Mortgage Calculator

Visual insights

Remaining balance over time

How your loan balance declines each year based on your payment schedule.

View chart data

Year	Remaining balance
1	$276,870
2	$273,531
3	$269,968
4	$266,167
5	$262,111
6	$257,783
7	$253,165
8	$248,239
9	$242,982
10	$237,373
11	$231,389
12	$225,004
13	$218,191
14	$210,922
15	$203,166
16	$194,890
17	$186,061
18	$176,640
19	$166,588
20	$155,863
21	$144,419
22	$132,210
23	$119,182
24	$105,282
25	$90,452
26	$74,628
27	$57,744
28	$39,729
29	$20,508
30	$0

Principal vs interest breakdown

Share of total payments going to principal versus interest over the loan term.

View chart data

Category	Payment breakdown
Principal	$280,000
Interest	$357,125

Amortization schedule (yearly)
Year	Payments ($)	Principal ($)	Interest ($)	Balance ($)
1	$21,237	$3,130	$18,108	$276,870
2	$21,237	$3,339	$17,898	$273,531
3	$21,237	$3,563	$17,675	$269,968
4	$21,237	$3,801	$17,436	$266,167
5	$21,237	$4,056	$17,181	$262,111
6	$21,237	$4,328	$16,910	$257,783
7	$21,237	$4,618	$16,620	$253,165
8	$21,237	$4,927	$16,311	$248,239
9	$21,237	$5,257	$15,981	$242,982
10	$21,237	$5,609	$15,629	$237,373
11	$21,237	$5,984	$15,253	$231,389
12	$21,237	$6,385	$14,852	$225,004
13	$21,237	$6,813	$14,425	$218,191
14	$21,237	$7,269	$13,968	$210,922
15	$21,237	$7,756	$13,482	$203,166
16	$21,237	$8,275	$12,962	$194,890
17	$21,237	$8,830	$12,408	$186,061
18	$21,237	$9,421	$11,817	$176,640
19	$21,237	$10,052	$11,186	$166,588
20	$21,237	$10,725	$10,512	$155,863
21	$21,237	$11,443	$9,794	$144,419
22	$21,237	$12,210	$9,028	$132,210
23	$21,237	$13,027	$8,210	$119,182
24	$21,237	$13,900	$7,338	$105,282
25	$21,237	$14,831	$6,407	$90,452
26	$21,237	$15,824	$5,413	$74,628
27	$21,237	$16,884	$4,354	$57,744
28	$21,237	$18,015	$3,223	$39,729
29	$21,237	$19,221	$2,016	$20,508
30	$21,237	$20,508	$729	$0

Year

Payments ($)

Principal ($)

Interest ($)

Balance ($)

$21,237

$3,130

$18,108

$276,870

$21,237

$3,339

$17,898

$273,531

$21,237

$3,563

$17,675

$269,968

$21,237

$3,801

$17,436

$266,167

$21,237

$4,056

$17,181

$262,111

$21,237

$4,328

$16,910

$257,783

$21,237

$4,618

$16,620

$253,165

$21,237

$4,927

$16,311

$248,239

$21,237

$5,257

$15,981

$242,982

$21,237

$5,609

$15,629

$237,373

$21,237

$5,984

$15,253

$231,389

$21,237

$6,385

$14,852

$225,004

$21,237

$6,813

$14,425

$218,191

$21,237

$7,269

$13,968

$210,922

$21,237

$7,756

$13,482

$203,166

$21,237

$8,275

$12,962

$194,890

$21,237

$8,830

$12,408

$186,061

$21,237

$9,421

$11,817

$176,640

$21,237

$10,052

$11,186

$166,588

$21,237

$10,725

$10,512

$155,863

$21,237

$11,443

$9,794

$144,419

$21,237

$12,210

$9,028

$132,210

$21,237

$13,027

$8,210

$119,182

$21,237

$13,900

$7,338

$105,282

$21,237

$14,831

$6,407

$90,452

$21,237

$15,824

$5,413

$74,628

$21,237

$16,884

$4,354

$57,744

$21,237

$18,015

$3,223

$39,729

$21,237

$19,221

$2,016

$20,508

$21,237

$20,508

$729

Example scenarios

Scenario 1: A first-time buyer finances a home with a 20% down payment on a 30-year fixed loan

A first-time buyer finances a home with a 20% down payment on a 30-year fixed loan.

Sample inputs

Home price: $350,000
Down payment: $70,000
Interest rate: 6.5%
Loan term: 30 years

Sample results

Loan amount: $280,000
Monthly payment (P&I): ~$1,769
Total interest over term: ~$356,720

Scenario 2: Refinance candidate comparing a lower rate on an existing balance

Refinance candidate comparing a lower rate on an existing balance.

Sample inputs

Loan amount: $320,000
Interest rate: 5.75%
Term: 30 years
Down payment: N/A (refinance)

Sample results

Monthly P&I: ~$1,867
Total interest: ~$352,000

Scenario 3: Investment property with 25% down and slightly higher rate

Investment property with 25% down and slightly higher rate.

Sample inputs

Home price: $280,000
Down payment: 25%
Interest rate: 7.25%
Term: 30 years

Sample results

Loan amount: $210,000
Monthly P&I: ~$1,432

Decision guide

Mortgage payments are only part of housing cost. Use this calculator for principal and interest, then budget separately for taxes, insurance, and upkeep.

A larger down payment helps when

You want lower monthly payments and less total interest paid.
You are avoiding private mortgage insurance (PMI) by reaching 20% equity.
You have cash reserves left over for closing costs and emergencies.

A smaller down payment may be reasonable when

Home prices are rising faster than you can save additional cash.
You need liquidity for repairs, moving costs, or an emergency fund.
You qualify for a first-time buyer program with acceptable PMI costs.

Factor

30-year fixed

15-year fixed

Monthly P&I

~$1,896

~$2,613

Total interest

~$382,000

~$170,000

Best when

Cash flow is tight

You want faster equity build

Formula, sources & assumptions

Formula: Standard fixed-rate amortization: M = P × [r(1+r)^n] / [(1+r)^n − 1].

Sources

CFPB mortgage education materials
Standard loan amortization formulas

Key assumptions

Fixed rate for full term
P&I only — excludes escrow items

For educational and planning purposes only. Not legal, tax, accounting, or financial advice.

A mortgage spreads the cost of a home over many years through fixed monthly payments. This calculator estimates your loan amount, monthly payment, and total interest based on home price, down payment, rate, and term.

How to use this calculator

Enter the purchase price of the home.
Enter your down payment amount.
Enter the annual interest rate as a percentage.
Enter the loan term in years.
Optionally enter gross monthly income to assess payment sustainability.
Review loan amount, monthly payment, total interest, and total payment.

Formula

Loan amount equals home price minus down payment. Monthly payment uses the standard amortization formula: M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan amount, r is the monthly rate, and n is the number of payments.

Example

A $350,000 home with a $70,000 down payment at 6.5% over 30 years results in a $280,000 loan with a monthly payment of about $1,769 and roughly $356,720 in total interest.

Frequently asked questions

Does this include property taxes and insurance?

No. This calculator covers principal and interest only. Taxes, homeowners insurance, HOA fees, and PMI are not included.

How does a larger down payment affect my mortgage?

A larger down payment reduces the loan amount, which lowers monthly payments and total interest paid over the life of the loan.

What is an amortization schedule?

An amortization schedule shows how each payment splits between principal and interest over time. Early payments are mostly interest; later payments are mostly principal.

How is the monthly mortgage payment calculated?

Payments use the standard amortization formula based on loan amount, annual interest rate, and term. Fixed-rate loans keep the same payment for the life of the loan.

What is PMI and when do I need it?

Private mortgage insurance is often required when your down payment is below 20%. PMI adds to your monthly housing cost until you reach sufficient equity.

Should I choose a 15-year or 30-year mortgage?

A 15-year loan has higher monthly payments but far less total interest. A 30-year loan improves cash flow but costs more over time.

How much house can I afford?

Lenders often use debt-to-income ratios, but you should also budget for maintenance, taxes, insurance, and savings. Use our Home Affordability calculator for a DTI-based estimate.

Does making extra payments save interest?

Yes. Extra principal payments reduce the balance faster and cut total interest. Use the Mortgage Payoff vs Invest calculator to compare prepayment with investing.

What is the difference between interest rate and APR?

The interest rate is the cost of borrowing the principal. APR includes certain fees and gives a broader view of loan cost. This calculator uses the interest rate only.

Can I use this for refinancing?

This calculator estimates a new purchase loan. For refinance comparisons, use the Mortgage Refinance calculator with your current balance and remaining term.