Question 1

What is a mortgage calculator and how does it work?

Accepted Answer

A mortgage calculator is a free online tool that helps you estimate your monthly mortgage payments. It works by taking your loan amount, interest rate, and loan term to calculate what you'll pay each month. Our calculator also shows you the total interest you'll pay over the life of the loan and how extra payments can save you money.

Question 2

How much will my monthly mortgage payment be?

Accepted Answer

Your monthly mortgage payment depends on four factors: the loan amount (how much you're borrowing), the interest rate (the annual cost of borrowing), the loan term (typically 15 or 30 years), and your payment frequency. For example, a $300,000 loan at 6.5% over 30 years results in a monthly payment of approximately $1,896. Use our calculator above to see your exact payment amount.

Question 3

What's included in my monthly mortgage payment?

Accepted Answer

Your monthly mortgage payment typically includes four components, often called PITI: Principal (the amount borrowed), Interest (the cost of borrowing), Property Taxes (taxes on your home), and Insurance (homeowners insurance and possibly PMI). Our calculator focuses on the principal and interest portions, which make up the core loan payment.

Question 4

Should I make extra payments on my mortgage?

Accepted Answer

Making extra payments can be a smart financial move. Even small extra payments can help you pay off your mortgage years earlier and save tens of thousands of dollars in interest. For example, adding just $200 extra per month to a $300,000 mortgage at 6.5% could save you over $81,000 in interest and let you pay off your home 6-7 years sooner. Use the calculator's extra payment feature to see your potential savings.

Question 5

Is a 15-year or 30-year mortgage better?

Accepted Answer

Both options have benefits depending on your situation. A 30-year mortgage offers lower monthly payments and more flexibility in your budget, though you'll pay more interest over time. A 15-year mortgage has higher monthly payments but significantly lower total interest costs and you'll own your home sooner. The best choice depends on your budget, financial goals, and how long you plan to stay in the home.

Question 6

How much home can I afford?

Accepted Answer

Most financial experts recommend following the 28/36 rule: your monthly mortgage payment should be no more than 28% of your gross monthly income, and your total monthly debt payments (including mortgage) should be no more than 36%. For example, if you earn $6,000 per month, your mortgage payment should ideally be under $1,680. Use our Home Affordability Calculator for a detailed analysis.

Question 7

What interest rate can I expect to get?

Accepted Answer

Mortgage interest rates vary based on several factors: your credit score (higher scores get lower rates), your down payment amount (larger down payments often mean better rates), the type of loan (conventional, FHA, VA, etc.), and current market conditions. As of 2026, rates typically range from 5% to 8% for most borrowers. Shop around with multiple lenders to find the best rate for your situation.

Question 8

What is an amortization schedule?

Accepted Answer

An amortization schedule is a detailed table that shows every payment you'll make over the life of your loan. It breaks down each payment to show how much goes toward principal (paying down your loan balance) and how much goes toward interest. In the early years, most of your payment goes to interest. Over time, more goes toward principal. Our calculator generates a complete amortization schedule you can view and download.

Question 9

How do different payment frequencies affect my mortgage?

Accepted Answer

Changing your payment frequency can help you pay off your mortgage faster. Monthly payments are most common (12 per year). Fortnightly payments (26 per year) mean you make an extra half-payment annually, which can save interest. Weekly payments (52 per year) save even more. The more frequently you pay, the less interest accrues because you're reducing the principal balance faster.

Question 10

Can I use this calculator for refinancing?

Accepted Answer

Yes! This mortgage calculator works perfectly for refinancing calculations. Simply enter your new loan amount (remaining balance), the new interest rate you've been offered, and the new loan term. The calculator will show you what your new monthly payment would be and how much interest you'll pay. You can then compare this to your current mortgage to see if refinancing makes financial sense.

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