Loan details
Adjust the values to model your loan. Results update automatically.
Estimated monthly payment
$2,025.48
Principal & interest + tax, insurance, PMI & HOA.
- Principal & Interest $2,025.48
- Property Tax $0.00
- Insurance $0.00
- PMI $0.00
- HOA $0.00
Loan amount
$320,000
Total interest
$409,173
Total loan cost
$729,173
Payoff date
Sep 2056
Amortization schedule
Generated from the same inputs as the calculator above. Totals match the results card.
Amortization Schedule 30-year loan · 360 payments
| Year | Principal Paid | Interest Paid | Total Payment | Remaining Balance |
|---|
| Payment # | Payment Date | Principal | Interest | Total Payment | Remaining Balance |
|---|
Schedule totals match the calculator results.
See How Extra Payments Could Save You Money
Extra payments go straight to principal. The schedule below updates to the accelerated loan.
Original loan
- Payoff date
- —
- Total interest
- —
With extra payments
- New payoff date
- —
- New total interest
- —
- Time saved
- —
- Interest saved
- —
Results are estimates based on the information entered and may not reflect your actual loan terms.
Understand your mortgage
Concise guides that explain exactly what the calculator above is doing.
How Does a Mortgage Calculator Work?
This calculator takes your home price, down payment, interest rate, and loan term, then applies the standard fixed-rate loan formula to estimate your monthly payment. Optional costs such as property tax, insurance, PMI, and HOA are added on top, and the full repayment is laid out in an amortization schedule. Everything updates instantly as you adjust the inputs.
How Is a Mortgage Payment Calculated?
For a fixed-rate loan, the monthly principal-and-interest payment is:
M = P × [r(1+r)^n] / [(1+r)^n − 1]
- M
- monthly principal-and-interest payment
- P
- loan principal (home price minus down payment)
- r
- monthly interest rate (annual rate ÷ 12 ÷ 100)
- n
- total number of monthly payments (years × 12)
With a 0% rate there is no interest to price, so the payment is simply the principal divided by the number of payments.
What’s Included in a Mortgage Payment?
- Principal — the part of each payment that reduces your loan balance.
- Interest — the lender’s charge, highest early in the loan and falling over time.
- Property taxes — usually collected monthly and held in escrow.
- Homeowners insurance — also commonly escrowed with the payment.
- PMI — private mortgage insurance, often required below a 20% down payment.
- HOA — homeowners association dues, if the property has them.
How Does a Down Payment Affect Your Mortgage?
Your down payment is subtracted directly from the home price, so a larger down payment means a smaller loan. A smaller loan lowers both the monthly payment and the total interest paid — and reaching 20% usually removes PMI, which lowers the payment further.
What Is an Amortization Schedule?
An amortization schedule is the month-by-month plan for paying off the loan: each payment is split into interest and principal, and the remaining balance falls to zero on the final payment. Early payments are mostly interest; later payments are mostly principal. The schedule above is generated from your live inputs.
Frequently asked questions
Quick answers about this calculator.
What is a mortgage calculator?
A mortgage calculator estimates your monthly payment, total interest, and payoff timeline from your home price, down payment, rate, and term — before you talk to a lender.
How is a mortgage payment calculated?
With the fixed-rate formula M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount, r the monthly rate, and n the number of payments. Taxes, insurance, PMI, and HOA are added afterward.
How accurate is a mortgage calculator?
Accurate for planning: the principal-and-interest math is exact, but your final payment depends on the lender’s actual rate, fees, and escrow amounts.
Does a mortgage calculator include property taxes?
Yes — enter a monthly amount under Advanced options and it is included in the payment, the chart, and the schedule totals.
What is PMI?
Private mortgage insurance, often required when your down payment is below 20%. It protects the lender, not the borrower, and is usually removed once you have enough equity.
How does a down payment affect monthly payments?
Every extra dollar down shrinks the loan by a dollar, which lowers the monthly payment and total interest — and hitting 20% typically drops PMI as well.
Can I pay off my mortgage early?
Most loans allow extra payments without penalty, but check your loan terms first. The extra-payment section above shows your new payoff date.
Does paying extra reduce mortgage interest?
Yes. Extra payments go directly to principal, so interest accrues on a smaller balance every month after — try $200 extra above to see the savings.