Mortgage Calculator
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Enter the loan principal, annual interest rate, and term in years to see your standard fixed-rate monthly payment using the same amortization formula lenders use. Beyond the headline number, this tool breaks down exactly how much of your total payments go to interest versus principal over the life of the loan, and gives you a month-by-month or year-by-year schedule showing the loan balance shrink over time.
Type the principal — the amount you're borrowing, not including a down payment already applied.
Use the nominal annual percentage rate from your loan offer (e.g. 6.5), not the monthly rate.
Common terms are 15 or 30 years, but you can enter any whole or fractional number of years.
The summary cards show your fixed monthly payment, total interest, and total amount paid. Toggle the schedule below between monthly and yearly views to see the balance decline over time.
Run the same principal and rate at both term lengths to see the trade-off between a lower monthly payment and dramatically lower total interest.
Plug in a target home price minus your expected down payment to see whether the resulting payment fits your budget before you start touring homes.
Adjust just the interest rate to see how a quarter- or half-point difference shifts your monthly payment and lifetime interest cost.
Scan the amortization schedule to see the remaining balance after any given month or year, useful when considering extra payments or refinancing.
This tool uses the standard fixed-rate amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments (years × 12). This is the same formula used by most mortgage lenders and calculators.
No. This calculates principal and interest only (P&I) — the core loan payment. Real monthly housing costs often also include property taxes, homeowners insurance, HOA dues, and private mortgage insurance (PMI), none of which are factored in here.
With a fixed payment amortization schedule, interest is calculated on the remaining balance each period. Early on the balance is largest, so interest takes the biggest bite; as principal is paid down, more of each fixed payment goes toward principal in later years.
Total interest is the sum of every month's interest charge over the full term — equivalently, (monthly payment × number of payments) minus the original principal.
With a 0% rate, the payment is simply the principal divided evenly across the number of months, since there's no interest to amortize.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,912.04 | $22,634.82 | $346,087.96 |
| 2 | $4,174.04 | $22,372.82 | $341,913.93 |
| 3 | $4,453.58 | $22,093.28 | $337,460.35 |
| 4 | $4,751.84 | $21,795.01 | $332,708.50 |
| 5 | $5,070.08 | $21,476.77 | $327,638.42 |
| 6 | $5,409.64 | $21,137.22 | $322,228.79 |
| 7 | $5,771.93 | $20,774.93 | $316,456.86 |
| 8 | $6,158.49 | $20,388.37 | $310,298.37 |
| 9 | $6,570.93 | $19,975.93 | $303,727.44 |
| 10 | $7,011.00 | $19,535.86 | $296,716.44 |
| 11 | $7,480.54 | $19,066.32 | $289,235.90 |
| 12 | $7,981.52 | $18,565.33 | $281,254.38 |
| 13 | $8,516.06 | $18,030.80 | $272,738.32 |
| 14 | $9,086.40 | $17,460.46 | $263,651.92 |
| 15 | $9,694.93 | $16,851.93 | $253,956.99 |
| 16 | $10,344.22 | $16,202.64 | $243,612.78 |
| 17 | $11,036.99 | $15,509.87 | $232,575.79 |
| 18 | $11,776.16 | $14,770.70 | $220,799.63 |
| 19 | $12,564.83 | $13,982.03 | $208,234.81 |
| 20 | $13,406.32 | $13,140.54 | $194,828.49 |
| 21 | $14,304.16 | $12,242.69 | $180,524.33 |
| 22 | $15,262.14 | $11,284.72 | $165,262.19 |
| 23 | $16,284.27 | $10,262.58 | $148,977.91 |
| 24 | $17,374.86 | $9,172.00 | $131,603.05 |
| 25 | $18,538.49 | $8,008.37 | $113,064.57 |
| 26 | $19,780.04 | $6,766.81 | $93,284.52 |
| 27 | $21,104.75 | $5,442.11 | $72,179.77 |
| 28 | $22,518.17 | $4,028.68 | $49,661.60 |
| 29 | $24,026.26 | $2,520.60 | $25,635.34 |
| 30 | $25,635.34 | $911.52 | $0.00 |