Mortgage Calculator
Calculate monthly payments, total interest, and view amortization schedule.
Optional
Loan Balance Over Time
Amortization Schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | 05/2026 | $2,022.62 | $289.28 | $1,733.33 | $319,710.72 |
| 2 | 06/2026 | $2,022.62 | $290.85 | $1,731.77 | $319,419.86 |
| 3 | 07/2026 | $2,022.62 | $292.43 | $1,730.19 | $319,127.44 |
| 4 | 08/2026 | $2,022.62 | $294.01 | $1,728.61 | $318,833.43 |
| 5 | 09/2026 | $2,022.62 | $295.60 | $1,727.01 | $318,537.82 |
| 6 | 10/2026 | $2,022.62 | $297.20 | $1,725.41 | $318,240.62 |
| 7 | 11/2026 | $2,022.62 | $298.81 | $1,723.80 | $317,941.80 |
| 8 | 12/2026 | $2,022.62 | $300.43 | $1,722.18 | $317,641.37 |
| 9 | 01/2027 | $2,022.62 | $302.06 | $1,720.56 | $317,339.31 |
| 10 | 02/2027 | $2,022.62 | $303.70 | $1,718.92 | $317,035.62 |
| 11 | 03/2027 | $2,022.62 | $305.34 | $1,717.28 | $316,730.27 |
| 12 | 04/2027 | $2,022.62 | $307.00 | $1,715.62 | $316,423.28 |
| 13 | 05/2027 | $2,022.62 | $308.66 | $1,713.96 | $316,114.62 |
| 14 | 06/2027 | $2,022.62 | $310.33 | $1,712.29 | $315,804.29 |
| 15 | 07/2027 | $2,022.62 | $312.01 | $1,710.61 | $315,492.28 |
| 16 | 08/2027 | $2,022.62 | $313.70 | $1,708.92 | $315,178.58 |
| 17 | 09/2027 | $2,022.62 | $315.40 | $1,707.22 | $314,863.18 |
| 18 | 10/2027 | $2,022.62 | $317.11 | $1,705.51 | $314,546.07 |
| 19 | 11/2027 | $2,022.62 | $318.83 | $1,703.79 | $314,227.24 |
| 20 | 12/2027 | $2,022.62 | $320.55 | $1,702.06 | $313,906.69 |
| 21 | 01/2028 | $2,022.62 | $322.29 | $1,700.33 | $313,584.40 |
| 22 | 02/2028 | $2,022.62 | $324.04 | $1,698.58 | $313,260.36 |
| 23 | 03/2028 | $2,022.62 | $325.79 | $1,696.83 | $312,934.57 |
| 24 | 04/2028 | $2,022.62 | $327.56 | $1,695.06 | $312,607.02 |
How It Works
- 1
Enter loan details
Input your home price, down payment, interest rate, and loan term. Optionally add property tax, insurance, and extra monthly payments.
- 2
Review your payment breakdown
See your monthly principal & interest payment, total monthly cost including taxes and insurance, and the full amortization schedule with a balance chart.
- 3
Compare scenarios
Adjust the extra payment amount to see how much interest you can save. Download the amortization table as CSV for your records or to share with a financial advisor.
Understanding Mortgage Payments
A mortgage is the largest financial commitment most people make in their lifetime, yet many borrowers sign without fully understanding how their monthly payment is calculated. The standard amortization formula — P × [r(1+r)^n] / [(1+r)^n − 1] — determines your monthly principal and interest payment based on three inputs: the loan amount (P), the monthly interest rate (r), and the total number of payments (n). In the early years of a 30-year mortgage, roughly 70–80% of each payment goes toward interest rather than reducing the principal balance. This front-loaded interest structure means that even small extra monthly payments can dramatically reduce total interest paid and shorten the loan term. For example, adding just $200 per month to a $350,000 loan at 6.5% can save over $100,000 in interest and cut approximately 6 years off the payoff date. Our calculator also accounts for property tax, homeowner's insurance, and private mortgage insurance (PMI) — which is typically required when the down payment is less than 20% of the home's purchase price. The amortization schedule shows exactly how each payment splits between principal and interest over the life of the loan, helping you make informed decisions about refinancing, extra payments, or choosing between a 15-year and 30-year term.
Common pitfalls
APR is not the interest rate. APR folds origination fees, discount points, and mortgage insurance into an annualized percentage under Truth in Lending (Regulation Z). A 6.5% rate with 1 point and $2,500 in fees on a $400,000 loan produces an APR near 6.78%. Compare APRs across lenders, not rates.
PMI is not permanent. The Homeowners Protection Act of 1998 (12 USC §4901) forces servicers to auto-cancel PMI at 78% loan-to-value based on the original amortization schedule. You can request removal at 80% LTV. Many borrowers pay PMI for years after they qualify because they never ask.
Discount points only pay back if you hold the loan past the break-even month. One point costs 1% of the loan and typically buys 0.25% off the rate. On a $400,000 loan that is $4,000 up front for about $60/month saved, so break-even is roughly 67 months. Refinance or sell before that and the points were wasted.
Biweekly payments do not reduce principal unless your servicer applies them as principal immediately. Some servicers hold the half payment in a suspense account and release it monthly, which wipes out the benefit. Ask in writing before enrolling.
Escrow shortfalls raise your payment mid-term. A $1,200 tax reassessment spread across 12 months adds $100/month to next year's payment, plus a one-time catch-up to replenish the escrow cushion. Property tax and insurance increases hit the total monthly payment even though the P&I stays fixed.
Frequently Asked Questions
How is a monthly mortgage payment calculated?
Monthly payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. For example, a $350,000 loan at 6.5% for 30 years gives a monthly payment of approximately $2,212.
How much of my mortgage payment goes to interest vs. principal?
In the early years, most of your payment goes to interest. For a $350,000 loan at 6.5%, your first payment splits roughly $1,896 to interest and $316 to principal. Over time, the ratio shifts — by the final years, nearly the entire payment goes to principal.
How do extra payments reduce my mortgage?
Extra monthly payments go directly toward reducing the principal balance. This shortens the loan term and reduces total interest paid. For example, adding $200/month extra to a $350,000 loan at 6.5% for 30 years can save over $100,000 in interest and pay off the loan about 6 years early.
What is PMI and when can I stop paying it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It protects the lender if you default. You can request PMI removal once your loan-to-value ratio reaches 80%, and lenders must automatically cancel it at 78%. On a $400,000 home with 10% down, PMI typically costs $100–$200 per month.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but a lower interest rate and far less total interest. A $350,000 loan at 6.0% over 15 years costs about $2,953/month with $181,500 total interest. The same loan over 30 years at 6.5% costs $2,212/month but $446,300 total interest — nearly 2.5× more. Choose 15-year if you can comfortably afford the higher payment.
What is the difference between fixed-rate and adjustable-rate mortgages?
A fixed-rate mortgage keeps the same interest rate for the entire loan term. An adjustable-rate mortgage (ARM) starts with a lower rate for an initial period (typically 5 or 7 years), then adjusts periodically based on market rates. ARMs carry more risk but can save money if you plan to sell or refinance before the rate adjusts.
How much does the interest rate affect total mortgage cost?
Even small rate differences have a large impact over 30 years. On a $350,000 loan, the difference between 6.0% and 7.0% is about $230/month and roughly $83,000 in total interest over the life of the loan. A 0.25% rate reduction on the same loan saves approximately $21,000 total.
Related Reading
Learn why a '2% increase' in interest rates could mean $124,000 in extra mortgage payments or pocket change, depending on whether the headline means percentage points or percent change.
Learn how compound interest turns $10,000 into $76,123 over 30 years, use the Rule of 72 shortcut, and understand why the same force that builds wealth can bury you in credit card debt.
Learn how mortgage amortization works, why most of your early payments go to interest, and strategies to pay off your home loan faster with extra payments.
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