Mortgage Calculator

Introduction

Mortgages convert a large principal into a series of manageable monthly payments. With decades‑long terms, small changes in rate or years can dramatically affect total interest and monthly affordability. This Mortgage calculator shows the payment and cumulative interest so you can compare lending scenarios, assess comfort levels, and plan with confidence.

It is useful during pre‑approval, shopping for rates, or refinancing. By grounding choices in numbers, you can quantify the impact of rate quotes, term adjustments, and extra down payment contributions.

Why This Tool Is Useful

Long horizons magnify compounding. Seeing total interest puts offers into perspective and helps prioritize the variables that matter most. A shorter term increases monthly payments but can save tens of thousands over the life of the loan; lowering APR—even slightly—also yields outsized savings. The calculator provides a clear baseline you can use to negotiate and to plan monthly cash flow.

For first‑time buyers, it builds intuition about amortization. For experienced homeowners, it aids refinance decisions and comparisons across lenders.

Key Features

Applies standard amortization to compute monthly payment and total interest. Keeps the interface clean for rapid scenario testing. Outputs are readable and shareable so you can discuss options with family or advisors quickly.

How to Use

1. Enter principal, annual rate, and term.
2. Click Calculate to see monthly payment and total interest.
3. Try shorter terms or lower rates to understand savings.
4. Layer in taxes and insurance externally to estimate full monthly housing cost.