Free Mortgage Calculator (Instant Results)
~30 seconds
Calculate your monthly mortgage payment and see the full cost of your loan. Enter your loan amount, annual interest rate, and loan term in years to instantly see your monthly payment, total interest paid, and total amount paid over the life of the loan.
What this calculator determines
It calculates the fixed monthly payment, total interest paid, and total amount paid for a loan using standard amortization from the loan amount, annual interest rate, and term in years.
Related calculators
Examples
30-year fixed mortgage
Loan: $300,000 | Rate: 7% | Term: 30 years
Calculation
- Monthly rate: 7% / 12 = 0.5833%
- Number of payments: 30 x 12 = 360
- Monthly payment: $1,995.91
- Total paid: $1,995.91 x 360 = $718,527
- Total interest: $718,527 - $300,000 = $418,527
Monthly payment: $1,995.91
Total interest paid: $418,527
15-year fixed mortgage
Loan: $300,000 | Rate: 6.5% | Term: 15 years
Calculation
- Monthly rate: 6.5% / 12 = 0.5417%
- Number of payments: 15 x 12 = 180
- Monthly payment: $2,613.32
- Total paid: $2,613.32 x 180 = $470,398
- Total interest: $470,398 - $300,000 = $170,398
Monthly payment: $2,613.32
Total interest paid: $170,398
Assumptions & Conventions
- Amortization basis
- Uses a standard fixed-rate, fully amortizing loan with a constant monthly payment over the full term.
- Interest rate
- The annual interest rate is divided by 12 to get the monthly rate used in the amortization formula.
- Costs excluded
- The result covers principal and interest only — property taxes, insurance, PMI, HOA dues, and closing costs are not included.
- Term limit
- Loan term is limited to 50 years or fewer.