Mortgage Calculator – Complete Guide & Free Online Tool
A mortgage calculator estimates your monthly payment, total interest and total cost for a home loan. Free online tool included.
Published 2026-09-13
What is Mortgage Calculator?
A mortgage calculator estimates your monthly payment, total interest and total cost for a home loan.
What it includes
This estimate covers principal and interest on the loan amount. It does not include property taxes, insurance or PMI, which add to actual monthly costs.
How to use it
Enter the price you are financing (price minus down payment), the interest rate and the term. Compare terms and rates to see their effect on payments.
Key Features
• Monthly payment • Total interest • Total cost • Local processing
Examples
• Financing $300 • 000 at 6.5% for 30 years gives a payment of about $1 • 896.
Common Use Cases
• Home buying • Refinancing • Affordability
Tips & Best Practices
• Add estimated taxes and insurance for a real monthly cost. • A shorter term lowers total interest but raises monthly payment.
Limitations
• Excludes taxes • insurance • PMI and closing costs.
External Resources
CFPB: Mortgages