Mortgage Calculator

Most mortgages are for 15 or 30 years, but what if you want to pay it off sooner or you’re wondering how much longer you have to go?

Use this mortgage calculator to see when your mortgage will be paid off and when you’ll own your home free and clear.

How does a mortgage work?

A mortgage is an installment loan. You make payments in regular installments, for the same amount at the same time every month, until the loan is paid off.

Your payment could fluctuate if you have an escrow account or if you have an adjustable rate mortgage (ARM).

Once you pay off your mortgage, you’ll own your home free and clear.

If you sell your home before you pay off your mortgage, the proceeds of the sale will be used to pay off your loan.

If you refinance your home, your term is reset to either 15 or 30 years.

Find out how much your monthly mortgage payment will be.

How to use this calculatorHow to use calculator
  1. Initial Loan Amount - Put the total amount of money you’ll be borrowing here. This would be the cost of the house plus closing costs minus your down payment.
  2. Loan Term - Add the number of years you’ll take to pay off your home. If you’re considering getting a mortgage or refinancing your current home, use 30 years to see what your payment would be.
  3. Yearly Interest Rate (APR) - Enter your interest rate here. If you’re considering buying a home, use the prevailing interest rate currently being offered.

Monthly Payment

$ 0

Total principal paid


Total interest paid


Total amount paid


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How the interest rate, mortgage amount, and loan term determine your monthly payment

The numbers you plug into the calculator find your monthly payments because of the following components:

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Amount of your loan
The more money you borrow, the higher your payments will be.
You can shop for the lowest interest rate, find a house that costs less, or apply a bigger down payment to your home purchase to get a lower monthly loan payment.
If you have an escrow account, your payment could fluctuate as well.
Escrow accounts are accounts where part of your payment is applied to pay for taxes and insurance.
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Interest rate
Unless you choose to refinance your loan or you have an adjustable rate mortgage, your mortgage interest rate will stay the same for the life of the loan.
To save money and lower your payments, look for the lowest interest rate.
Buyers with excellent and good credit get the best interest rates on their mortgages.
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Loan term
Terms for mortgages are typically 30 years, or 360 months. Though less common, 15-year mortgages are available as well.
With a 15-year mortgage, your payments will be higher, but you’ll pay off your mortgage in half the time and you’ll save money in interest.