantities, interest rates, and repayment terms.
Budget for Long-Term Expenses: Calculate the interest you will pay over time.
Time saving: Instead of doing math by hand, figure out complicated fees right away.
Millions of homebuyers use free mortgage calculators to manage their budgets and steer clear financial surprises, according to recent reports. Anyone entering the real estate market now must have this digital tool.
How A Mortgage Calculator Works
Most calculators need these essential inputs:
Home Price / Loan Amount: Total cost of the home or the amount you intend to borrow.
Down Payment: An initial payment made to reduce the loan amount.
Loan Term: The duration of the mortgage, which is usually 15, 20, or 30 years.
Rate of Interest: The amount of interest paid each year on the loan.
Advanced calculators allow you to include property taxes, homeowners' insurance, PMI (private mortgage insurance), and HOA fees to get a realistic monthly payment. Once you enter these numbers, the calculator will provide:
Monthly payment breakdown.
- Total interest paid during the loan.
- Payment schedule showing principal vs interest
Using A Mortgage Calculator
- Visit a mortgage calculator website or app.
- Enter how much you want to borrow or how much you want to spend on a home.
- Enter your down payment, interest rate, and loan duration.
- Include optional expenses like taxes, insurance, and HOA fees.
- Click "Calculate" to see your monthly payment, total payment, and amortization schedule.
- Experiment with different inputs to evaluate outcomes and determine the best alternative.
Benefits Of Mortgage Calculator
Financial Planning: Don't overspend and stick to your spending plan.
Scenario Testing: Compare different loan terms or interest rates to find the one that fits your budget the best.
Transparent Costs: Understand your actual expenses, including any hidden fees or taxes.
Better Decision Making: You can quickly compare lenders and make educated decisions.
Mortgage calculators provide you with the necessary control, regardless of whether you intend to purchase an opulent or small home.
This is not financial advice
This page is general information and cannot account for your individual circumstances. For decisions that matter, speak to a qualified financial adviser.
Frequently asked questions
What is the mortgage rate for 2025?
On Saturday, November 29, 2025, the national average 30-year fixed mortgage interest rate is 6.31%. The average 15-year fixed mortgage APR is 5.69%, according to Bankrate's most recent survey of the country's top mortgage providers.
What does the mortgage calculator do?
Various house prices, interest rates, and loan durations can be estimated using our straightforward mortgage calculator. Additionally, our calculator provides you with the total interest cost for each situation. If you go online, you can find a lot of different mortgage calculators.
When it comes to mortgage rates, what can we expect?
Mortgage rate predictions for the next twelve months are subject to differing expert opinions. In their November projection, the Mortgage Bankers Association (MBA) said that the 30-year fixed rate will remain at 6.4% in 2026 and then fluctuate between 6.3% and 6.4% in 2027.
What factors affect mortgage payments?
Many factors influence mortgage interest rates. These include a borrower's credit history, down payment size, loan amount, loan term, mortgage type, and macroeconomic variables such as inflation and Federal Reserve policies.