Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization schedule.
Your monthly payment
$2,129
Amortization scheduleShow by year ▾Hide ▴
| Period | Interest | Principal | Balance |
|---|---|---|---|
| Year 1 | $22,297 | $3,251 | $316,749 |
| Year 2 | $22,062 | $3,486 | $313,264 |
| Year 3 | $21,810 | $3,738 | $309,526 |
| Year 4 | $21,540 | $4,008 | $305,519 |
| Year 5 | $21,250 | $4,297 | $301,221 |
| Year 6 | $20,939 | $4,608 | $296,613 |
| Year 7 | $20,606 | $4,941 | $291,672 |
| Year 8 | $20,249 | $5,298 | $286,373 |
| Year 9 | $19,866 | $5,681 | $280,692 |
| Year 10 | $19,455 | $6,092 | $274,600 |
| Year 11 | $19,015 | $6,533 | $268,067 |
| Year 12 | $18,543 | $7,005 | $261,062 |
| Year 13 | $18,036 | $7,511 | $253,551 |
| Year 14 | $17,493 | $8,054 | $245,497 |
| Year 15 | $16,911 | $8,636 | $236,860 |
| Year 16 | $16,287 | $9,261 | $227,600 |
| Year 17 | $15,617 | $9,930 | $217,669 |
| Year 18 | $14,900 | $10,648 | $207,021 |
| Year 19 | $14,130 | $11,418 | $195,603 |
| Year 20 | $13,304 | $12,243 | $183,360 |
| Year 21 | $12,419 | $13,128 | $170,232 |
| Year 22 | $11,470 | $14,077 | $156,155 |
| Year 23 | $10,453 | $15,095 | $141,060 |
| Year 24 | $9,361 | $16,186 | $124,873 |
| Year 25 | $8,191 | $17,356 | $107,517 |
| Year 26 | $6,937 | $18,611 | $88,906 |
| Year 27 | $5,591 | $19,956 | $68,950 |
| Year 28 | $4,149 | $21,399 | $47,551 |
| Year 29 | $2,602 | $22,946 | $24,605 |
| Year 30 | $943 | $24,605 | $0 |
Note: This calculator shows principal & interest only. Actual monthly payment will include property taxes, homeowners insurance, and possibly PMI (if down payment < 20%). Add ~$300-600/mo for typical taxes + insurance.
A mortgage calculator turns a home price, down payment, interest rate, and loan term into a single number you can plan around: your monthly payment. It also shows the total interest you will pay over the life of the loan, which is often close to the amount borrowed.
Enter the loan amount (price minus down payment), the annual interest rate, and the number of years. The tool returns the monthly principal-and-interest payment and, if you add taxes and insurance, an estimate of the full housing payment.
Because interest is charged on the balance that remains, the early years of a mortgage are mostly interest and very little principal. Seeing the split up front makes the true cost of a longer term or a higher rate obvious before you sign.
How this calculator works
The monthly principal-and-interest payment follows the standard amortization formula M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments (years x 12). Each month the calculator applies the monthly rate to the remaining balance to find that month's interest, subtracts it from the payment to get the principal portion, and reduces the balance. Early on, most of the fixed payment covers interest; as the balance falls, more goes to principal, which is why the payoff accelerates near the end. Total interest is the sum of every monthly interest charge, roughly (M x n) - P.
What affects the number
- Interest rate is the largest lever: even half a point noticeably changes both the monthly payment and the lifetime interest.
- Loan term trades monthly cost against total cost. A 15-year loan has higher payments but far less total interest than a 30-year loan.
- Down payment lowers the amount financed and can remove private mortgage insurance (PMI) once you cross about 20% equity.
- Property taxes, homeowners insurance, PMI, and HOA dues are added on top of principal and interest, often through an escrow account.
- Discount points paid at closing buy down the rate, which can pay off if you keep the loan long enough.
- Extra principal payments shorten the term and cut interest sharply, because every extra dollar stops accruing interest for the rest of the loan.
Frequently asked questions
What is included in the monthly payment?
This calculator's core figure is principal and interest (P&I). A real housing payment usually also includes property taxes, homeowners insurance, and sometimes PMI and HOA dues, collected together as PITI. Add those fields to see the full monthly cost, since taxes and insurance alone can add hundreds of dollars.
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start. On a 30-year loan the first payments can be roughly two-thirds interest. As the balance shrinks, the interest portion falls and the principal portion grows, so the loan pays down faster in its later years.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan carries a higher monthly payment but a lower rate and dramatically less total interest. A 30-year loan is cheaper each month and more flexible, but costs much more overall. Many borrowers take the 30-year for safety and make extra principal payments when they can.
How much does an extra payment save?
Because extra money goes entirely to principal, it removes all the future interest that balance would have generated. Adding even one extra payment a year, or a fixed amount each month, can cut years off a 30-year mortgage and save tens of thousands in interest.
This calculator provides general estimates for educational purposes only and is not financial, medical, legal, or tax advice. Your actual results depend on your specific situation and current rates.