Mortgage Calculator
Monthly payment and total interest.
Amounts are labelled in this currency. The Daily Tools does not convert exchange rates.
three hundred twenty thousand US dollars
Your estimated monthly payment
2022.62
USD / monthtwo thousand twenty two US dollars and 62 cents
Introduction
Estimate your monthly mortgage payment, total interest and amortization schedule from loan amount, rate and term. Use The Daily Tools' Mortgage Calculator for private, browser-based processing — no account or server upload required.
What is Mortgage Calculator?
A mortgage calculator estimates your monthly home loan payment from the loan amount, interest rate, and term.
Definition: Mortgage Calculator estimates the principal-and-interest payment for a fixed-rate home loan.
Formula
PMT = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1] where r = APR/12, n = months
Calculation steps
- The core formula: PMT = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1] where r = APR/12, n = months
- Enter your values in the fields above — units and assumptions are under your control.
- The Daily Tools computes the result instantly in your browser using JavaScript.
- Review the result panel for the primary output and supporting breakdown values.
Worked example
Example: $320,000 mortgage at 6.5% for 30 years
Inputs: Principal = $320,000, APR = 6.5%, Term = 30 years
- Monthly rate = 6.5% ÷ 12 = 0.5417%
- Number of payments = 30 × 12 = 360
- Apply standard amortization (PMT) formula
Estimated monthly payment ≈ $2,022 (excluding taxes and insurance).
Use cases
- Comparing two fixed-rate mortgage terms
- Checking how a down payment changes principal and interest
- Estimating the effect of an interest-rate change before speaking with a lender
Advantages
- Browser-based processing — entered values and selected files are not sent to our servers
- No account required
- Instant results with a clean, readable interface
- Transparent formula shown on this page
Limitations
- The displayed payment is principal and interest unless the tool explicitly asks for other costs.
- Property taxes, homeowners insurance, mortgage insurance, HOA fees, lender fees, closing costs, variable-rate changes, and extra payments are not included.
- Rates and terms are user-provided and not live lender quotes.
Frequently asked questions
- Does this include property tax and insurance?
- No. Enter P&I only. Add taxes and insurance separately.
- Are these live mortgage rates?
- No. You enter the rate yourself.
- Does this include taxes and insurance?
- No. Add property taxes, insurance, mortgage insurance, and HOA fees separately when building a housing budget.
- What happens at a 0% interest rate?
- A 0% loan divides the principal evenly across the number of payments; no interest is charged.
- Is the Mortgage Calculator free to use?
- Yes. Mortgage Calculator on The Daily Tools is completely free, requires no account, and runs entirely in your browser.
- Does The Daily Tools store my inputs?
- No. Your numbers and text never leave your device. The Daily Tools has no backend database for calculator inputs.
- Who should use the Mortgage Calculator?
- Anyone who needs a clear personal finance calculation and wants to check the assumptions used.
- How accurate is the Mortgage Calculator?
- Results follow the standard formula shown on this page. They are estimates for planning — not a substitute for professional financial or religious advice.
Sources & references
- Standard amortization (PMT) formula — Fixed-rate loan payment calculation
- Consumer Financial Protection Bureau — mortgage basics
- The Daily Tools Methodology
Key points
- Mortgage Calculator is a free, browser-based calculator for monthly payment and total interest.
- Formula: PMT = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1] where r = APR/12, n = months
- Private, browser-only processing
- Private, browser-based processing