Mortgage Payment Calculator
A mortgage is the biggest loan most people will ever take. The real monthly cost doesn't stop at principal and interest: property tax, insurance, and HOA dues ride along. Budget for the full number.
Enter the home price, your down payment, the rate and the term. You get your monthly payment, the total interest over the life of the loan, and a year-by-year amortization schedule.
Loan details
Your mortgage
- Total monthly payment
- $2,447.62
- Principal & interest (monthly)
- $2,022.62
- Tax + insurance (monthly)
- $425.00
- HOA (monthly)
- $0.00
- Loan amount
- $320,000.00
- Total interest
- $408,142.36
20% starting equity: your down payment's share of the home price
Where your payments go over 30 years
Over 30 years you pay $320,000.00 toward the loan itself and $408,142.36 in interest. Interest stays ahead of principal for the whole term. Full year-by-year figures are in the amortization schedule below.
Show amortization schedule (by year)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,576.72 | $20,694.69 | $316,423.28 |
| 2 | $3,816.26 | $20,455.15 | $312,607.02 |
| 3 | $4,071.84 | $20,199.57 | $308,535.17 |
| 4 | $4,344.54 | $19,926.87 | $304,190.63 |
| 5 | $4,635.50 | $19,635.91 | $299,555.13 |
| 6 | $4,945.95 | $19,325.46 | $294,609.18 |
| 7 | $5,277.19 | $18,994.22 | $289,331.98 |
| 8 | $5,630.62 | $18,640.80 | $283,701.37 |
| 9 | $6,007.71 | $18,263.70 | $277,693.66 |
| 10 | $6,410.06 | $17,861.36 | $271,283.60 |
| 11 | $6,839.35 | $17,432.06 | $264,444.26 |
| 12 | $7,297.39 | $16,974.02 | $257,146.86 |
| 13 | $7,786.11 | $16,485.30 | $249,360.75 |
| 14 | $8,307.56 | $15,963.85 | $241,053.19 |
| 15 | $8,863.94 | $15,407.48 | $232,189.25 |
| 16 | $9,457.57 | $14,813.84 | $222,731.68 |
| 17 | $10,090.96 | $14,180.45 | $212,640.72 |
| 18 | $10,766.77 | $13,504.64 | $201,873.95 |
| 19 | $11,487.84 | $12,783.57 | $190,386.11 |
| 20 | $12,257.20 | $12,014.21 | $178,128.90 |
| 21 | $13,078.09 | $11,193.32 | $165,050.81 |
| 22 | $13,953.96 | $10,317.46 | $151,096.86 |
| 23 | $14,888.48 | $9,382.93 | $136,208.38 |
| 24 | $15,885.59 | $8,385.83 | $120,322.79 |
| 25 | $16,949.47 | $7,321.94 | $103,373.32 |
| 26 | $18,084.61 | $6,186.80 | $85,288.71 |
| 27 | $19,295.77 | $4,975.64 | $65,992.94 |
| 28 | $20,588.05 | $3,683.37 | $45,404.89 |
| 29 | $21,966.86 | $2,304.55 | $23,438.03 |
| 30 | $23,438.03 | $833.39 | $0.00 |
Before you rely on this
Results are generic estimates using standard time-value-of-money formulas, the same math everywhere. Real-world figures depend on your country's tax rules, rounding, fees, and lender or product terms, which vary by jurisdiction. Treat this as a guide and confirm important numbers with a local professional.
How the mortgage calculation works
Your principal-and-interest payment uses the amortization formula M = P · r / (1 − (1 + r)⁻ⁿ), where P is the amount financed, r is the monthly interest rate, and n is the number of monthly payments.
Early on, most of each payment goes to interest. Principal only takes the bigger share later. That's why a small extra payment in the early years shortens the loan and saves serious interest.
Tips
- A 20% down payment usually lets you skip private mortgage insurance (PMI) where it applies.
- Compare total interest paid, not just the monthly payment. A longer term makes the month cheaper and the loan more expensive.
- Extra payments toward principal count most at the start.
Frequently asked questions
What's included in a monthly mortgage payment?
Four things, often called PITI: principal, interest, property taxes and homeowner's insurance. Many payments also include HOA dues, and mortgage insurance if your down payment is under 20%.
How much should my down payment be?
The classic target is 20% of the purchase price. It usually removes PMI and lowers your payment. Plenty of loan programs accept far less, and this calculator lets you try any amount.
Does paying extra each month really help?
Yes. Extra payments go straight to principal, so future interest is charged on a smaller balance. The result: a shorter loan and much less total interest.