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Mortgage Calculator
Monthly payments, total interest and a full amortization schedule for any home loan.
Amortization schedule (by year)
| Year | Payment | Interest | Principal | Balance |
|---|
Principal and interest only. Property tax, insurance and PMI are not included.
How to use
- Enter the loan amount, annual interest rate and term in years.
- Optionally add an extra monthly payment to see how much faster you pay off the loan.
- Monthly payment, total interest and the full year-by-year amortization table update instantly.
Frequently asked questions
How is the monthly payment calculated?
It uses the standard amortization formula M = P × r × (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r the monthly rate (annual / 12), and n the number of payments (years × 12).
Why is my total interest so high?
Interest compounds on the remaining balance, so early payments are mostly interest. A 30-year loan at 6% pays roughly as much in interest as the loan itself. Lowering the rate or term cuts total interest significantly.
Should I include property tax and insurance?
This calculator covers principal and interest only. Property tax, insurance and PMI are added by lenders separately and vary by location.