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Mortgage Calculator

Calculate monthly mortgage payments, view amortization schedules, and compare principal vs interest. Includes taxes and insurance estimates.

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Mortgage Details

%($70,000)

Monthly Payment

Total Monthly Payment

$2,219.79

Principal & Interest

$1,769.79

Property Tax

$350.00

Insurance

$100.00

Total Interest

$357,124.57

Principal vs Interest

Principal: $280,000 (43.9%)
Interest: $357,125 (56.1%)

Amortization Schedule (Yearly)

YearPrincipalInterestBalance
1$3,129.63$18,107.85$276,870.37
2$3,339.23$17,898.26$273,531.14
3$3,562.86$17,674.62$269,968.28
4$3,801.47$17,436.01$266,166.80
5$4,056.07$17,181.42$262,110.74
6$4,327.71$16,909.78$257,783.03
7$4,617.54$16,619.94$253,165.49
8$4,926.79$16,310.70$248,238.70
9$5,256.74$15,980.74$242,981.95
10$5,608.80$15,628.69$237,373.15
11$5,984.43$15,253.06$231,388.72
12$6,385.22$14,852.27$225,003.51
13$6,812.85$14,424.64$218,190.66
14$7,269.12$13,968.37$210,921.54
15$7,755.94$13,481.54$203,165.60
16$8,275.37$12,962.11$194,890.22
17$8,829.59$12,407.89$186,060.63
18$9,420.92$11,816.56$176,639.71
19$10,051.86$11,185.62$166,587.84
20$10,725.05$10,512.43$155,862.79
21$11,443.33$9,794.16$144,419.46
22$12,209.71$9,027.77$132,209.75
23$13,027.42$8,210.07$119,182.33
24$13,899.89$7,337.60$105,282.44
25$14,830.79$6,406.70$90,451.65
26$15,824.04$5,413.45$74,627.62
27$16,883.80$4,353.69$57,743.82
28$18,014.54$3,222.95$39,729.28
29$19,221.01$2,016.48$20,508.27
30$20,508.27$729.21$0.00
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How to Use Mortgage Calculator

  1. 1

    Enter home price

    Enter the purchase price of the home you're considering.

  2. 2

    Set down payment

    Enter your down payment as a percentage of the home price.

  3. 3

    Choose loan term

    Select a 15, 20, or 30-year mortgage term.

  4. 4

    Enter interest rate

    Enter the annual mortgage interest rate.

  5. 5

    Review results

    See your monthly payment breakdown, total interest, pie chart, and full amortization schedule.

Frequently Asked Questions

A typical mortgage payment includes principal (loan repayment), interest, property taxes, and homeowners insurance — often called PITI. This calculator breaks down each component.

A shorter term (like 15 years) means higher monthly payments but significantly less total interest paid. A 30-year term has lower monthly payments but you pay more interest over the life of the loan.

An amortization schedule shows how each payment is split between principal and interest over the life of the loan. Early payments are mostly interest, while later payments are mostly principal.

A 20% down payment avoids private mortgage insurance (PMI) and gives better rates. However, many loans accept 3-10% down. Use this calculator to compare different down payment scenarios.

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Understanding Your Mortgage Payment

A mortgage payment isn't just your loan balance divided by the number of months. Interest compounds against your outstanding balance each month, which means early payments are weighted heavily toward interest and barely touch the principal. This is called amortization, and understanding it changes how you think about extra payments.

On a $300,000 loan at 6.5% over 30 years, your monthly payment is about $1,896. But in month one, roughly $1,625 of that goes to interest and only $271 reduces your actual loan balance. By month 360, that ratio flips — but you've paid $382,000 in interest over the life of the loan on top of the $300,000 principal. That's $682,000 total for a $300,000 house.

15-Year vs 30-Year: The Real Trade-off

The difference between a 15-year and 30-year mortgage isn't just the timeline — it's about $150,000 in interest on a $300,000 loan. A 30-year mortgage at 6.5% costs about $382,000 in interest. The same loan on a 15-year term at 6% (rates are typically lower for 15-year loans) costs about $156,000 in interest. The trade-off is the monthly payment jumps from $1,896 to roughly $2,531 — about $635 more per month.

Whether that's worth it depends on your cash flow situation. Many financial advisors suggest the 30-year mortgage with disciplined extra payments gives you the flexibility of the lower required payment while still paying down principal faster when you can.

Mortgage Points: When Do They Pay Off?

Mortgage points let you pay upfront to buy down your interest rate. One point costs 1% of the loan amount and typically reduces your rate by about 0.25%. On a $300,000 loan, one point costs $3,000. At 6.5%, buying down to 6.25% saves about $48/month. Break-even: $3,000 / $48 = 62.5 months, or just over 5 years. If you plan to stay in the house longer than 5 years and have the upfront cash, points often make mathematical sense.

The Impact of Extra Payments

Extra principal payments on a 30-year mortgage have an outsized effect because every dollar of principal you pay off early eliminates all the future interest that would have accrued on it. Paying an extra $200/month on a $300,000 loan at 6.5% saves roughly $87,000 in interest and cuts 7 years off the loan. Even a single extra payment per year — by making biweekly payments instead of monthly — trims about 4-5 years and saves tens of thousands.