Mortgage Calculator
Calculate your monthly mortgage payment, total interest and full amortization schedule. Supports fixed-rate mortgages with optional extra payments.
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How to Use the Mortgage Calculator
Our mortgage calculator helps you estimate your monthly mortgage payment based on the home price, down payment, interest rate and loan term. Simply enter your details and click Calculate — you'll instantly see your monthly payment, total interest paid over the life of the loan, and a full year-by-year amortization schedule.
What is a Mortgage?
A mortgage is a type of loan used to purchase real estate. The property itself serves as collateral for the loan. You borrow a sum of money from a lender (usually a bank or mortgage company), and repay it over a set period — typically 15, 20 or 30 years — with interest. The two main components of your monthly payment are principal (the amount you borrowed) and interest (the cost of borrowing).
Understanding Your Monthly Payment
Your monthly mortgage payment is calculated using a standard amortization formula. In the early years of your mortgage, most of your payment goes toward interest. As time goes on, more of each payment goes toward reducing the principal balance. This is called amortization.
In addition to principal and interest (P&I), most homeowners also pay property taxes and homeowner's insurance as part of their monthly payment, often collected by the lender in an escrow account. Our calculator includes these so you get a realistic picture of your total monthly housing cost.
How Extra Payments Can Save You Thousands
Making extra payments toward your mortgage principal can dramatically reduce the total interest you pay and shorten your loan term. Even an extra $100 or $200 per month can save tens of thousands of dollars over the life of a 30-year mortgage. Use the "Extra Monthly Payment" field to see exactly how much you could save.
Fixed-Rate vs. Adjustable-Rate Mortgages
A fixed-rate mortgage has an interest rate that stays the same for the entire loan term — your payment never changes. An adjustable-rate mortgage (ARM) starts with a lower fixed rate for an initial period (e.g. 5 years), then adjusts periodically based on market rates. Our calculator is designed for fixed-rate mortgages, which are the most common type for long-term home purchases.
What is a Good Mortgage Rate?
Mortgage rates change daily based on economic conditions, the Federal Reserve's policies, and your personal credit profile. As a general rule, a credit score above 740 will get you the best available rates. Rates also vary by loan type, loan term and down payment size. A 20% down payment typically gets you a better rate and eliminates the need for private mortgage insurance (PMI).
Related Calculators
Looking for more loan calculators? Try our Car Loan Calculator, Personal Loan Calculator, or Student Loan Calculator. You can also use our Percentage Calculator to work out down payment percentages.