Mortgage Calculator
See your real monthly mortgage payment and total cost instantly
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Why is the monthly figure from the lender always higher than the one you worked out at home? Because principal and interest are only part of it. The Mortgage Calculator adds the property tax, the insurance and the extras that turn a payment quote into what actually leaves your account.
Short answer: The Mortgage Calculator is a free EizTools tool that works out home loan payments. Enter the loan amount, rate and term, choose which costs to include, and it returns the monthly payment and total interest.
What is Mortgage Calculator?
It models a home loan from the figures you type. Describe the mortgage and the Mortgage Calculator returns the payment, the interest across the term and an amortisation view showing how the balance falls. The prompt box takes notes as well as numbers, such as emphasising total interest over the life of the loan.
Principal, Interest, Tax And Insurance
| Costs Included | What lands in the payment |
|---|---|
| Principal and interest only | The loan repayment alone |
| Add property tax | Repayment plus the tax portion |
| Add home insurance | Repayment, tax and cover |
| Full PITI plus HOA | Everything, including association fees |
The last row is the honest one. A payment quoted as principal and interest can be several hundred short of the real monthly cost, and that gap is what makes a budget fail in month two rather than year two.
Amortisation views
Year-by-year, monthly schedule, first year detail, totals or payoff milestones, depending on what you need to see.
Audience aware
First-time buyer, Refinancer, Investor, Financial advisor or General, which changes the guidance around the numbers.
Total interest visible
The figure lenders rarely lead with, and the one that shows what a longer term really costs.
Amortization View And Costs Included
Set Amortization View to Year-by-year for a readable overview, or First-year detail only when you want to see how little of an early payment touches the balance. On a thirty year loan at a normal rate, the first year is mostly interest, and seeing that laid out changes how people think about overpaying.
How Does Mortgage Calculator Work?
- Type the mortgage: "280,000 loan at 5.8% over 30 years, property tax 3,100 a year, insurance 900 a year."
- Add a note if you have one: "closing in 60 days, emphasise total interest over the life of the loan."
- Select an AI model from the list above.
- Choose the currency for your country, Amortization View to Year-by-year, Costs Included to Full PITI plus HOA, Audience to First-time buyer.
- Generate, then read total interest before the monthly payment.
- Run it again over 25 years to see what a shorter term costs monthly and saves overall.
Estimate only Property tax rates, insurance premiums and lender fees vary by area and by applicant. This tool does not look any of them up. Use your own quotes, and treat the result as preparation for a lender conversation rather than an offer.
Mistakes First Time Buyers Make
- Budgeting on principal and interest, then meeting tax and insurance at closing
- Borrowing to the maximum approved rather than to what the monthly payment allows
- Ignoring how much of the first five years goes to interest rather than the balance
- Leaving out maintenance, which no mortgage calculation includes and every house demands
EizTools gives every job its own free tool, asks for no sign up, and puts a choice of AI model families on each page. A mortgage sits inside a bigger financial picture, and the tool library holds the planners and calculators that cover the rest of it.
Frequently Asked Questions
What does the Mortgage Calculator include in the monthly payment?
Whatever you select in Costs Included, from principal and interest alone up to the full picture with tax, insurance, mortgage insurance and association fees. The last option is closest to reality.
Can it show how much interest I pay in total?
Yes, and it is worth looking at first. Over thirty years the interest often approaches or exceeds the amount borrowed, which is the strongest argument for a shorter term if you can carry it.
Does it handle overpayments?
Describe the overpayment in your prompt, such as an extra 200 a month, and the schedule adjusts. Check your lender allows overpayments without a penalty before planning around it.
Is this a mortgage offer or advice?
Neither. It is arithmetic on the figures you supply. Lenders assess affordability their own way, and a broker or adviser is the right stop before you commit to a specific product.
A mortgage is the largest arithmetic most households ever agree to, and it gets judged on a single monthly number. Include every cost, look at the total interest, and compare terms before the paperwork rather than after it.
Sabir Bepari
Founder of EizTools and a passionate AI enthusiast dedicated to building practical, user-friendly AI tools that simplify everyday tasks.
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