Free Privacy ToolsMortgage Calculator
Calculate your monthly payment, total interest and total cost. Free, unlimited, private — works entirely in your browser.
Principal & interest only. Property tax, homeowner's insurance, PMI and HOA fees are not included — your real monthly bill will be higher.
How to use
- Enter the home price and your down payment.
- Enter the annual interest rate and pick a loan term.
- See your monthly payment, total interest and total cost instantly.
FAQ
Is it really free?
Yes — every tool on this site is 100% free with no limits, no signup and no watermarks.
Is my data private?
Absolutely. All processing happens locally in your browser. Your numbers are never uploaded to any server.
Does this include taxes and insurance?
No — this calculates principal and interest only. Property tax, insurance (PITI) and HOA fees are extra and vary by location.
Complete Guide to Mortgages
A mortgage payment has two parts: principal (paying down what you borrowed) and interest (the lender's charge). Early payments are mostly interest; later ones are mostly principal. The formula is M = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r the monthly rate and n the number of payments.
Two choices change everything: a larger down payment shrinks the loan (and can remove PMI, the extra insurance on small down payments), and a shorter term (15 vs 30 years) raises the monthly payment but can save tens of thousands in interest. Example: a $240,000 loan at 6% costs about $1,439/month over 30 years but about $2,026/month over 15 years — while total interest falls from roughly $278,000 to $125,000. This calculator covers principal and interest only; add local tax, insurance and HOA fees for your true monthly bill.