Mortgage Calculator
Estimate your monthly mortgage payments, total interest, and view the full amortization schedule.
Estimate your monthly mortgage payments, total interest, and view the full amortization schedule.
Monthly Payment
$2,522.62
Loan Amount
$320,000
Total Interest
$408,142
Total Cost
$728,142
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833 | $0 |
A mortgage calculator helps you estimate your monthly payment for a home loan. Your payment is determined by the loan amount (home price minus down payment), interest rate, and loan term. The calculator uses an amortization formula that splits each payment into principal (paying down the loan) and interest (the cost of borrowing). Early payments are mostly interest, while later payments are mostly principal.
Formula
M = P[r(1+r)^n] / [(1+r)^n - 1]
Where M = monthly payment, P = loan principal, r = monthly interest rate (annual rate ÷ 12), and n = total number of payments (years × 12).
The process of spreading loan payments over time. Each payment covers both interest and principal, with the ratio shifting over the life of the loan. Early payments are interest-heavy; later payments are principal-heavy.
The upfront cash you pay toward the home price. A larger down payment means a smaller loan, lower monthly payments, and potentially avoiding PMI. The standard benchmark is 20% of the home price.
Required when your down payment is less than 20%. PMI protects the lender (not you) if you default. It typically costs 0.5-1% of the loan amount annually and can be removed once you reach 20% equity.
Many lenders collect property taxes and homeowner's insurance as part of your monthly payment, holding the funds in an escrow account and paying these bills on your behalf.
Mike and Lisa are buying a $400,000 home with 20% down payment, a 30-year fixed mortgage at 6.5% interest.
Result: Monthly principal & interest payment: $2,023. Over 30 years, they'll pay $728,280 total — meaning $408,280 goes to interest alone. By switching to a 15-year term, the monthly payment rises to $2,788 but total interest drops to $181,840, saving $226,440.
Fact-Checked — All content is reviewed for accuracy against authoritative sources including IRS.gov, Federal Reserve data, and established financial research.
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