Finance

Mortgage Calculator

Calculate monthly payments, total interest, and amortization schedule

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Include taxes, insurance & fees
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Advanced Options (Increases & Extra Pay)

Annual Tax & Cost Increase

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Extra Payments

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Monthly Payment
$1,995
Monthly Total
P & I
Property Tax
Home Ins.
PMI & Fees
Total Out-of-Pocket
House Price
Loan Amount
Down Payment
Total Payments
Total Interest
Payoff Date

Amortization Schedule

Month Date Interest Principal Ending Balance
How to Use
  1. Enter the home price — the purchase price of the home.
  2. Set your down payment as a dollar amount or percentage.
  3. Choose the loan term (10, 15, 20, 25, or 30 years).
  4. Enter the annual interest rate from your lender.
  5. Optionally add property tax, home insurance, and PMI for a total payment estimate.
  6. Click Calculate to see your monthly payment and full amortization schedule.

Formula

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Number of payments (years × 12)

Calculating your monthly mortgage payments accurately is an essential step in buying a home. This calculator factors in your principal, interest rate, property taxes, and home insurance to give you a comprehensive estimate. Understanding amortization helps you see how much of your payment goes towards the principal versus interest over time. For more detailed insights into home financing, explore Investopedia's comprehensive guide to Mortgages.