Mortgage Calculator
$
%
Down payment: $109,000.00 | Loan: $436,000.00
6.75%
Loan Term
$
$
Monthly Payment$3,406.89
per month$3.4K
Principal & Interest$2,827.89
Tax & Insurance$579.00
Total Interest Paid$582,039.57
Amortization Schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $29,287.99 | $4,646.66 | $431,353.34 |
| 2 | $28,964.45 | $4,970.20 | $426,383.14 |
| 3 | $28,618.39 | $5,316.26 | $421,066.88 |
| 4 | $28,248.23 | $5,686.42 | $415,380.45 |
| 5 | $27,852.29 | $6,082.36 | $409,298.09 |
| 6 | $27,428.79 | $6,505.86 | $402,792.23 |
| 7 | $26,975.80 | $6,958.85 | $395,833.38 |
| 8 | $26,491.27 | $7,443.38 | $388,390.00 |
| 9 | $25,973.01 | $7,961.65 | $380,428.36 |
| 10 | $25,418.65 | $8,516.00 | $371,912.36 |
| 11 | $24,825.70 | $9,108.95 | $362,803.40 |
| 12 | $24,191.46 | $9,743.19 | $353,060.21 |
| 13 | $23,513.06 | $10,421.59 | $342,638.63 |
| 14 | $22,787.43 | $11,147.22 | $331,491.41 |
| 15 | $22,011.27 | $11,923.38 | $319,568.03 |
| 16 | $21,181.07 | $12,753.58 | $306,814.45 |
| 17 | $20,293.07 | $13,641.59 | $293,172.86 |
| 18 | $19,343.23 | $14,591.42 | $278,581.44 |
| 19 | $18,327.26 | $15,607.39 | $262,974.05 |
| 20 | $17,240.55 | $16,694.10 | $246,279.95 |
| 21 | $16,078.18 | $17,856.48 | $228,423.47 |
| 22 | $14,834.87 | $19,099.79 | $209,323.68 |
| 23 | $13,504.99 | $20,429.67 | $188,894.02 |
| 24 | $12,082.51 | $21,852.14 | $167,041.88 |
| 25 | $10,560.99 | $23,373.66 | $143,668.22 |
| 26 | $8,933.53 | $25,001.12 | $118,667.10 |
| 27 | $7,192.76 | $26,741.90 | $91,925.20 |
| 28 | $5,330.77 | $28,603.88 | $63,321.32 |
| 29 | $3,339.14 | $30,595.51 | $32,725.81 |
| 30 | $1,208.84 | $32,725.81 | $0.00 |
This mortgage calculator estimates the monthly cost of a home loan and breaks it into principal and interest plus the property tax and insurance you fund each month. It uses the home price and down-payment percentage to derive the financed loan amount, then applies the standard fixed-rate annuity formula across your chosen term. A donut chart and year-by-year amortization schedule show how much of every payment chips away at the balance versus how much goes to the lender as interest.
Formula
M = P · r(1 + r)^n / ((1 + r)^n − 1)
- M
- Monthly principal-and-interest payment
- P
- Loan amount = home price − down payment
- r
- Monthly interest rate = annual rate ÷ 12 ÷ 100
- n
- Total number of monthly payments = term in years × 12
How it works
- Enter the home price and the down payment as a percentage. The calculator multiplies the two to get your cash down payment and subtracts it from the price to find the loan amount that is actually financed.
- Set the interest rate with the slider (0-15% in 0.125% steps) and pick a term of 15, 20, 25, or 30 years. These feed the monthly principal-and-interest payment.
- Add your monthly property tax and home insurance. They are added on top of principal and interest to produce the total monthly payment shown in the hero card, while the amortization table lists interest, principal, and remaining balance for each year.
Worked example
A $400,000 home with 20% down at a 6% annual rate on a 30-year term, plus $300 monthly tax and $100 monthly insurance.
- Down payment: 400,000 × 20% = $80,000, so the loan amount is 400,000 − 80,000 = $320,000.
- Monthly rate r = 6 ÷ 12 ÷ 100 = 0.005; payments n = 30 × 12 = 360.
- M = 320,000 × 0.005 × 1.005^360 ÷ (1.005^360 − 1) = $1,918.56 principal and interest.
- Add escrow: 1,918.56 + 300 + 100 = $2,318.56 total monthly payment.
Principal and interest is about $1,918.56/mo, total payment about $2,318.56/mo, and total interest over 30 years is roughly $370,682.
Frequently asked questions
- Does this calculator include PMI, HOA, or closing costs?
- No. It covers principal, interest, and the property tax and home insurance you enter. Private mortgage insurance, HOA dues, and one-time closing costs are not modeled, so budget for those separately if they apply.
- Why does so much of an early payment go to interest?
- Interest is charged on the outstanding balance, which is largest at the start of the loan. As the balance falls, the interest portion of each fixed payment shrinks and the principal portion grows, which is why the amortization table shows principal accelerating in later years.
- How does a larger down payment change the result?
- A larger down payment reduces the financed loan amount, which lowers both the monthly principal-and-interest payment and the total interest paid over the life of the loan. The tax and insurance figures you enter are unaffected.
- Is the interest rate fixed for the whole term?
- Yes. This tool assumes a fixed-rate mortgage, so the same rate and the same principal-and-interest payment apply for every month of the term. Adjustable-rate loans, where the rate can change, are not modeled here.