Mortgage Calculator — Payments & Amortization
Calculate mortgage payments, total interest, and full amortization schedule. Supports monthly, bi-weekly, and weekly payment frequencies.
Mortgage Calculator — Free Payment & Amortization Tool
This mortgage calculator helps you understand the true cost of a home loan before you commit. Enter the home price, down payment, interest rate, and loan term to see your periodic payment, total interest paid over the life of the loan, and a detailed amortization schedule showing how each payment is split between principal and interest.
The calculator supports three payment frequencies: monthly (standard), bi-weekly (26 payments per year), and weekly (52 payments per year). Choosing bi-weekly or weekly payments can save you thousands in interest over the life of the loan because you effectively make extra payments each year, reducing the principal faster.
The loan-to-value (LTV) ratio is displayed automatically based on your down payment. Most lenders require an LTV of 80% or less to avoid private mortgage insurance (PMI). A higher down payment reduces your monthly payment and total interest. Use this calculator to compare different scenarios and find the right balance between down payment and monthly affordability.
How the Mortgage Calculator Works
- Enter the home price and your down payment amount
- Set the annual interest rate and loan term in years
- Choose your preferred payment frequency (monthly, bi-weekly, or weekly)
- View your payment amount, total cost breakdown, and full amortization schedule
Understanding Mortgage Payments
A mortgage payment consists of principal (the amount that reduces your loan balance) and interest (the cost of borrowing). In the early years of a mortgage, most of your payment goes toward interest. As you pay down the principal, the interest portion decreases and more goes toward the principal. This is why extra payments early in the loan term can save significant interest. The amortization schedule shows this shift month by month.
When to Use a Mortgage Calculator
Use this calculator when shopping for a home to understand what you can afford, when comparing mortgage offers from different lenders, or when deciding between different down payment amounts and loan terms. It is also useful for existing homeowners considering refinancing to see if a lower rate would save money. Real estate agents and financial advisors use mortgage calculators to help clients make informed decisions.
Common Use Cases
- •Comparing monthly payments for different home prices and down payment amounts
- •Understanding total interest costs over 15-year vs 30-year loan terms
- •Evaluating bi-weekly vs monthly payment schedules to save on interest
- •Determining an affordable home price based on your monthly budget
Expert Tips
- ✱Compare 15-year and 30-year terms — the shorter term has higher payments but dramatically less total interest
- ✱Even small rate differences (0.25%) can mean thousands over a 30-year mortgage — shop around for the best rate
- ✱Making one extra payment per year or rounding up your monthly payment can shave years off your mortgage
Frequently Asked Questions
- The formula uses the loan amount, interest rate, and number of payments: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate (annual rate / 12), and n is the total number of payments. This produces a fixed payment amount that fully repays the loan over the term.
- A 20% down payment is traditionally recommended to avoid private mortgage insurance (PMI) and get better interest rates. However, many loan programs accept 3-10% down. A larger down payment reduces your monthly payment and total interest. Use this calculator to compare different down payment scenarios.
- Yes. With bi-weekly payments, you make 26 half-payments per year, which equals 13 full monthly payments instead of 12. This extra payment goes directly toward principal, reducing the loan term and total interest. On a 30-year mortgage, bi-weekly payments can save tens of thousands and pay off the loan 4-5 years early.
- LTV is the loan amount divided by the home price, expressed as a percentage. An LTV of 80% means you are borrowing 80% of the home value (20% down payment). Lenders use LTV to assess risk — lower LTV means lower risk, which typically results in better interest rates and no PMI requirement.
- Yes, completely free with no sign-up required. All calculations happen in your browser. Your financial data is never sent to any server or stored anywhere.
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