Mortgage Calculator
Calculate your monthly mortgage payment and see how much you'll pay over the life of your loan
Results
Monthly Payment
$1,769.79
Total Interest
$357,124.92
Total Payment
$637,124.92
Amortization Schedule
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $253.12 | $1,516.67 | $279,746.88 |
| 2 | $254.49 | $1,515.30 | $279,492.38 |
| 3 | $255.87 | $1,513.92 | $279,236.51 |
| 4 | $257.26 | $1,512.53 | $278,979.25 |
| 5 | $258.65 | $1,511.14 | $278,720.60 |
| 6 | $260.05 | $1,509.74 | $278,460.54 |
| 7 | $261.46 | $1,508.33 | $278,199.08 |
| 8 | $262.88 | $1,506.91 | $277,936.20 |
| 9 | $264.30 | $1,505.49 | $277,671.90 |
| 10 | $265.73 | $1,504.06 | $277,406.17 |
| 11 | $267.17 | $1,502.62 | $277,138.99 |
| 12 | $268.62 | $1,501.17 | $276,870.37 |
Mortgage Tips
- •A 20% down payment eliminates PMI
- •Consider 15-year terms for lower total interest
- •Don't forget to budget for closing costs
- •Get pre-approved to know your budget
How Mortgage Calculation Works
This mortgage calculator uses the standard amortization formula to determine your monthly payment. It factors in your loan amount (home price minus down payment), interest rate, and loan term. The result is a fixed monthly payment that gradually shifts from paying mostly interest to mostly principal over the life of the loan.
Understanding Your Mortgage
A mortgage is a long-term loan secured by your home. Early payments go mostly toward interest, but as you pay down the principal, more of each payment goes toward building equity. Understanding this amortization process helps you see how extra payments can significantly reduce your total interest and loan term.
Frequently Asked Questions
Your mortgage payment is calculated using the loan principal, interest rate, and term. The PMT formula determines equal monthly payments that cover both principal and interest over the loan life.