Mortgage Payment Calculator

Calculate your monthly mortgage expenses, see your payment breakdown, and track how your loan balance decreases over time.

Loan Parameters

$
$
%
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%

Additional Annual Expenses

%
$
$

Total Monthly Payment

$0.00
Principal & Interest (P&I)
$0.00
Property Tax (mo.)
$0.00
Home Insurance (mo.)
$0.00
HOA Fee (mo.)
$0.00
Total Interest Paid over Loan Term
$0.00
Total Cost of Loan (Principal + Interest + Taxes + Insurance + HOA)
$0.00

Amortization Schedule

Click on any year to expand month-by-month details.

Period Interest Paid Principal Paid Remaining Balance

How to Use the Mortgage Payment Calculator

Our online mortgage calculator is designed to provide you with a complete and transparent financial view of your future home loan. Instead of just displaying a single number, it factors in all the additional expenses that typically accompany a mortgage in real life.

Key Inputs to Understand:

  • Home Price: The total purchase price of the home you plan to buy.
  • Down Payment: The amount of cash you pay upfront. Most lenders require 10% to 20% of the home purchase price. A higher down payment reduces your loan size and interest charges.
  • Interest Rate (APR): The annual interest rate the lender charges on the loan. Even a 0.5% difference can save or cost you thousands of dollars in the long run.
  • Loan Term: The duration of the loan, typically 15 or 30 years. A 15-year term will save you money on interest but requires higher monthly payments. A 30-year term offers lower payments but results in higher lifetime interest.

What is an Amortization Schedule?

An amortization schedule is a complete table showing each payment over the life of the loan and how it is split between two components:

  1. Interest Paid: The fee paid to the bank for borrowing the money. In the early years, the majority of your monthly payment goes toward interest.
  2. Principal Paid: The portion that reduces your outstanding loan balance. Over time, the share going to the principal increases.
Did you know? With a 30-year mortgage at 6.5% interest, it takes about 18 to 20 years before the portion of your payment going toward the principal exceeds the portion going toward interest. Our line chart and table visualize this transition clearly.

Tips to Reduce Your Mortgage Expenses

If the calculated payments are higher than expected, consider these options:

  • Increase Down Payment: Reducing the principal amount directly lowers the interest accrued each month.
  • Improve Credit Score: A higher score helps you qualify for a lower interest rate from lenders.
  • Choose a Shorter Term: If your budget allows, a 15-year term drastically reduces the total interest you will pay.