Estimate your monthly mortgage payment, see how much interest you will pay over the life of the loan, and view a full year-by-year amortization schedule. Change any field and the results update instantly. Everything runs in your browser; nothing you type is stored or sent anywhere.
*Includes principal, interest, extra principal, property tax, insurance and HOA. Does not include PMI. Estimates only.
Yearly amortization schedule
| Year | Interest paid | Principal paid | Remaining balance |
|---|
How this mortgage calculator works
The principal-and-interest payment uses the standard fixed-rate amortization formula: M = P × r ÷ (1 − (1 + r)−n), where P is the loan amount (home price minus down payment), r is the annual rate divided by 12, and n is the number of monthly payments. Each month, interest is charged on the remaining balance and the rest of the payment reduces principal.
Property tax, homeowners insurance and HOA dues are added on top because most lenders collect taxes and insurance through an escrow account as part of your monthly bill. Private mortgage insurance (PMI) is not included; on a conventional loan it usually applies when you put down less than 20%.
Tips for using the results
- Compare loan terms. Switch between 30 and 15 years to see the trade-off between a lower monthly payment and much less total interest.
- Test extra payments. Even a small extra principal payment each month can cut years off the loan. Check with your lender that extra payments go to principal and that there is no prepayment penalty.
- Use real local numbers. Property tax and insurance vary widely by county and state. Your Loan Estimate from a lender shows the exact figures.
Want to understand why most of your early payments go to interest? Read our guide: How mortgage amortization works.
This calculator provides estimates for educational purposes only and is not financial advice or a loan offer. Actual rates, payments and costs depend on your lender, credit profile and location.