100% free · Instant results in your browser · No signup needed
| Item | Amount |
|---|---|
| Loan amount | |
| Total interest | |
| Total cost (incl. down payment) |
| Year | Interest paid | Principal paid | Balance |
|---|
The Mortgage Calculator tells you exactly what a home loan will cost before you sign anything. Enter the home price, your down payment, the annual interest rate and the loan term, and it instantly computes your monthly payment, the total interest you will pay over the life of the loan, and a year-by-year summary showing how each payment splits between interest and principal.
How to use: 1) Enter the home price and your down payment - the calculator subtracts them to find the loan amount. 2) Enter the annual interest rate and the loan term in years. 3) Click Calculate to see your monthly payment plus total interest and total cost. 4) Scroll the yearly summary table to see how your balance shrinks over time - notice how early payments are mostly interest.
Why use it? A mortgage is usually the largest financial commitment of your life, and small differences in rate or term mean tens of thousands of dollars. This tool lets you compare scenarios in seconds: what does 15 years versus 30 years really cost? How much do you save with a bigger down payment? Walking into a bank with these numbers makes you a far stronger negotiator.
Key benefits: See the true cost of borrowing, not just the monthly figure. Compare loan terms side by side. Understand amortization - why your balance barely moves in the first years. Plan your budget with a precise monthly payment figure. All calculations happen instantly in your browser with no account needed.
Tips for smarter borrowing: Run at least three scenarios before choosing - your target rate, a rate 1% higher, and a 15-year term - so you understand your risk range. A larger down payment does double duty: it shrinks the loan and often removes private mortgage insurance costs. Even small extra monthly payments attack the principal directly and can shave years off the loan; try entering a slightly higher "monthly payment" mentally by shortening the term and see how much interest disappears. Remember that lenders quote annual rates but charge monthly, and always compare the total interest figure, not just the monthly payment, when choosing between offers. Fixed-rate loans give payment certainty while variable rates start cheaper but can rise - model the fixed case here as your baseline.
FAQs: Does it include property taxes and insurance? No - it calculates principal and interest only, which is the core loan cost. What formula is used? The standard fixed-rate amortization formula used by banks worldwide. Can I compare different rates? Yes - run the calculation once per scenario and compare the totals. Is my data saved anywhere? No - everything runs in your browser at FistHost, nothing is uploaded or stored.
Related tools: Explore related FistHost finance tools: the Loan EMI Calculator for other borrowing, the Compound Interest Calculator to grow your down-payment savings, and the Percentage Calculator for quick rate comparisons.
No reviews yet. Be the first to review this tool!
Reviews are protected by captcha and moderated before they appear.