Formula and calculation method
The standard amortization formula converts the annual rate to a monthly rate and spreads principal and interest across every payment.
Worked example and assumptions
A $300,000 mortgage at 6.5% for 30 years shows the estimated monthly principal-and-interest payment plus total interest. Taxes, insurance, HOA fees, and mortgage insurance are excluded.
Frequently asked questions
Is the mortgage calculator free?
Yes. It is free, requires no account, and runs directly in your browser.
Are the results exact?
The calculation follows the stated formula, but its usefulness depends on accurate inputs and the assumptions described on this page.
Does ClearCalc store my entries?
No. The values are processed in your browser and are not submitted to ClearCalc.
Important: This calculator provides general information, not financial, medical, legal, or tax advice.