Mortgage calculator
Free mortgage calculator. Enter the home price minus down payment, your APR, and the term to estimate the monthly mortgage payment, total interest over the life of the loan, and a month-by-month amortization schedule.
Amortization schedule
| Period | Interest | Principal | Balance |
|---|---|---|---|
| $19,401.27 | $3,353.18 | $296,646.82 | |
| Month 1 | $1,625.00 | $271.20 | $299,728.80 |
| Month 2 | $1,623.53 | $272.67 | $299,456.12 |
| Month 3 | $1,622.05 | $274.15 | $299,181.97 |
| Month 4 | $1,620.57 | $275.64 | $298,906.34 |
| Month 5 | $1,619.08 | $277.13 | $298,629.21 |
| Month 6 | $1,617.57 | $278.63 | $298,350.58 |
| Month 7 | $1,616.07 | $280.14 | $298,070.44 |
| Month 8 | $1,614.55 | $281.66 | $297,788.79 |
| Month 9 | $1,613.02 | $283.18 | $297,505.60 |
| Month 10 | $1,611.49 | $284.72 | $297,220.89 |
| Month 11 | $1,609.95 | $286.26 | $296,934.63 |
| Month 12 | $1,608.40 | $287.81 | $296,646.82 |
| $19,176.70 | $3,577.74 | $293,069.08 | |
| $18,937.10 | $3,817.35 | $289,251.73 | |
| $18,681.44 | $4,073.01 | $285,178.72 | |
| $18,408.66 | $4,345.79 | $280,832.93 | |
| $18,117.62 | $4,636.83 | $276,196.10 | |
| $17,807.08 | $4,947.37 | $271,248.73 | |
| $17,475.75 | $5,278.70 | $265,970.03 | |
| $17,122.22 | $5,632.23 | $260,337.81 | |
| $16,745.02 | $6,009.43 | $254,328.38 | |
| $16,342.56 | $6,411.89 | $247,916.49 | |
| $15,913.14 | $6,841.31 | $241,075.18 | |
| $15,454.97 | $7,299.48 | $233,775.70 | |
| $14,966.11 | $7,788.34 | $225,987.36 | |
| $14,444.51 | $8,309.94 | $217,677.42 | |
| $13,887.98 | $8,866.47 | $208,810.95 | |
| $13,294.17 | $9,460.28 | $199,350.68 | |
| $12,660.60 | $10,093.85 | $189,256.83 | |
| $11,984.60 | $10,769.85 | $178,486.98 | |
| $11,263.32 | $11,491.13 | $166,995.85 | |
| $10,493.74 | $12,260.71 | $154,735.14 | |
| $9,672.62 | $13,081.83 | $141,653.30 | |
| $8,796.50 | $13,957.95 | $127,695.36 | |
| $7,861.71 | $14,892.74 | $112,802.62 | |
| $6,864.32 | $15,890.13 | $96,912.49 | |
| $5,800.13 | $16,954.32 | $79,958.16 | |
| $4,664.66 | $18,089.79 | $61,868.38 | |
| $3,453.16 | $19,301.29 | $42,567.08 | |
| $2,160.51 | $20,593.94 | $21,973.15 | |
| $781.30 | $21,973.15 | $0.00 |
How to use mortgage calculator
- 01Enter the loan amount
Use home price minus down payment. For a $375k home with 20% down, enter $300,000.
- 02Enter your rate
Use the APR your lender quoted. National 30-year fixed averages are a reasonable default if you're still shopping.
- 03Set the term
30 years is the default. Switch to 15 for a higher payment but dramatically less interest paid.
- 04Add extra principal
Try $100–$500 extra per month to see how many years you'd save and how much interest disappears.
Examples
Formula
Monthly payment = P × r / (1 − (1 + r)⁻ⁿ), where P is principal, r is the monthly interest rate (APR / 12), and n is the number of months. Extra payments are applied to principal each month until the balance reaches zero.
M = P · r / (1 − (1 + r)^−n)Frequently asked questions
What's a good monthly mortgage payment as a share of income?
A common rule of thumb is to keep total housing cost (principal, interest, taxes, insurance, HOA) under 28% of gross monthly income. This calculator only outputs principal + interest — add your local property tax, homeowner's insurance, and HOA separately.
How much does one point off the interest rate save?
On a $300,000 30-year mortgage, dropping from 7% to 6% saves about $200 per month and roughly $72,000 in total interest. Use the calculator with both rates side by side to see the exact number for your loan.
Should I pick a 15-year or 30-year mortgage?
15-year loans typically have lower rates and save enormous amounts of interest, but the monthly payment is noticeably higher. Run both scenarios here — if the 15-year payment fits comfortably within 28% of your income, it usually wins financially.
Does this include property tax, insurance, or PMI?
No. This is a principal-and-interest calculator only. For a full PITI estimate, add your annual property tax and insurance divided by 12, plus PMI if your down payment is under 20%.
How do biweekly payments compare?
Paying half your monthly payment every two weeks results in 26 half-payments (13 full payments) per year, which is equivalent to adding one twelfth of your monthly payment as extra principal each month. Try that extra amount in the Extra payment field.
Last updated . Built by Tooligan.