Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and view a detailed amortization schedule showing how each payment is split between principal and interest. Optionally include a down payment to see the effect on your loan.
Mortgage Calculator
FAQ
How is a mortgage payment calculated?
The monthly mortgage payment is calculated using the formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan principal, r is the monthly interest rate, and n is the total number of monthly payments.
What is an amortization schedule?
An amortization schedule shows the breakdown of each monthly payment into principal and interest portions. Early payments consist mostly of interest, while later payments go primarily toward principal.
How does a down payment affect my mortgage?
A larger down payment reduces your loan amount, resulting in lower monthly payments and less total interest paid over the life of the loan. A 20% down payment also typically eliminates the need for private mortgage insurance (PMI).