Calculate your monthly mortgage payment, view a full amortization schedule, compare loan terms, and estimate refinance savings — all free, instant, and private. No login required.
Enter your home purchase information
Fill in your loan details and click
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Your existing mortgage details
Your refinanced mortgage details
See side-by-side how different loan terms affect your payment and total interest
See how extra principal payments can save you interest and shorten your loan
A mortgage calculator is a free online tool that helps you estimate your monthly mortgage payment based on the loan amount (home price minus down payment), interest rate, and loan term. Our free mortgage calculator also generates a complete amortization schedule showing every payment over the life of the loan.
Whether you're a first-time home buyer, looking to refinance your mortgage, or comparing a 15-year vs 30-year mortgage, our calculator gives you instant, accurate results without signing up or visiting a lender.
Mortgage rates change daily. These are approximate reference rates as of 2025 — always check with your lender for current rates:
| Loan Type | Typical Rate (2025) | Best For |
|---|---|---|
| 30-Year Fixed | 6.5% – 7.5% | Most buyers — lowest monthly payment |
| 15-Year Fixed | 5.8% – 6.8% | Buyers who can afford higher payments |
| 20-Year Fixed | 6.2% – 7.0% | Balance of rate and payment |
| 5/1 ARM | 5.5% – 6.5% | Short-term homeowners (risk of rate change) |
| FHA Loan (30yr) | 6.0% – 7.0% | First-time buyers, low down payment |
| VA Loan (30yr) | 5.8% – 6.8% | Veterans & active military — best rates |
| Jumbo (30yr) | 7.0% – 8.0% | Loans above $766,550 (2024 limit) |
Note: Rates are for informational purposes only. Contact a licensed lender for personalized quotes.
This is the most common question home buyers ask. Here's a quick comparison on a $320,000 loan:
Use the Compare Terms tab above to run this comparison with your exact loan amount and rate.
An amortization schedule — or amortization table — is a complete breakdown of every mortgage payment showing how much goes to principal (reducing your balance) and how much goes to interest. In the early years, most of your payment goes to interest. Over time, the principal portion grows.
Our free mortgage amortization calculator generates the full schedule for any loan term, which you can print or download as a CSV file.
Enter your home price, down payment, interest rate, and loan term in the calculator above. The monthly payment is calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1] where P = loan amount, r = monthly interest rate, n = number of payments.
Yes, 100% free. No account, no signup, no hidden fees. Use it as many times as you want for any property or loan scenario.
Our mortgage calculator shows the same monthly payment estimates as Zillow's mortgage calculator and Rocket Mortgage's calculator, but without requiring you to enter personal contact details or sign up. We also include a full amortization schedule, refinance calculator, term comparison, and extra payment savings tool — all in one free page.
As of 2025, a competitive rate for a 30-year fixed mortgage in the USA is below 7%. For a 15-year fixed, below 6.5% is considered good. Your rate depends on your credit score (740+ gets the best rates), down payment, loan type, and lender. Use our calculator with different rates to see the impact on your monthly payment.
Yes! This calculator works for any amortizing loan. For a car loan, enter the vehicle price as the home price, your down payment, the dealer's interest rate (APR), and select a term of 3, 4, 5, 6, or 7 years. The monthly payment calculation is identical.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It typically costs 0.2%–2% of the loan per year. For example, on a $300,000 loan, PMI might be $50–$200/month. Once your equity reaches 20%, you can request PMI cancellation. Use the optional tax/insurance fields in our calculator to include PMI in your monthly estimate.
A 50-year mortgage is an extended loan term offered by some lenders, most commonly in high-cost markets. It offers a lower monthly payment than a 30-year mortgage but at significantly higher total interest cost — often more than double the loan amount in interest over the life of the loan. Use our 50-year term option to see the exact figures.
Refinancing is generally worth considering if you can reduce your interest rate by 0.5% or more. Use the Refinance tab in our calculator to enter your current loan balance, rate, and remaining term alongside your new proposed rate. The calculator will show your monthly savings and break-even point — i.e., how many months until your interest savings cover the closing costs.