Savexpert

Personal Finance Made Simple

Free Mortgage Calculator

Buying a house is likely the largest financial decision you will ever make, and understanding exactly what you can afford before you start shopping is crucial. This free mortgage calculator empowers you to break down the complexities of home financing so you can see exactly what your monthly payments will look like. Financial authorities like the Federal Housing Administration (FHA) recommend that your housing costs should not exceed 28% of your gross monthly income. Just like all the financial tools in our Calculators library, this calculator is completely free to use with no account required.

🏠 Mortgage Calculator

Calculate your monthly payment, full amortization, and see how overpayments can save you thousands

🌎 Currency:
Loan Details
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p.a.
Additional Monthly Costs
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/mo
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⚡ Overpayment & Prepayment
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/mo
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Total Monthly Payment
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Principal & Interest + Taxes + Insurance
P & I Payment
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Principal + Interest
Loan Amount
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After down payment
Total Interest
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Monthly Payment Breakdown
โš ๏ธ Disclaimer: Educational estimate only. Actual rates, payments, and taxes may vary. Consult a qualified mortgage lender or financial advisor before making homebuying decisions.
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How to Use This Free Mortgage Calculator

1. Select your preferred currency from our list of 25+ supported global currencies.

2. Enter the total purchase price of the home you want to buy.

3. Input your planned down payment amount. (A 20% down payment is standard to avoid private mortgage insurance, but many loans allow for much less).

4. Enter the interest rate offered by your lender and select the length of the loan term (such as a 15-year or 30-year fixed mortgage).

5. The tool will instantly calculate your estimated monthly payment, including a breakdown of the principal and interest charges.

6. Once you have found a payment that fits your budget, use the Copy Summary button or Export to PDF or CSV to save your loan estimate for your records.

Key Takeaways

1. Total Clarity: Instantly see the exact difference in your monthly payment between a 15-year and a 30-year loan term.

2. Interest Insights: Discover exactly how much total interest you will pay over the entire life of the loan.

3. Global Formatting: Calculate your home loan seamlessly with built-in support for over 25 major currencies.

4. Privacy First: Your loan estimates are processed instantly directly in your browser. We never ask for your email, and your financial data is never stored on our servers.

Frequently Asked Questions

1. What is a fixed-rate vs. an adjustable-rate mortgage (ARM)?

Ans: A fixed-rate mortgage keeps the exact same interest rate for the entire life of the loan, meaning your principal and interest payment will never change. An adjustable-rate mortgage (ARM) usually offers a lower initial interest rate for a few years, but the rate will fluctuate based on the market afterward, which can make your payments increase significantly.

2. Why is my actual mortgage payment higher than the principal and interest?

Ans: When you make a mortgage payment, you are usually paying for more than just the loan itself. Most lenders require you to pay a portion of your annual property taxes and your homeowners’ insurance every month, which they hold in an escrow account. If you put down less than 20%, you may also have to pay Private Mortgage Insurance (PMI).

3. Does a 15-year mortgage save me money?

Ans: Yes, a 15-year mortgage saves you a massive amount of money in long-term interest compared to a 30-year loan, and it usually comes with a lower interest rate. However, because you are paying the loan off in half the time, your required monthly payment will be significantly higher.