Mortgage Repayment Calculator
Calculate your monthly mortgage payments, total interest, and amortization schedule. Free mortgage calculator for home buyers.
A mortgage is a loan used to purchase real estate, where the property serves as collateral. Understanding your mortgage repayment helps you budget effectively and compare different loan options. Our calculator breaks down your monthly payment into principal and interest components.
Calculator
Common use cases
- Planning for home purchase
- Comparing different mortgage options
- Budgeting for monthly housing expenses
- Understanding the impact of different down payments
How to use
- Enter the total loan amount (home price minus down payment)
- Input your annual interest rate
- Select your loan term (15, 20, or 30 years are common)
- View your monthly payment and total cost of the loan
FAQ
What's included in a mortgage payment?
The basic mortgage payment (principal + interest) shown here doesn't include property taxes, homeowners insurance, or PMI, which are often added to monthly payments.
Should I choose a 15 or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on interest. A 30-year mortgage offers lower payments but costs more in total interest.
How can I lower my mortgage payment?
You can lower payments by: making a larger down payment, getting a lower interest rate, or choosing a longer loan term.
This calculator provides illustrative estimates for planning purposes only and does not constitute financial, tax, or legal advice.