Mortgage Calculator Ā· Monthly Payment Ā· Total Interest Ā· Amortization
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Our free Mortgage Calculator helps you instantly calculate your monthly mortgage payment, total interest, and complete amortization schedule for any home loan. Whether you are buying your first home in the USA, UK, Canada, UAE, or anywhere else, simply enter your home price, down payment, interest rate, and loan term to get accurate results in seconds. All calculations run privately in your browser ā no data is stored or shared.
A mortgage calculator is a tool that computes your monthly home loan payment based on the loan amount (home price minus down payment), annual interest rate, and loan term. It also shows the total interest paid and the complete repayment schedule over the life of the loan.
Using the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^nā1], where P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate Ć· 12 Ć· 100), and n is the total number of monthly payments (years Ć 12).
In 2026, a good mortgage rate in the USA is generally between 6% and 7% for a 30-year fixed loan. In the UK, rates typically range from 4% to 6%. Rates vary based on your credit score, loan term, down payment, and the lender. A larger down payment and shorter term generally result in a lower rate.
Never. All calculations run entirely in your browser. No personal or financial data is collected, stored, or transmitted to any server. Your privacy is fully protected at all times.
A 15-year mortgage has higher monthly payments but you pay significantly less total interest and own your home in half the time. A 30-year mortgage has lower monthly payments, making it more affordable month-to-month, but you pay much more interest over the life of the loan. Use the loan term slider above to compare both options instantly.