Mortgage Calculator
Estimate monthly payments, total interest and a full amortization schedule.
Loan details
20.0% of home price
Estimated monthly payment
$2,022.62
Principal & interest
- Principal (loan)$320,000
- Total interest$408,142
- Loan amount
- $320,000
- Total interest
- $408,142
- Total of payments
- $728,142
- Down payment
- $80,000 · 20.0%
Amortization over 30 years
Early payments are mostly interest; principal grows over time.
Yearly schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
About the Mortgage Calculator
A mortgage is a loan used to buy a home, repaid in fixed monthly instalments over a set term — most commonly 15 or 30 years. Each payment covers two things: interest on the outstanding balance and a portion of the principal (the amount you borrowed). This calculator works out your monthly principal-and-interest payment, the total interest you'll pay over the life of the loan, and a full year-by-year amortization schedule.
Three levers move your payment the most: the loan amount (home price minus your down payment), the interest rate, and the term. A larger down payment lowers both your monthly payment and your total interest. A longer term reduces the monthly payment but increases the total interest you pay. Adjust the inputs and every figure and chart updates instantly.
Note: this estimate covers principal and interest only. Your actual monthly housing cost may also include property taxes, homeowners insurance, HOA dues and private mortgage insurance (PMI).
Frequently asked questions
How is my monthly mortgage payment calculated?
We use the standard amortization formula. Your payment is fixed so that, at the given interest rate, the loan is fully paid off by the end of the term. Early payments are mostly interest; over time more of each payment goes toward the principal.
Does this include property taxes and insurance?
No. The figure shown is principal and interest only. Property taxes, homeowners insurance, HOA fees and PMI are not included and will increase your total monthly housing cost.
How much should my down payment be?
A 20% down payment is a common benchmark because it usually avoids private mortgage insurance (PMI). A larger down payment lowers your monthly payment and total interest, but the right amount depends on your savings and goals.
Should I choose a 15- or 30-year term?
A 15-year term has higher monthly payments but far less total interest. A 30-year term keeps payments lower and more flexible but costs more interest overall. Try both in the term field to compare.
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