Mortgage Calculator
Calculate your monthly mortgage payment, view the amortization schedule, and compare loan terms.
20.0% of home price
per month
| Term | Monthly P&I | Total Interest | Total Paid |
|---|---|---|---|
| 15 years | $2,787.54 | $181,757.84 | $501,757.84 |
| 20 years | $2,385.83 | $252,600.17 | $572,600.17 |
| 25 years | $2,160.66 | $328,198.87 | $648,198.87 |
| 30 years | $2,022.62 | $408,142.36 | $728,142.36 |
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,022.62 | $289.28 | $1,733.33 | $319,710.72 |
| 2 | $2,022.62 | $290.85 | $1,731.77 | $319,419.86 |
| 3 | $2,022.62 | $292.43 | $1,730.19 | $319,127.44 |
| 4 | $2,022.62 | $294.01 | $1,728.61 | $318,833.43 |
| 5 | $2,022.62 | $295.60 | $1,727.01 | $318,537.82 |
| 6 | $2,022.62 | $297.20 | $1,725.41 | $318,240.62 |
| 7 | $2,022.62 | $298.81 | $1,723.80 | $317,941.80 |
| 8 | $2,022.62 | $300.43 | $1,722.18 | $317,641.37 |
| 9 | $2,022.62 | $302.06 | $1,720.56 | $317,339.31 |
| 10 | $2,022.62 | $303.70 | $1,718.92 | $317,035.62 |
| 11 | $2,022.62 | $305.34 | $1,717.28 | $316,730.27 |
| 12 | $2,022.62 | $307.00 | $1,715.62 | $316,423.28 |
Your monthly mortgage payment is calculated using the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan principal, r is the monthly interest rate, and n is the total number of payments.
In the early years of your mortgage, a larger portion of each payment goes toward interest. As the loan matures, more of each payment is applied to the principal balance. This is why making extra payments early in the loan term can save significant amounts of interest.
The Loan-to-Value (LTV) ratio compares your loan amount to the home's value. An LTV above 80% typically requires Private Mortgage Insurance (PMI), which adds to your monthly costs.