Mortgage Calculator
Calculate your monthly mortgage payment and amortization schedule.
About This Tool
The Mortgage Calculator computes your monthly mortgage payment, total interest paid, and full amortization schedule for any home loan. Enter the loan amount, annual interest rate, and loan term in years to get an immediate breakdown of your payment structure.
Formula: Monthly payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ – 1], where P is the loan principal, r is the monthly interest rate (annual ÷ 12), and n is total payments (years × 12). In early months most of your payment covers interest; over time more goes toward principal — this is amortization.
How to Use
- Enter the loan amount, annual interest rate, and loan term in years.
- Click Calculate to see the monthly payment, total paid, and total interest.
- Click Show Amortization Schedule to view the month-by-month breakdown.
- Use the amortization table to see how each payment shifts from interest toward principal over time.
Use Cases
Prospective homebuyers compare loan offers from different lenders and understand long-term costs. Financial advisors illustrate how extra principal payments reduce total interest. Real estate investors calculate the monthly carrying cost of a rental property before deciding to purchase.
FAQ
- Does this include property taxes and insurance? No. This calculator covers principal and interest (P&I) only. Property taxes, homeowner's insurance, and PMI are additional.
- What is an amortization schedule? A month-by-month table showing how each payment is split between principal and interest, and the remaining loan balance after each payment.
- How does a 15-year vs 30-year mortgage compare? A 15-year loan has higher monthly payments but significantly less total interest. A 30-year loan has lower payments but costs more overall.