Estimate your monthly mortgage payment and total interest, see the full amortization schedule, and visualise how your loan balance falls over time.
Enter the home price and your down payment, choose a rate and term, then add annual property tax, insurance and monthly HOA if you want a true monthly cost. The calculator figures out the loan amount, your monthly payment, lifetime interest and a year-by-year breakdown.
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Our Mortgage Calculator works out the monthly payment on a home loan using the standard amortization formula, then breaks the whole loan down year by year so you can see exactly how much goes to principal versus interest.
The fixed-rate mortgage payment uses the amortization formula:
M = P × r(1+r)n / ((1+r)n − 1)
where P is the loan amount (price − down payment), r is the monthly interest rate and n is the number of monthly payments. Each month, interest is charged on the remaining balance and the rest of the payment chips away at the principal.
No. If your down payment is under 20%, lenders usually require Private Mortgage Insurance, which adds to your monthly cost. Add an estimate to the optional fields if you want it reflected.
Over a 30-year term even a 1% difference in rate changes the total interest by tens of thousands of dollars. Always compare offers from several lenders.