This free mortgage calculator can help you calculate monthly and annual principal and interest payment of a fixed-rate mortgage loan, given loan amount, annual interest rate, and the length of loan in years.

Mortgage payment calculator is used in financial analysis of real estate transactions. The vast majority of real estate transactions use mortgage financing, that is, to borrow fund from a financial institution and use the property as collateral. The calculation of monthly mortgage repayment is one important step in real estate financial analysis. This mortgage calculator is designed to make your mortgage payment calculation quicker and easier. It is available 24x7 on the internet.

15-year and 30-year fixed-rate mortgage loans are two popular home mortgage financing options on the market. 15-year mortgage loan requires higher monthly payment and allows the borrower to pay off the loan in shorter period of time. 30-year mortgage loan, on the other hand, has lower monthly payment. It takes the borrower much longer time to pay off the loan. Over the life of the loan, the total interest paid on a 15-year loan is much lower than the interest paid on a 30-year loan of the same size.

 

	15-year Loan	30-year Loan	Difference
Loan Amount	$200,000	$200,000
Interest Rate	5.25%	6%
Monthly Payment	$1,607.76	$1,199.10	$408.66
Total Interest	$89,395.98	$231,676.38	$142,280.40
Total  Payment	$289,395.98	$431,676.38	$142,280.40
Payoff Time	15 years	30 years	15 years

The monthly payment of $1,607.76 on a $200,000, 5.25%, 15-year loan is $408.66 higher than the monthly payment ($1,199.10) on a $200,000, 6%, 30-year loan. The total interest paid on a $200,000, 5.25%, 15-year loan is $89,395.98, or $142,280.40 less than the interest ($231,676.38) paid on a 30-year loan at 6%. The savings on interest payment is substantial under the 15-year loan. Using this home mortgage calculator, you can fill in different numbers and see different payment scenarios.