Mortgage Calculator
Estimate your monthly payment, total interest and full amortization schedule for any fixed-rate home loan. Everything updates as you type.
Amortization schedule
| Year | Principal paid | Interest paid | Remaining balance |
|---|
How a mortgage is repaid
A fixed-rate mortgage is repaid in equal monthly installments over its term — typically 15 or 30 years. Each payment covers the interest due on the outstanding balance first, and whatever is left chips away at the principal. Because the balance shrinks over time, the interest portion falls and the principal portion grows. This gradual shift is called amortization, and it's why your first few years of payments barely dent what you owe.
What goes into your monthly payment
- Principal & interest: the core loan repayment, driven by your loan amount, rate and term.
- Property tax: usually collected monthly into an escrow account and paid to your local government.
- Home insurance: homeowners (hazard) insurance, also commonly escrowed.
- HOA dues: homeowners-association fees, if your property has them.
Together these four make up "PITI" — the figure most lenders use when deciding how much house you can afford.
Tips for paying less interest
- A larger down payment shrinks the loan and the interest you'll pay.
- A shorter term means higher monthly payments but far less total interest.
- Even a small rate reduction can save tens of thousands over 30 years.
- Extra payments toward principal shorten the loan and cut interest.
Frequently asked questions
How is my monthly mortgage payment calculated?
Principal and interest use the standard amortization formula M = P·r·(1 + r)ⁿ ⁄ ((1 + r)ⁿ − 1), where P is the loan amount (home price minus down payment), r is the monthly interest rate and n is the number of months. Property tax, home insurance and HOA dues are then added on top to give your full monthly cost.
What is an amortization schedule?
It's a year-by-year breakdown of how each payment splits between principal and interest, plus the remaining balance. Early on most of your payment is interest; over time more goes to principal. The table below shows this for every year of the loan.
Should I include taxes and insurance?
If you want your true monthly outlay, yes. Lenders often collect property tax and homeowners insurance in escrow alongside principal and interest (together called PITI). Leave those fields at zero to see principal and interest only.
Is my financial information private?
Completely. Every calculation runs locally in your browser. Nothing you type is uploaded, logged or stored.