Mortgage Calculator – Calculate Monthly Payments Free Online
Calculate monthly mortgage payments, total interest, and full repayment amount. Free online mortgage calculator.
Loan Details
Monthly Costs (Optional)
Monthly Payment Breakdown (PITI)
Total Monthly Payment
$2,628.97
Principal & Interest
$2,128.97
Property Tax
$400.00
Home Insurance
$100.00
Loan Amount
$320,000
Total Interest
$446,428
Total Cost
$946,428
Amortization Summary
| Month | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $1,866.67 | $262.30 | $319,738 |
| 2 | $1,865.14 | $263.83 | $319,474 |
| 3 | $1,863.60 | $265.37 | $319,208 |
| â‹® | |||
| 360 | $12.35 | $2,116.62 | $0 |
Frequently Asked Questions
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Principal reduces your loan balance, interest is the lender's charge, taxes are property taxes collected monthly and paid to your local government, and insurance is your homeowner's insurance premium.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home's purchase price. It protects the lender if you default. PMI typically costs 0.5%–1.5% of the loan amount annually. Once you reach 20% equity, you can request to have PMI removed.
A 30-year mortgage has lower monthly payments but you pay significantly more in total interest. A 15-year mortgage has higher monthly payments but you build equity faster and pay much less interest overall. For a $400,000 loan at 7%, a 30-year mortgage costs about $536,000 in total interest; a 15-year costs about $232,000.
Conventional loans typically require 3%–20% down. Putting down less than 20% means you'll pay PMI. FHA loans allow as little as 3.5% down. VA and USDA loans may require 0% down for eligible buyers. A larger down payment reduces your loan amount, monthly payment, and total interest.
No. All calculations happen entirely in your browser. No data is sent anywhere.
What is Mortgage Calculator?
A mortgage calculator computes the monthly payment for a home loan based on the loan amount, interest rate, and loan term. It also shows the total interest paid over the life of the loan and the full repayment amount.
How to Use Mortgage Calculator
- 1Enter the home price or loan amount.
- 2Enter the down payment.
- 3Enter the annual interest rate.
- 4Enter the loan term in years.
- 5The monthly payment, total interest, and total cost are calculated.
Key Features
- ✓Monthly payment calculation
- ✓Down payment support
- ✓Total interest and total cost
- ✓Amortization schedule
Benefits
- →Estimate monthly payments before applying for a mortgage
- →Compare different loan terms and rates
- →Understand the total cost of homeownership
Why Use Irreva for Mortgage Calculator?
Frequently Asked Questions
Does this include property taxes and insurance?
No. This calculator shows principal and interest only. Add property taxes, insurance, and HOA fees for a complete monthly cost estimate.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest. A 30-year mortgage has lower monthly payments but costs more in total interest.
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