Hindi kami makahanap ng internet
Sinusubukang muling kumonekta
May nangyaring mali!
Sandali lang habang kami ay nagrerecover
Advanced Mortgage Calculator
Simulate, Compare, and Save!
Use this calculator to simulate changes in interest rates, loan terms, and payments for one or more mortgages.
How to Use the Mortgage Calculator
Enter your home price, down payment, loan term, and interest rate to instantly see your monthly payment breakdown. The calculator shows principal and interest payments, total interest over the life of the loan, and a year-by-year amortization schedule.
Use the custom payment feature to see how extra payments can reduce your loan term and save you money on interest.
Key Features:
- Complete amortization schedule with year-by-year breakdown
- Custom payment simulator to calculate interest savings
- See total interest paid over loan lifetime
Perfect For:
- First-time homebuyers planning their budget
- Comparing 15-year vs 30-year mortgages
- Understanding the impact of extra payments
Payment Summary
Mortgage Payment Schedule
Frequently Asked Questions
Everything you need to know about mortgage calculations
Yes! WealthTools is 100% free forever. We built this tool to help people make better financial decisions and plan for a secure retirement. All features are free for everyone.
Your monthly mortgage payment is calculated using the loan amount (home price minus down payment), interest rate, and loan term. The calculator uses the standard amortization formula to determine your principal and interest payment. Note that your actual monthly payment may be higher when you include property taxes, homeowners insurance, HOA fees, and PMI (if applicable).
Mortgage interest rates vary based on market conditions, your credit score, down payment amount, loan type, and lender. Check current mortgage rates from multiple lenders to get accurate numbers for your situation. Use our calculator to see how different interest rates impact your monthly payment and total cost.
A 15-year mortgage has higher monthly payments but you'll pay significantly less interest over the life of the loan. A 30-year mortgage has lower monthly payments but you'll pay much more in total interest. For example, on a $300,000 loan at 6% interest: a 30-year mortgage costs $347,515 in total interest, while a 15-year mortgage costs only $155,332 - a savings of over $192,000! Use our calculator to compare both options with your specific numbers.
Extra mortgage payments can save you tens of thousands of dollars in interest and help you pay off your loan years earlier. For example, adding just $100 per month to a $300,000, 30-year mortgage at 6% can save you over $50,000 in interest and pay off your loan 5 years early. Use the "Custom Payment" feature in our calculator to see exactly how much you can save with extra payments.
An amortization schedule is a detailed table showing how each mortgage payment is split between principal (loan balance) and interest over the life of your loan. In the early years, most of your payment goes toward interest. As time passes, more of your payment goes toward paying down the principal. Our calculator provides a complete year-by-year and month-by-month breakdown so you can see exactly where your money goes.
While 20% down is traditional and helps you avoid PMI (private mortgage insurance), many loan programs allow smaller down payments. Conventional loans can require as little as 3% down, FHA loans require 3.5%, VA loans offer 0% down for qualified veterans, and USDA loans also offer 0% down for eligible rural properties. Keep in mind that smaller down payments mean higher monthly payments and more interest paid over time.
Yup! The calculator works perfectly for refinancing scenarios. Enter your current loan balance as the loan amount, your potential new interest rate, and your desired new loan term. Compare the results to your current payment to see if refinancing makes sense. Remember to factor in closing costs when calculating your break-even point on a refinance.
Planning your complete financial future?
Check out our other free financial calculators to manage your money better.