Mortgage Calculator
Free mortgage calculator with monthly payment breakdowns, amortization schedule, and extra payment analysis. No lender bias — just the real numbers.
Monthly Payment
$0
Total Interest
$0
Total Cost
$0
Saved with Extra
$0
$
$50K$2M
% ($80,000)
0%50%
%
1%15%
$
$0$2,000
Amortization Schedule
Payment Breakdown
| Year | Payment | Principal | Interest | Balance |
|---|
Formula Used
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate (annual rate / 12)
n = Total number of payments (years × 12)
With extra payments:
New balance = Previous balance × (1 + r) - (M + extra)
Payoff months = iterations until balance ≤ 0
How This Mortgage Calculator Works
Our mortgage calculator uses the standard amortization formula used by lenders and financial institutions worldwide. Unlike many calculator sites, we don't bias results toward any lender or financial product — the math is transparent and verifiable.
What Makes This Calculator Different
- Real-time updates: Every slider change recalculates instantly — no "Calculate" button to click
- Extra payment analysis: See exactly how much you save with additional monthly payments — most people are shocked by the numbers
- Visual amortization: The chart shows you how your payment splits between principal and interest over time
- Scenario comparison: Toggle between 15 and 30-year terms to see the total interest difference
Understanding Your Mortgage Payment
Your monthly mortgage payment typically includes four components (PITI):
- Principal: The portion that reduces your loan balance
- Interest: The cost of borrowing — this is the largest component in early years
- Property Tax: Varies by county — check your local assessor's office
- Insurance: Homeowner's insurance + PMI if down payment is less than 20%
The Power of Extra Payments
On a $400,000 mortgage at 7% over 30 years, adding just $200/month in extra payments:
- Pays off your mortgage 5+ years early
- Saves over $100,000 in interest
- Builds equity significantly faster
Every extra dollar goes directly toward principal, reducing the balance that future interest is calculated on. This creates a compounding effect in your favor.
Frequently Asked Questions
How do I calculate my monthly mortgage payment?
Your monthly mortgage payment is calculated using the amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal loan amount, r is your monthly interest rate (annual rate divided by 12), and n is the number of monthly payments over your loan term. Use CalcDeck's free mortgage calculator above to get results instantly — adjust any variable with sliders for real-time updates.
What is a good mortgage rate in 2026?
As of 2026, mortgage rates for a 30-year fixed conventional loan typically range from 5.5% to 7.5% depending on your credit score, down payment, and loan type. Rates fluctuate with Federal Reserve policy and bond market conditions. Always compare quotes from at least three lenders and check your state-specific rates on CalcDeck for the most relevant numbers.
What does PITI stand for in a mortgage payment?
PITI stands for the four components of a monthly mortgage payment: Principal (the loan amount you're repaying), Interest (the cost of borrowing), Taxes (property taxes), and Insurance (homeowners insurance, plus PMI if applicable). Lenders use your PITI to calculate your debt-to-income ratio. CalcDeck's calculator lets you model all four components for an accurate monthly estimate.
How much down payment do I need for a conventional mortgage?
Conventional loans typically require as little as 3% down for first-time homebuyers, but putting down 20% or more lets you avoid PMI (private mortgage insurance), which can add $50-$200+ to your monthly payment. FHA loans require 3.5% down, and VA/USDA loans offer 0% down options. A larger down payment reduces your loan amount, monthly payment, and total interest paid over the life of the loan.
What's the difference between a 30-year and 15-year fixed mortgage?
A 30-year fixed mortgage offers lower monthly payments spread over three decades, making homeownership more affordable month-to-month but costing significantly more in total interest. A 15-year mortgage has higher monthly payments but typically lower interest rates and far less total interest — you build equity faster and own your home outright in half the time. For a $300,000 loan at 6.5%, the 30-year costs ~$380,000 in total interest vs. ~$170,000 for the 15-year — a savings of over $210,000.
Mortgage Calculator by State
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