Home Loan Calculator
Home Loan Calculator
Estimate your monthly mortgage payment
Estimated Monthly Payment
Principal & Interest only
Unless you’re paying cash for your home, mortgages are simply a fact of life. Use this free home mortgage calculator to estimate your monthly mortgage payments and see how different loan amounts, interest rates, and terms affect your budget.
What is a mortgage?
A mortgage is a loan used to purchase a home or other real estate. It allows buyers to finance the property over time instead of paying the full price upfront. The home itself serves as collateral, meaning the lender can foreclose if payments are not made.
The borrower (homeowner) repays the loan through monthly payments that cover both principal and interest. There are two main types of mortgages: conventional mortgages and government-backed (subsidized or insured) loans. Government-backed options include VA loans for veterans, FHA loans, and USDA loans. Conventional mortgages are offered directly by banks and lenders without government insurance.
How long is a mortgage for?
Mortgage terms typically range from 10 to 30 years, with 15-year and 30-year fixed-rate mortgages being the most common. The term length determines your monthly payment amount and the total interest paid over the life of the loan.
A longer mortgage term (such as 30 years) results in lower monthly payments but higher overall interest costs. Shorter terms (like 15 years) mean higher monthly payments but significant interest savings and faster ownership of your home. When the mortgage is fully paid off, you own the home free and clear with no outstanding mortgage payments.