Mortgage Calculator

Welcome to the online mortgage calculator. You can calculate your monthly mortgage payment on this platform without any limitation and cost.


Monthly Mortgage:

Total Amount After Interest:

Total Interest:

How does it work?

You do not need to care when this simplest mortgage calculator in your hand. Go to and just enter the mandatory values we asked for - Principal amount (Loan Amount), Downpayment (optional), Current Interest Rate (Percentage), and Years (number of years to repay the loan). After filling all the required details, press the "Calculate Mortgage" button.

The result will appear within a few seconds in the right panel of the screen with Monthly Mortgage Amount, The Total Interest Amount, and The Total Amount After Interest for Mentioned Years.

The result will appear within a few seconds in the right panel of the screen with Monthly Mortgage Amount, The Total Interest Amount, and The Total Amount After Interest for Mentioned Years.

Formula to Calculate Mortgage Payment:

You can calculate monthly mortgage payment without including taxes, and any insurance using the following equation:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

P = principal loan amount

i = monthly interest rate

n = number of months ordered to repay the loan

Once, You calculated the M (Monthly Mortgage Payment) you can add-in homeowners insurance premium and property tax if you have them.

The Input Values:

If you choose to calculate by yourself, start by gathering the information needed to calculate your payments and understand the other aspects of loans. The letter in crotchets tells you where we'll use these values in calculations (if you choose to calculate this yourself, but you can also use mortgage calculator online):

  1. The Loan Amount: [P] or Principal which is the price of the home minus the down payment. Although other charges sometimes added to the loan amount.
  2. Interest Rate: [i] Interest rate on the loan. But be aware that the interest rate is not Apr (annual percentage rate).
  3. The number of Years: [t] The number of years you have to repay your loan, also it is called a term.
  4. Number of payments per year: [n] That would be 12 for monthly payment (12 payment per year or 1 payment per month).
  5. The type of loan: interest-only, fixed-rate, adjustable, etc.

What is Motgage?

A mortgage is a loan in which real estate or property is used as security. The borrower and lender (usually a bank) enter into an agreement wherein the borrower receives cash and payback within a decided timeframe until he pays back all to the lender.

How Do Mortgage Work?

Mortgage loans occur when homebuyers purchase a home without enough cash in hand. They are also used to borrow loans for other purposes using their house as collateral.

There are several types of mortgages and buyers should assure which one is suitable for their situation. Types of loans are categories by there term date ( usually 5 to 30yrs and some lenders offers up to 50yrs term), Interest Rate (can be variable or fixed), and the amount of payment per period.

[If you are ready to buy home use our Mortgage Calculator to know what is your monthly principal will be.]

A mortgage is like other financial products where its supply and demand changes in financial conditions. Sometimes, the bank offers low-interest rates and sometimes very high-interest rates. If borrowers agreed with the high-interest rates and after some years interest rates dropped then the borrower can sign a new agreement with the new interest rate policies -- after jumping through some hoops, of course. This is called Refinancing.

Why do Mortgage Matters?

The Mortgage can make large payment possible, even if not much cash in our hand to purchase an asset like house upfront. Lenders take a risk in sense he doesn't have a guarantee that borrowers will pay off in the future or not and borrowers will be able to pay in the future. Borrowers take a risk in accepting these loans, as a failure to pay will result in a total loss of the asset.

What is the Total Interest You pay?

To find out the total interest you will pay after the interest rate, it can be calculated by a simple mathematical formula. And, yes you do not need to calculate it manually if you are on this website. We show this amount at the end of your calculation so, it will help you to check and compare interest rates between various lenders to choose in between them.

With the help of the below method you can calculate the total interest:

Total Interest Amount = ( M x n ) - P

M = Monthly Mortgage
n = Number of months to repay
P = Principal Amount (Loan Amount)

Consider the Principal Amount 10,000 $, Monthly Mortgage you pay is 69.92 $ and number of months to repay is for 20yrs so,
n = 20 x 12 = 240 months
Total Interest Amount = ( 69.92 $ x 240 ) - 10,000 $
= 9,334.4 $