Home Mortgage Loan Calculator - Free Financial Calculator Online

Year	Principal	Interest	Balance
1	$3,576.72	$20,694.69	$316,423.28
2	$3,816.26	$20,455.15	$312,607.02
3	$4,071.84	$20,199.57	$308,535.17
4	$4,344.54	$19,926.87	$304,190.63
5	$4,635.50	$19,635.91	$299,555.13
6	$4,945.95	$19,325.46	$294,609.18
7	$5,277.19	$18,994.22	$289,331.98
8	$5,630.62	$18,640.80	$283,701.37
9	$6,007.71	$18,263.70	$277,693.66
10	$6,410.06	$17,861.36	$271,283.60
11	$6,839.35	$17,432.06	$264,444.26
12	$7,297.39	$16,974.02	$257,146.86
13	$7,786.11	$16,485.30	$249,360.75
14	$8,307.56	$15,963.85	$241,053.19
15	$8,863.94	$15,407.48	$232,189.25
16	$9,457.57	$14,813.84	$222,731.68
17	$10,090.96	$14,180.45	$212,640.72
18	$10,766.77	$13,504.64	$201,873.95
19	$11,487.84	$12,783.57	$190,386.11
20	$12,257.20	$12,014.21	$178,128.90
21	$13,078.09	$11,193.32	$165,050.81
22	$13,953.96	$10,317.46	$151,096.86
23	$14,888.48	$9,382.93	$136,208.38
24	$15,885.59	$8,385.83	$120,322.79
25	$16,949.47	$7,321.94	$103,373.32
26	$18,084.61	$6,186.80	$85,288.71
27	$19,295.77	$4,975.64	$65,992.94
28	$20,588.05	$3,683.37	$45,404.89
29	$21,966.86	$2,304.55	$23,438.03
30	$23,438.03	$833.39	$0.00

Year

Principal

Interest

Balance

$3,576.72

$20,694.69

$316,423.28

$3,816.26

$20,455.15

$312,607.02

$4,071.84

$20,199.57

$308,535.17

$4,344.54

$19,926.87

$304,190.63

$4,635.50

$19,635.91

$299,555.13

$4,945.95

$19,325.46

$294,609.18

$5,277.19

$18,994.22

$289,331.98

$5,630.62

$18,640.80

$283,701.37

$6,007.71

$18,263.70

$277,693.66

$6,410.06

$17,861.36

$271,283.60

$6,839.35

$17,432.06

$264,444.26

$7,297.39

$16,974.02

$257,146.86

$7,786.11

$16,485.30

$249,360.75

$8,307.56

$15,963.85

$241,053.19

$8,863.94

$15,407.48

$232,189.25

$9,457.57

$14,813.84

$222,731.68

$10,090.96

$14,180.45

$212,640.72

$10,766.77

$13,504.64

$201,873.95

$11,487.84

$12,783.57

$190,386.11

$12,257.20

$12,014.21

$178,128.90

$13,078.09

$11,193.32

$165,050.81

$13,953.96

$10,317.46

$151,096.86

$14,888.48

$9,382.93

$136,208.38

$15,885.59

$8,385.83

$120,322.79

$16,949.47

$7,321.94

$103,373.32

$18,084.61

$6,186.80

$85,288.71

$19,295.77

$4,975.64

$65,992.94

$20,588.05

$3,683.37

$45,404.89

$21,966.86

$2,304.55

$23,438.03

$833.39

$0.00

How it's calculated

M = P × i ÷ (1 − (1 + i)⁻ⁿ)

P is the loan amount (price − down payment), i the annual rate ÷ 12, and n the number of monthly payments. The total monthly payment adds 1/12 of annual property tax and insurance, HOA dues, and PMI (loan × PMI rate ÷ 12) when the down payment is under 20%.

A $320,000 loan at 6.5% for 30 years has a principal-and-interest payment of $2,022.62.

Welcome to our simple but user-friendly Online Mortgage Loan Calculator, designed to provide quick and accurate estimates for your mortgage payments.

Calculating one’s mortgage involves several factors including the principal amount (loan amount), the interest rate, and the term of the loan (duration). The principal is the initial amount you borrowed. The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage. The loan term is the time you choose to pay back the loan, typically either 15 or 30 years.

Using these factors, the mortgage payment is calculated by multiplying the loan amount by the monthly interest rate and then dividing it by 1 minus (1 plus the monthly interest rate) to the power of negative loan term (in months). Our Mortgage Loan Calculator simplifies this complex calculation and gives you the monthly mortgage payment in three easy steps. Interested in building a modular home? Try our modular home cost calculator.

How to use our Simple Mortgage Calculator

Input Your loan Information

Fill in the principal amount, annual interest rate, and the time period in years. The principal amount is the initial investment or current balance, the annual interest rate represents the growth rate of your investment, and the time period specifies how long your money will be invested.

Calculate!

Once all your information is entered correctly(!), click on the “Calculate” button. The calculator will then run the numbers based on your input values to compute the monthly mortgage payment.

Review!

Look at the result presented under the “Calculate” button. This figure represents the estimated monthly payment for the mortgage loan based on the details you provided. Always remember this is an estimation, and the actual monthly payment may vary slightly due to other factors not accounted for in this calculator, such as insurance and taxes.

Frequently Asked Questions

›How is a monthly mortgage payment calculated?

Principal and interest use M = P × i ÷ (1 − (1 + i)^−n), where P is the loan amount, i the monthly rate, and n the number of payments. Property tax, insurance, HOA dues, and PMI are then added to get the full monthly payment.

›What is PMI and when do I pay it?

Private mortgage insurance protects the lender on conventional loans with less than 20% down. It typically costs 0.3% to 1.5% of the loan per year and can be removed once you reach 20% equity.

›What is the payment on a $300,000 mortgage?

At 6.5% for 30 years, principal and interest are about $1,896 per month. Taxes, insurance, and any PMI or HOA dues come on top.

›Should I choose a 15-year or 30-year mortgage?

A 15-year loan has a higher payment but usually a lower rate and far less total interest. A 30-year loan keeps payments lower and leaves more room in your budget.