Mortgage Calculator Free · Calc Pro
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Coming soonFind your monthly mortgage payment in seconds, then see what the loan really costs over its life. Calc Pro's Mortgage worksheet also shows how much interest you save, and how many months sooner you're mortgage-free, when you add an extra payment or switch to an accelerated schedule.
How to use the Mortgage Calculator
- 1Tap Principal and type the price of the home, or the amount you're borrowing.
- 2Press ↓ to move down, then enter your Down payment, the Interest rate (6.5 for 6.5%) and the Terms (years).
- 3Add any Other Fees rolled into the loan, and an Extra Payment if you plan to pay more each time.
- 4Your Payment, Total interest and Total repaid update as you type. Pick a schedule at the top, such as Bi-Weekly or Weekly Accel, to compare.
How the mortgage payment is calculated
Calc Pro uses the standard amortization formula, the same one lenders use:
M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P is the amount you borrow (the principal minus your down payment)
- r is the interest rate for one payment period, e.g. 6.5% ÷ 12 for monthly payments
- n is the total number of payments, e.g. 30 × 12 = 360
For the example above, $320,000 at 6.5% over 360 months gives $2,022.62 a month.
15 years or 30 years?
A shorter term costs more each month but far less overall. The same $320,000 at 6.5%:
| Term | Monthly payment | Total interest |
|---|---|---|
| 30 years | $2,022.62 | $408,142.36 |
| 15 years | $2,787.54 | $181,757.84 |
Paying about $765 more a month saves over $226,000 in interest.
Accelerated payments
The schedule buttons along the top switch between Monthly, Semi Monthly, Bi-Weekly, Bi-Weekly Accel, Weekly, Weekly Accel and Bi-Monthly payments. The accelerated options pay a little more each year, which goes straight to the principal and shortens the mortgage. Try them on your own numbers to see the difference.
Frequently Asked Questions
How is a mortgage payment calculated?
The payment is the amount that pays off the loan, with interest, in equal installments over the term: M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount borrowed, r is the interest rate per payment and n is the number of payments. Calc Pro works this out for you as you type.
Does the down payment reduce my payment?
Yes. Calc Pro subtracts the down payment from the principal, so you borrow less. In the example above, putting $80,000 down on a $400,000 home means you borrow $320,000.
How much do extra payments save?
Enter an amount in Extra Payment and Calc Pro shows the Interest Saved and Months Saved. On a $320,000, 30-year mortgage at 6.5%, an extra $200 a month saves $105,428.67 in interest and 79 months.
Can I see an amortization schedule?
Yes. Tap View Amortization Schedule above the fields to see how each payment splits between principal and interest. It's free on the web; in the iPhone and iPad app it's part of Pro Premium.
More free calculators
Take the Mortgage Calculator with you
The Mortgage Calculator is free in Calc Pro for iPhone and iPad, along with 10 calculators in one app.
Coming soonFree with ads · In-app purchase unlocks the full Pro Premium version
See what the app can do