Mortgage Calculator
Calculate your monthly payment, total interest, and full amortization schedule. Adjust down payment, rate, and term — results update instantly.
Inputs
Optional
Monthly Payment (P&I)
$2,022.62
Total Interest
$408,142
Total Cost
$728,142
over 30 years
Loan Amount
$320,000
Interest / Principal
56% / 44%
Cost Breakdown
Smart Insights
A 20% down payment avoids PMI and reduces your loan balance by $80,000.
Over 30 years you'll pay $408,142 in interest — more than your loan amount. A 15-year term would save significantly.
6.5% is near historical averages. Monitor rates and refinance if they drop more than 1% below your current rate.
AI Financial Advisor
Get personalized insights and optimization tips based on your inputs.
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,022.62 | $289.28 | $1,733.33 | $319,711 |
| 2 | $2,022.62 | $290.85 | $1,731.77 | $319,420 |
| 3 | $2,022.62 | $292.43 | $1,730.19 | $319,127 |
| 4 | $2,022.62 | $294.01 | $1,728.61 | $318,833 |
| 5 | $2,022.62 | $295.60 | $1,727.01 | $318,538 |
| 6 | $2,022.62 | $297.20 | $1,725.41 | $318,241 |
| 7 | $2,022.62 | $298.81 | $1,723.80 | $317,942 |
| 8 | $2,022.62 | $300.43 | $1,722.18 | $317,641 |
| 9 | $2,022.62 | $302.06 | $1,720.56 | $317,339 |
| 10 | $2,022.62 | $303.70 | $1,718.92 | $317,036 |
| 11 | $2,022.62 | $305.34 | $1,717.28 | $316,730 |
| 12 | $2,022.62 | $307.00 | $1,715.62 | $316,423 |
| 13 | $2,022.62 | $308.66 | $1,713.96 | $316,115 |
| 14 | $2,022.62 | $310.33 | $1,712.29 | $315,804 |
| 15 | $2,022.62 | $312.01 | $1,710.61 | $315,492 |
| 16 | $2,022.62 | $313.70 | $1,708.92 | $315,179 |
| 17 | $2,022.62 | $315.40 | $1,707.22 | $314,863 |
| 18 | $2,022.62 | $317.11 | $1,705.51 | $314,546 |
| 19 | $2,022.62 | $318.83 | $1,703.79 | $314,227 |
| 20 | $2,022.62 | $320.55 | $1,702.06 | $313,907 |
| 21 | $2,022.62 | $322.29 | $1,700.33 | $313,584 |
| 22 | $2,022.62 | $324.04 | $1,698.58 | $313,260 |
| 23 | $2,022.62 | $325.79 | $1,696.83 | $312,935 |
| 24 | $2,022.62 | $327.56 | $1,695.06 | $312,607 |
How to Use This Calculator
Enter the home price and your down payment percentage — the loan amount is calculated automatically. Set your annual interest rate and loan term, then choose between Equal Payment (fixed monthly amount) or Equal Principal (decreasing payments). Optionally add property tax and home insurance to see your true all-in monthly cost.
Understanding Your Amortization Schedule
In the early years of a mortgage, the majority of each payment goes toward interest rather than reducing your principal balance. This is called amortization. The table below the calculator shows every monthly payment broken down into principal and interest components, and your remaining balance. As you progress through the loan, the principal portion gradually increases.
Frequently Asked Questions
How is my monthly mortgage payment calculated?
The standard formula for a fixed monthly payment is M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. This calculator uses this formula for the "Equal Payment" option.
What is the difference between equal payment and equal principal?
Equal Payment (most common in the US) keeps your monthly payment the same throughout the loan. Equal Principal divides the loan amount evenly across all months, resulting in a higher payment early on but less total interest paid over the life of the loan.
Do I need a 20% down payment?
No, but a down payment below 20% typically requires Private Mortgage Insurance (PMI), which adds 0.5–1% of the loan amount per year to your costs. Many programs allow 3–5% down, especially for first-time buyers.
What is included in my total monthly housing cost?
Your full housing cost includes your principal & interest payment (P&I), property taxes, homeowner's insurance, and PMI if applicable. This calculator includes optional fields for property tax rate and annual insurance so you can see the true monthly total.
How can I pay off my mortgage faster?
Making one extra principal payment per year, rounding up your monthly payment, or switching to biweekly payments can shave years off a 30-year mortgage. Even an extra $100/month on a $300,000 loan at 6.5% can save over $30,000 in interest.