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Mortgage Calculator
Work out a monthly mortgage payment, the total interest and a year-by-year payoff schedule.
Monthly payment
| Year | Principal paid | Interest paid | Balance left |
|---|
How the payment is worked out: principal and interest use the standard fixed-rate formula, M = P × i ÷ (1 − (1 + i)−n), where P is the loan, i the monthly rate and n the number of monthly payments. Property tax and insurance are spread evenly across the year. Lenders may add mortgage insurance (PMI) when the down payment is under 20% — ask for a Loan Estimate for exact figures.
About the Mortgage Calculator
The Mortgage Calculator works out your monthly mortgage payment, including property tax, home insurance and HOA or other fees, along with the loan amount, the total interest over the term and when it is paid off. A year-by-year amortization table shows how much of each year’s payments goes to principal and interest.
How to use the Mortgage Calculator
- Enter the home price and down payment, as an amount or a percentage.
- Enter the interest rate, loan term and first payment month.
- Add property tax, insurance and any HOA fees.
- Read the monthly payment, total interest and the amortization table.
Frequently asked questions
How is a mortgage payment calculated?
Principal and interest use the formula M = P × i ÷ (1 − (1 + i)^−n), where P is the loan, i is the monthly rate and n is the number of payments. Tax and insurance are added on top.
How much should my down payment be?
20% avoids private mortgage insurance on most conventional loans, but many buyers put down less.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but saves a lot of interest. A 30-year loan keeps payments lower and more flexible.