Mortgage Calculator
Calculate monthly payment, total interest, and full amortization schedule
Principal vs Interest Per Year
Amortization Schedule
Year-by-Year Amortization
How Mortgage Payments Work
Monthly Payment Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
P = loan amount · r = monthly rate · n = total months
Early payments are mostly interest; as years pass, more goes to principal — this is called amortization. Switch to the Month-by-Month tab to see exactly how each payment splits.
Guide
How it works
A mortgage calculator helps you estimate monthly payments on a home loan. Enter your home price, down payment, interest rate, and loan term to see the full breakdown.
The monthly payment shown includes principal and interest only. Property taxes, insurance, and HOA fees are not included and will increase your actual payment.
What is a good down payment?expand_more
20% is the traditional benchmark — it avoids Private Mortgage Insurance (PMI). However, many loans allow 3–5% down for first-time buyers.
How does the loan term affect my payment?expand_more
A 30-year term gives lower monthly payments but much more total interest. A 15-year term costs more monthly but saves significantly on interest.
How do I download the amortization schedule?expand_more
Click the 'Download PDF' button to open your browser's print dialog. Select 'Save as PDF' — the year-by-year breakdown is included automatically.
Why does so much of my early payment go to interest?expand_more
Early in the loan the balance is highest, so interest charges are largest. Over time, each payment chips away more at principal — this is amortization.
Next steps