About

Mortgage Calculator

Calculate mortgage payments, total interest, and view amortization schedule

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years

Fixed monthly payment throughout the loan term. Interest decreases while principal increases over time.

Enter loan details to calculate mortgage payments

About This Tool

Mortgage Calculator is a comprehensive free online tool that helps you estimate your monthly mortgage payments and understand the total cost of your home loan. Whether you're a first-time homebuyer exploring different loan options or an experienced homeowner looking to refinance for better rates, this calculator provides detailed insights including monthly payments, total interest paid, and a complete amortization schedule. Understanding these numbers is critical for making informed financial decisions, comparing loan offers from different lenders, and planning your long-term household budget. It supports both equal payment (等额本息) and equal principal (等额本金) repayment methods, which are commonly used in different countries, allowing you to choose the strategy that best fits your financial situation and goals.

How to Use

  1. Enter the total loan amount (principal) you plan to borrow.
  2. Input the annual interest rate as a percentage.
  3. Specify the loan term in years (typically 15 or 30 years).
  4. Select your preferred repayment method: Equal Payment (fixed monthly amount) or Equal Principal (decreasing monthly amount).
  5. Click 'Calculate Mortgage' to see your results.
  6. Review your monthly payment, total payment, total interest, and the detailed amortization schedule.

Frequently Asked Questions

Equal Payment (等额本息) means you pay the same amount every month throughout the loan term. Equal Principal (等额本金) means you pay the same principal amount each month, but the total payment decreases over time as the interest portion reduces. Equal Payment offers predictable budgeting, while Equal Principal results in less total interest paid.
No, this calculator focuses on the principal and interest components of your mortgage. Property taxes, homeowners insurance, and PMI (Private Mortgage Insurance) are not included in the calculation.
The calculator provides accurate estimates based on standard mortgage formulas. However, actual loan terms may vary based on your lender, credit score, and other factors. Always consult with your lender for exact figures.
Yes, the calculator displays the total interest you'll pay over the entire loan term. You can also view the amortization schedule to see how much of each payment goes toward principal versus interest.
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