FINANCIAL · MORTGAGE
Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and see a full amortization schedule. Free, accurate, and runs in your browser.
Monthly Payment
$2,128.97
Principal & Interest
Loan amount$320,000.00
Total interest$446,426.56
Total paid$766,426.56
Payoff dateJun 2056
| Category | Amount | Percentage |
|---|---|---|
| Principal | $320,000 | 41.8% |
| Total Interest | $446,427 | 58.2% |
| Period | Remaining Balance |
|---|---|
| Yr 1 | $316,749 |
| Yr 2 | $313,264 |
| Yr 3 | $309,526 |
| Yr 4 | $305,518 |
| Yr 5 | $301,221 |
| Yr 6 | $296,613 |
| Yr 7 | $291,672 |
| Yr 8 | $286,373 |
| Yr 9 | $280,691 |
| Yr 10 | $274,599 |
| Yr 11 | $268,067 |
| Yr 12 | $261,062 |
| Yr 13 | $253,550 |
| Yr 14 | $245,496 |
| Yr 15 | $236,860 |
| Yr 16 | $227,599 |
| Yr 17 | $217,669 |
| Yr 18 | $207,020 |
| Yr 19 | $195,602 |
| Yr 20 | $183,359 |
| Yr 21 | $170,231 |
| Yr 22 | $156,153 |
| Yr 23 | $141,058 |
| Yr 24 | $124,872 |
| Yr 25 | $107,515 |
| Yr 26 | $88,904 |
| Yr 27 | $68,948 |
| Yr 28 | $47,548 |
| Yr 29 | $24,602 |
| Yr 30 | $0 |
Showing 30 of 30 years
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $25,548 | $3,251 | $22,297 | $316,749 |
| Year 2 | $25,548 | $3,486 | $22,062 | $313,264 |
| Year 3 | $25,548 | $3,738 | $21,810 | $309,526 |
| Year 4 | $25,548 | $4,008 | $21,540 | $305,518 |
| Year 5 | $25,548 | $4,297 | $21,250 | $301,221 |
| Year 6 | $25,548 | $4,608 | $20,939 | $296,613 |
| Year 7 | $25,548 | $4,941 | $20,606 | $291,672 |
| Year 8 | $25,548 | $5,299 | $20,249 | $286,373 |
| Year 9 | $25,548 | $5,682 | $19,866 | $280,691 |
| Year 10 | $25,548 | $6,092 | $19,455 | $274,599 |
| Year 11 | $25,548 | $6,533 | $19,015 | $268,067 |
| Year 12 | $25,548 | $7,005 | $18,543 | $261,062 |
| Year 13 | $25,548 | $7,511 | $18,036 | $253,550 |
| Year 14 | $25,548 | $8,054 | $17,493 | $245,496 |
| Year 15 | $25,548 | $8,636 | $16,911 | $236,860 |
| Year 16 | $25,548 | $9,261 | $16,287 | $227,599 |
| Year 17 | $25,548 | $9,930 | $15,617 | $217,669 |
| Year 18 | $25,548 | $10,648 | $14,899 | $207,020 |
| Year 19 | $25,548 | $11,418 | $14,130 | $195,602 |
| Year 20 | $25,548 | $12,243 | $13,304 | $183,359 |
| Year 21 | $25,548 | $13,128 | $12,419 | $170,231 |
| Year 22 | $25,548 | $14,077 | $11,470 | $156,153 |
| Year 23 | $25,548 | $15,095 | $10,453 | $141,058 |
| Year 24 | $25,548 | $16,186 | $9,361 | $124,872 |
| Year 25 | $25,548 | $17,356 | $8,191 | $107,515 |
| Year 26 | $25,548 | $18,611 | $6,936 | $88,904 |
| Year 27 | $25,548 | $19,957 | $5,591 | $68,948 |
| Year 28 | $25,548 | $21,399 | $4,148 | $47,548 |
| Year 29 | $25,548 | $22,946 | $2,601 | $24,602 |
| Year 30 | $25,545 | $24,602 | $943 | $0 |
| Total | $766,427 | $320,000 | $446,427 | — |
About This Calculator
Use this free mortgage calculator to estimate your monthly payment and total interest over the life of your loan. Enter your loan amount, interest rate, and term to get an instant breakdown — including a full amortization schedule.
How It Works
Enter your home price (or loan amount), down payment, interest rate, and loan term. The calculator computes your monthly principal and interest payment, total interest paid, and a month-by-month amortization schedule showing how each payment is split between principal reduction and interest.
The Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1]
- M
- monthly payment
- P
- loan principal
- r
- monthly interest rate (annual rate ÷ 12)
- n
- total number of payments (loan term in years × 12)
Frequently Asked Questions
- What does a mortgage calculator tell you?
- A mortgage calculator shows your estimated monthly payment, the total amount of interest you will pay over the loan's life, and how each payment is allocated between principal and interest over time.
- Does this include taxes and insurance?
- The basic calculation covers principal and interest only. You can add estimated property taxes, homeowner's insurance, and PMI in the advanced fields to see your full PITI (Principal, Interest, Taxes, Insurance) monthly payment.
- What is amortization?
- Amortization is the process of paying off your loan in equal monthly installments. Early payments are mostly interest; later payments are mostly principal. The amortization table shows this split for every payment over the loan term.
- How does the interest rate affect my payment?
- Even a small rate change has a large impact over 30 years. For a $400,000 loan, moving from 6.5% to 7.0% adds roughly $130/month and over $46,000 in total interest.