Mortgage Calculator
Calculate monthly mortgage payments, total interest, and view amortization schedule.
Loan Details
Additional Costs (optional)
Monthly Payment
Payment Breakdown
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|
Mortgage Tips
20% Down Payment: Putting 20% down eliminates PMI and reduces your monthly payment significantly.
15 vs 30 Year: 15-year mortgages have higher payments but much less total interest paid.
Extra Payments: Even small extra payments toward principal can save thousands in interest.
How to Use Mortgage Calculator
- Enter the home price or loan amount
- Input your down payment amount or percentage
- Set the interest rate (APR)
- Choose the loan term (15, 20, or 30 years)
- View monthly payment and amortization schedule
About Mortgage Calculator
Calculate your monthly mortgage payment and see the full cost of your home loan. Enter loan amount, interest rate, and term to get instant results. View detailed amortization schedule showing principal vs interest breakdown for each payment. Compare different loan scenarios to find the best option.
Frequently Asked Questions
What's included in the monthly payment?
This calculates principal and interest (P&I). Real payments may also include property taxes, insurance, and PMI - add these manually for total payment.
How accurate is this calculator?
The calculations are mathematically accurate for the inputs. Actual loan offers may vary based on your credit, fees, and lender terms.
What's a good interest rate?
Rates vary by market conditions, credit score, and loan type. Check current rates from multiple lenders for comparison.
Should I choose 15 or 30 year mortgage?
15-year has higher payments but less total interest. 30-year has lower payments but more total interest. Use this calculator to compare both.
What is amortization?
Amortization is how your payment is split between principal and interest over time. Early payments are mostly interest; later payments are mostly principal.