🏠 Mortgage Payment Calculator
📊 Mortgage Results
📅 Amortization Schedule
Enter your mortgage details and click "Calculate Payment" to see the amortization schedule
🧮 Understanding Mortgage Payments
Your monthly mortgage payment consists of principal, interest, and potentially taxes and insurance. The formula for a fixed-rate mortgage is:
Where: M = Monthly payment, P = Principal, i = Monthly interest rate, n = Number of payments
Key Mortgage Components:
- Principal: The original amount borrowed
- Interest: The cost of borrowing money
- Property Taxes: Local taxes based on property value
- Homeowners Insurance: Protects your home and belongings
- HOA Fees: Homeowners association dues (if applicable)
Lower monthly payments, but more interest paid over the life of the loan.
Higher monthly payments, but less interest paid and faster equity building.
Tips for Homebuyers:
- Larger down payment: Reduces loan amount and may secure a better rate.
- Improve credit score: Higher scores qualify for lower interest rates.
- Consider all costs: Factor in taxes, insurance, and maintenance.
- Get pre-approved: Understand your budget and show sellers you're serious.
Use this calculator to experiment with different scenarios and find the loan that works best for your financial situation.
🧭 How to Use This Calculator
- Select your preferred currency from the dropdown at the top of the calculator.
- Enter your loan amount, annual interest rate, and loan term in years.
- Optionally, add estimated property tax, homeowners insurance, and HOA fees to see your full monthly housing cost, not just principal and interest.
- Click Calculate Payment to see your base monthly payment, total monthly payment, total interest paid, total amount repaid, and your estimated payoff date.
- Use the Yearly / Monthly tabs below your results to switch the amortization schedule between a year-by-year summary and every individual monthly payment.
- Click Reset at any time to clear all fields and run a new calculation.
❓ Frequently Asked Questions
What's the difference between the base payment and total payment?
The base payment is your principal and interest (P&I) only, calculated using the standard mortgage formula. The total payment adds in any property tax, homeowners insurance, and HOA fees you entered, giving you the full amount you'd actually pay each month.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but builds equity faster and costs significantly less in total interest. A 30-year mortgage lowers your monthly payment, giving you more budget flexibility, at the cost of paying more interest over the life of the loan. Try both terms in the calculator to compare.
What's the difference between the Yearly and Monthly schedule views?
The Yearly view groups your payments by calendar year, showing total principal paid, total interest paid, and remaining balance for each year. The Monthly view lists every individual payment with its own principal, interest, and balance, all the way to payoff.
Why does more of my payment go toward interest early on?
Interest is calculated on your remaining balance each month, which is highest at the start of the loan. As you pay down principal over time, the interest portion of each payment shrinks and more goes toward principal — a pattern you can see clearly in the amortization schedule.
Does this calculator account for PMI or extra payments?
This calculator focuses on principal, interest, taxes, insurance, and HOA fees. It doesn't currently factor in private mortgage insurance (PMI) or extra principal payments — for a loan with extra payment scenarios, use a dedicated amortization calculator.