Free Mortgage Calculator - Calculate Your Home Loan Payment
Calculate your mortgage payment instantly with our free, comprehensive mortgage calculator. Whether you're buying your first home or refinancing, our calculator helps you estimate monthly payments, compare loan scenarios, and determine what you can afford based on your budget and income.
Our mortgage calculator includes all the costs that make up your monthly payment: principal and interest, property taxes, homeowners insurance, HOA fees, and PMI (when applicable). Get accurate estimates to make informed decisions about one of life's biggest financial commitments.
Price to Payment
Calculate monthly payment from home price
Loan Details
Additional Costs
Monthly Payment
$2,523
Loan Amount
$320,000
Total Interest
$408,142
Total Cost
$908,142
Monthly Payment Breakdown
Principal vs Interest Over Time
Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $24,271 | $3,577 | $20,695 | $316,423 |
| 2 | $24,271 | $3,816 | $20,455 | $312,607 |
| 3 | $24,271 | $4,072 | $20,200 | $308,535 |
| 4 | $24,271 | $4,345 | $19,927 | $304,191 |
| 5 | $24,271 | $4,636 | $19,636 | $299,555 |
| 6 | $24,271 | $4,946 | $19,325 | $294,609 |
| 7 | $24,271 | $5,277 | $18,994 | $289,332 |
| 8 | $24,271 | $5,631 | $18,641 | $283,701 |
| 9 | $24,271 | $6,008 | $18,264 | $277,694 |
| 10 | $24,271 | $6,410 | $17,861 | $271,284 |
| 11 | $24,271 | $6,839 | $17,432 | $264,444 |
| 12 | $24,271 | $7,297 | $16,974 | $257,147 |
Understanding Your Mortgage Payment
📊 What's Included
Your monthly mortgage payment typically includes four main components (PITI):
- ✓Principal: The amount borrowed to purchase the home
- ✓Interest: The cost of borrowing money from the lender
- ✓Taxes: Property taxes collected by your local government
- ✓Insurance: Homeowners insurance to protect your investment
💡 Key Factors
Several factors affect your monthly payment amount:
- •Home Price: Higher prices mean larger loans and bigger payments
- •Down Payment: 20%+ eliminates PMI and reduces monthly costs
- •Interest Rate: Even 0.5% difference impacts total cost significantly
- •Loan Term: 15-year loans have higher payments but less total interest
How Much House Can You Afford?
Financial experts recommend following the 28/36 rule: your housing costs should not exceed 28% of your gross monthly income, and your total debt payments should stay under 36%. Use our affordability calculator to get a personalized estimate based on your income, debts, and down payment savings.
Why Use Our Mortgage Calculator?
Accurate
Industry-standard formulas with all costs included
Fast
Real-time calculations as you adjust parameters
Comprehensive
View charts, schedules, and detailed breakdowns
Private
No registration, no data collection