Free Mortgage Calculator
Calculate your monthly mortgage payments instantly. Shows total payment including principal and interest, with full amortization details for any loan term.
Mortgage Calculator
$300K Loan — Principal vs. Interest (30yr @ 6.5%)
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About the Mortgage Calculator
A mortgage calculator helps homebuyers and homeowners estimate monthly payments on a home loan. By entering the loan amount, interest rate, and term length, you get an immediate picture of what your monthly principal and interest payment will look like. This tool is essential for budgeting before applying for a mortgage or comparing loan offers from different lenders.
Quick Start Guide
- Enter home price — Type in the purchase price of the home you are considering.
- Set down payment — Enter how much you plan to put down upfront. A 20% down payment avoids PMI.
- Adjust rate and term — Enter your estimated interest rate and choose between 15, 20, or 30 year terms.
- Review the breakdown — See your monthly payment split into principal, interest, taxes, and insurance.
How It Works
This calculator uses the standard fixed-rate mortgage formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where M is the monthly payment, P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (loan term in years multiplied by 12). This formula is the industry standard used by banks and lending institutions worldwide.
Current Market Data
| Metric | Value | Source | Date |
|---|---|---|---|
| 30-Year Fixed Rate | 6.50% | Freddie Mac PMMS | June 2026 |
| 15-Year Fixed Rate | 5.80% | Freddie Mac PMMS | June 2026 |
| 5/1 ARM Rate | 5.95% | Freddie Mac PMMS | June 2026 |
Real-World Example
Scenario: Buying a $375,000 home with a 20% down payment
- Loan amount: After a 20% down payment ($75,000), you borrow $300,000.
- Interest rate: Current 30-year fixed mortgage rate of 6.5% APR.
- Loan term: 30 years (360 monthly payments).
- Calculate: Monthly payment = $1,896.20. Total interest over 30 years = $382,633.
Who Is This For?
This mortgage calculator is designed for Homebuyers comparing loan offers, homeowners considering refinancing, and anyone wanting to understand what a mortgage payment would look like before committing to a home purchase.. It's intentionally simple — no complex signup forms, no data tracking, no distractions. Just enter your numbers and get the answer.
Pro Tip
Try comparing a 15-year term against a 30-year term with the same loan amount. The monthly payment difference is often smaller than people expect, but the total interest savings can be tens of thousands of dollars.
Things to Know
Most people focus only on the monthly payment, but the total interest paid over the life of a loan is the number that truly determines how expensive your home really is. A $300,000 mortgage at 6.5% over 30 years costs $382,633 in interest alone — more than the original loan amount.
This calculator shows you both the monthly payment and the full amortization picture. Use it to model different scenarios: what happens if you put 10% down instead of 20%? What if rates drop 0.5% and you refinance? What if you add $200 to each monthly payment?
Limitations: This tool calculates principal and interest only. Actual mortgage payments also include property taxes, homeowners insurance, HOA fees, and potentially PMI. Your lender will give you a more complete picture, but this calculator is excellent for initial comparisons and budgeting.
Download Resources
Free templates and worksheets to help you get the most from this tool.
Sources & References
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Frequently Asked Questions
What is a good interest rate for a mortgage in 2025-2026?
Mortgage rates fluctuate based on Federal Reserve policy, inflation, and economic conditions. As of early 2026, 30-year fixed rates range from approximately 5.5% to 7.0% depending on your credit score, loan type, and down payment. Check with at least three lenders for personalized quotes.
How does my credit score affect my mortgage rate?
Credit scores significantly impact your mortgage rate. Generally, a score of 740 or higher qualifies for the best rates, while scores below 620 may face higher rates or difficulty qualifying. A 1% rate difference on a $300,000 loan can mean $170 more per month and over $60,000 more in total interest.
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home price. PMI costs roughly 0.5% to 1% of the loan amount annually and is added to your monthly payment. It can be removed once you reach 20% equity in your home.
How accurate is this calculator?
This calculator provides accurate results based on the inputs you enter. The calculations follow standard financial formulas used by banks and financial institutions. Always verify critical numbers with a professional.
Can I save or print my results?
Yes! You can use your browser's print function (Ctrl+P or Cmd+P) to save or print the results. We recommend taking a screenshot for quick reference.
How to Use the Mortgage Calculator
Enter the total loan amount you plan to borrow — the purchase price minus your down payment. Input the annual interest rate your lender has quoted. Then choose your loan term in years — typically 15, 20, or 30 years.
Click "Calculate" to see your monthly payment (principal and interest), the total amount over the full term, and total interest paid.
Try adjusting the rate or term to see how small changes affect your payment. A lower rate or shorter term saves on total interest.
Mortgage Payment Formula
Where: M = monthly payment, P = loan principal, r = monthly interest rate (annual rate / 12), n = total number of monthly payments (term × 12).
Financial Calculators
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