Mortgage Calculator
Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and see a full amortization schedule. Adjust inputs and results update instantly.
Loan Details
PROPERTY
$
%
$
LOAN TERMS
%
MONTHLY EXTRAS
$
/month$
/month$
/monthMonthly Payment
$2,585
Principal & Interest
$2,205
Total Loan Amount
$340,000
Total Interest Paid
$453,884
Total Cost of Home
$1,015,684
Payoff Date
Aug 2056
Monthly Payment Breakdown
Principal & Interest
$2,205
85%
Property Tax
$230
9%
Home Insurance
$150
6%
HOA / PMI
$0
0%
Balance Over Time
Amortization Schedule
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 2026 | $1,181 | $7,640 | $338,819 |
| 2027 | $3,706 | $22,757 | $335,113 |
| 2028 | $3,964 | $22,499 | $331,150 |
| 2029 | $4,240 | $22,223 | $326,910 |
| 2030 | $4,535 | $21,928 | $322,375 |
| 2031 | $4,851 | $21,612 | $317,524 |
| 2032 | $5,188 | $21,274 | $312,336 |
| 2033 | $5,550 | $20,913 | $306,786 |
| 2034 | $5,936 | $20,527 | $300,850 |
| 2035 | $6,350 | $20,113 | $294,500 |
| 2036 | $6,792 | $19,671 | $287,709 |
| 2037 | $7,264 | $19,198 | $280,444 |
| 2038 | $7,770 | $18,693 | $272,674 |
| 2039 | $8,311 | $18,151 | $264,362 |
| 2040 | $8,890 | $17,573 | $255,472 |
| 2041 | $9,509 | $16,954 | $245,963 |
| 2042 | $10,171 | $16,292 | $235,792 |
| 2043 | $10,879 | $15,583 | $224,913 |
| 2044 | $11,637 | $14,826 | $213,276 |
| 2045 | $12,447 | $14,016 | $200,829 |
| 2046 | $13,314 | $13,149 | $187,515 |
| 2047 | $14,241 | $12,222 | $173,275 |
| 2048 | $15,232 | $11,231 | $158,042 |
| 2049 | $16,293 | $10,170 | $141,749 |
| 2050 | $17,427 | $9,035 | $124,322 |
| 2051 | $18,641 | $7,822 | $105,681 |
| 2052 | $19,939 | $6,524 | $85,743 |
| 2053 | $21,327 | $5,136 | $64,416 |
| 2054 | $22,812 | $3,651 | $41,604 |
| 2055 | $24,400 | $2,063 | $17,204 |
| 2056 | $17,204 | $438 | $0 |
How to Use This Calculator
Adjust property details, loan details, and monthly extras by using the sliders, input boxes, and buttons. All calculations update instantly as you adjust the values.
- Home Price: Enter the purchase price of the property, or current market value if refinancing.
- Down Payment: Enter your upfront cash amount or percentage contributed towards the purchase. Putting down less than 20% generally incurs Private Mortgage Insurance (PMI).
- Loan Term: Enter the duration of your mortgage, typically 30 years, though 15, 20, or 10-year terms are also common.
- Interest Rate: Enter the annual fixed or estimated interest rate offered by your lender.
- Property Tax, Insurance, & HOA/PMI: Enter your expected monthly overhead expenses to capture the true cost of ownership.
After entering your details, you can immediately review your general loan information, monthly payment breakdown, balance over time chart, and a complete amortization schedule.
Understanding Your Results
Your results are organized into four key sections: core summary metrics, a monthly payment breakdown , a visual balance over time chart, and a full amortization schedule.
- Monthly Payment: The total monthly payment for your loan, including principal, interest, taxes, home insurance, HOA dues, and PMI.
- Principal & Interest: Your baseline mortgage payment excluding external fees like property taxes, homeowners insurance, HOA dues, and PMI.
- Total Loan Amount: The principal balance remaining to be financed after subtracting your down payment from the home price.
- Total Interest Paid: This is the total interest paid during the lifetime of the loan.
- Total Cost of Home: The true end-to-end expense of purchasing the property, combining all monthly payments and your initial down payment.
- Payoff date: The projected month and year your mortgage balance reaches $0 based on the current term length.
- Monthly Payment Breakdown: A visual chart illustrating the percentage distribution of your payment across principal & interest, property taxes, home insurance, and HOA/PMI.
- Balance Over Time: A graphical representation of your remaining balance versus paid principal and interest over the loan duration.
- Amortization Schedule: A detailed annual breakdown showing how your payments shift from interest-heavy to principal-heavy over time.
How Each Value is Calculated
The standard formula for calculating the fixed monthly mortgage payment is:
M = P × [r (1 + r)n] ÷ [(1 + r)n − 1]
Where M is the principal and interest payment, P is total loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total payment count (years × 12).
- Monthly Payment: P&I + Property Taxes + Home Insurance + HOA/PMI
- Principle and Interest: Calculated using the formula above.
- Total Loan Amount: Home Price − Down Payment
- Total Interest Paid: (Monthly P&I × Total Months) − Total Loan Amount
- Total Cost of Home: (Total Monthly Payment × Total Months) + Down Payment
- Payoff date: Current Date + Loan Term (Years)