Free mortgage calculator with current US rates. Instantly calculate monthly payments, total interest, loan affordability for 15/30-year terms. Enter home price, down payment, and rate for accurate P&I estimates and DTI guidance.

Understanding the Mortgage Calculator

Estimate your monthly mortgage payments, total interest costs, and loan affordability with this accurate US mortgage calculator using current 2026 market rates.

Key Features of Mortgage Calculator

• Real US Mortgage Formula: Uses standard M = P[r(1+r)ⁿ/((1+r)ⁿ-1)] calculation for precise principal + interest (P&I) payments
• Live Rate Presets: Pre-loaded with January 2026 averages – 30-year fixed (6.14%), 15-year fixed (5.40%), FHA (5.98%), VA, and jumbo rates
• Interactive Sliders: Real-time down payment (0-50%) and interest rate adjustments with instant visual feedback
• Complete Financial Breakdown:
  • Monthly payment amount
  • Loan principal borrowed
  • Total interest paid over loan term
  • Total repayment amount
  • Required down payment

What It Calculates

Monthly Payment = Principal × [monthly_rate(1+monthly_rate)^payments / ((1+monthly_rate)^payments - 1)]

Where monthly_rate = annual_rate/12 and payments = years × 12

Example Results (400K home, 20% down, 6.14% rate, 30 years):

• Loan Amount: $320,000
• Monthly P&I: $1,945
• Total Interest: $420,180
• Total Paid: $740,180

Specific Rate Standards Applied

• Loan Terms: 15, 20, 30 years (industry standard)
• DTI Guidance: Shows income needed based on 28% front-end ratio
• Down Payment Range: 0-50% covering conventional, FHA (<3.5%), VA (0%)
• Current Rates: Reflects Freddie Mac/Optimal Blue data for Jan 2026

The Mortgage Calculator is Perfect For

• Homebuyers comparing affordability across rates/terms
• Refinance analysis showing interest savings
• Pre-approval payment estimates
• Budget planning with DTI affordability tips