Mortgage Calculator
Calculate your monthly mortgage payment, total interest and loan breakdown for any home price, down payment and term.
Each payment covers interest plus a portion of the principal, so the loan is fully repaid by the end of the term.
That is 20.0% of the home price.
Monthly payment
$2,022.62
Loan amount
$320,000
80% loan-to-value
Total payment
$728,142
Over 360 months
Total interest
$408,142
Fully amortized — the balance reaches zero on the final payment.
How it works
M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), with r = APR ÷ 12. Total payment adds monthly escrow = (annual tax + annual insurance) ÷ 12.
Example: $300,000 at 6.5% for 30 years → $1,896/month P&I; at $4,000 tax + $1,200 insurance → $2,330 total.
Mortgage Calculator on True Calculator gives you an instant, accurate answer with no sign-up and no app install. Calculate your monthly mortgage payment, total interest and loan breakdown for any home price, down payment and term. Every result shows the formula and a worked example so you can verify the calculation yourself, and all values are computed in your own browser — your numbers never leave your device.
Popular uses: mortgage calculator · home mortgage calculator · monthly mortgage payment calculator
Last updated: August 2026
How We Calculate
This calculator uses standard mathematical formulas verified by our team. All calculations are performed instantly in your browser using JavaScript — no data is sent to any server. The formulas used are industry-standard and match those used by banks, financial institutions and health organizations.
For financial calculators, we use RBI-approved formulas and regularly updated bank rates. For health calculators, we use WHO-recommended formulas and medical standards. All rates and standards are sourced from official government and regulatory websites.
Frequently Asked Questions
What is the mortgage formula this calculator uses?
It uses the standard amortising loan formula: M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r the monthly rate (APR ÷ 12) and n the number of monthly payments.
Should I include property tax and insurance in the monthly payment?
Yes for a realistic budget. Enter your annual property tax and home insurance and the calculator adds them to the principal-and-interest payment so you see your true monthly housing cost.
Why does my monthly payment differ from my lender's quote?
Lenders may use a different rate, loan amount, term or add PMI, closing costs and escrow. Check which inputs your lender used and enter the same values here.
Is this mortgage calculator free to use?
Yes, True Calculator's mortgage calculator is completely free with no sign-up, no app install and no usage limits.
You might also need
Related calculators from other categories
Math
Percentage Calculator
Calculate percentages, percentage difference and percentage change instantly. Work out what 20% of any number is, find discounts, markups and more.
Date
Age Calculator
Find your exact age in years, months and days from your date of birth — plus the weekday you were born on. Free and works offline.
Date
Date Difference Calculator
Count the exact number of days, weeks, months and business days between two dates. Perfect for deadlines, leave planning and projects.
Time
Time Duration Calculator
Calculate hours and minutes between two times, across midnight if needed. Ideal for shifts, travel time and event planning.