Mortgage Calculator
Calculate fixed-rate mortgage payments and view detailed amortization schedule
Loan Parameters
Payment Results
First Payment Breakdown
Last Payment Breakdown
Loan Insights
Amortization Schedule
When to Use This Mortgage Calculator
Discover how our mortgage calculator can help you make informed decisions about your home financing
Home Purchase Planning
Calculate monthly payments for different loan amounts and terms to determine what home price fits your budget. Compare 15-year vs 30-year mortgages to see the impact on monthly payments and total interest.
Refinancing Analysis
Evaluate refinancing opportunities by comparing your current mortgage payment with new rates and terms. Calculate potential savings and determine if refinancing makes financial sense for your situation.
Budget Planning
Understand the total cost of homeownership by calculating principal and interest payments. Use the amortization schedule to plan for future financial goals and understand how much equity you'll build over time.
Rate Comparison
Compare different interest rates from multiple lenders to see the impact on your monthly payment and total interest cost. Even small rate differences can result in significant savings over the loan term.
Investment Property Analysis
Calculate mortgage payments for investment properties to determine cash flow and return on investment. Compare different financing scenarios to optimize your real estate investment strategy.
Loan Verification
Verify mortgage quotes from lenders by calculating payments independently. Ensure accuracy of loan documents and understand exactly how your payment is calculated using the French amortization method.
Frequently Asked Questions
Everything you need to know about mortgage calculations and amortization
What is French amortization method?
French amortization is the most common method where you pay a constant amount each period. Early payments consist mostly of interest, while later payments pay more principal. The total payment remains the same throughout the loan term, making it easier to budget for homeowners.
How is the monthly mortgage payment calculated?
The payment is calculated using the formula: R = C × [i / (1 - (1 + i)^-n)], where R is the payment, C is the loan amount, i is the periodic interest rate, and n is the number of payments. This formula ensures that the loan is fully paid off by the end of the term.
Does this calculator include additional costs?
No, this calculator focuses on principal and interest payments only. It doesn't include property taxes, insurance, PMI, or other fees. These additional costs should be considered separately when budgeting for your total monthly housing payment.
Can I use this for adjustable rate mortgages?
This calculator is designed for fixed-rate mortgages where the interest rate remains constant. For adjustable rate mortgages, the payment would change when the rate adjusts, requiring a more complex calculation that considers rate change schedules.
What payment frequencies are supported?
The calculator supports monthly, quarterly, semi-annual, and annual payment frequencies. Monthly payments are most common for mortgages, but other frequencies can help you see different payment scenarios and their impact on total interest paid.
How accurate is the amortization schedule?
The amortization schedule is calculated using standard financial formulas and is highly accurate for planning purposes. However, actual payments may vary slightly due to rounding and lender-specific policies. Always verify with your lender for exact payment amounts.
Why do early payments have more interest?
Interest is calculated on the outstanding balance. Since the balance is highest at the beginning of the loan, more of your payment goes toward interest. As you pay down the principal, the interest portion decreases and the principal portion increases, even though your total payment stays the same.
Is my financial information secure?
Yes, all calculations are performed locally in your browser. No financial data is transmitted to our servers or stored anywhere. Your loan information remains completely private and secure on your device.
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