100% Free Mortgage & Loan Planner 2026

Smart Mortgage Calculator

Estimate your monthly mortgage payments, see your total interest cost, and discover how extra principal payments can save you tens of thousands of dollars.

Loan Parameters

Home Purchase Price $400,000

Down Payment (20%) $80,000

Interest Rate (Annual) 6.5%

Loan Term (Years) 30 Years

Extra Monthly Payment $0 / mo

See how paying an extra amount each month cuts down your total loan years!

Estimated Monthly Payment

$2,022

Principal & Interest only

Total Loan Amount

$320,000

Total Interest Paid

$408,198

Total Repayment

$728,198

Payoff Time

30 Years

● Principal: 44% ● Total Interest: 56%

Amortization Schedule (First 5 Years)

Year	Principal	Interest	Remaining Balance

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❓ Frequently Asked Questions

How is a monthly mortgage payment calculated?

A monthly mortgage payment is calculated using the loan principal, annual interest rate divided by 12, and the loan term in months using the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1]. PreetBeacon computes this instantly along with full amortization schedules.

Does this mortgage calculator factor in property tax and home insurance?

Yes, you can enter annual property taxes, home insurance, and monthly PMI or HOA fees to calculate your true total monthly PITI (Principal, Interest, Taxes, Insurance) payment.

How does making extra mortgage payments save interest?

Extra principal payments directly reduce the remaining balance, cutting down the total interest accrued over the life of the loan and allowing you to pay off your mortgage years earlier.