Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and payoff date. Supports 10 currencies, taxes, insurance, HOA, PMI, extra payments, and a full amortization schedule.
Loan Amount (auto): $280,000
What is a Mortgage?
A mortgage is a long-term loan used to purchase property. The home acts as collateral, and you repay the borrowed amount plus interest through fixed monthly installments until the balance reaches zero.
How to Use the Mortgage Calculator
Choose your currency, enter the home price and down payment, then set the interest rate and loan term. Add optional taxes, insurance, HOA, and PMI for a complete monthly cost. Adjust the sliders to see results update instantly.
Mortgage Formula
M = P × [ r(1+r)^n ] / [ (1+r)^n − 1 ]
P = Loan amount (home price − down payment)
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Number of monthly payments (years × 12)
Example Calculation
What This Calculator Shows
Frequently Asked Questions
A mortgage is a loan used to buy a home, secured by the property itself. You repay it in fixed installments that cover both principal and interest over the loan term.
It uses the loan amount, interest rate, and term. Optional costs like property tax, home insurance, HOA fees, and PMI are added on top of the principal and interest.
Private Mortgage Insurance is usually required when your down payment is below 20% of the home price. It is removed once your loan-to-value falls under 80%.
A 15-year loan has higher monthly payments but far less total interest. A 30-year loan is more affordable monthly but costs more overall. The comparison table shows both.
Paying extra toward principal each month shortens your loan and reduces total interest. The calculator shows exactly how much interest and time you save.