Mortgage Calculator
Calculate monthly payments, total interest, and view amortization schedules for your mortgage.
Mortgage Calculator
Enter your mortgage details below to calculate your monthly payment and view the complete amortization schedule.
Mortgage Summary
Payment Breakdown
Chart will appear here after calculation
Amortization Schedule
| Payment # | Payment Date | Payment Amount | Principal | Interest | Extra Payment | Remaining Balance |
|---|---|---|---|---|---|---|
| Amortization schedule will appear here after calculation | ||||||
Detailed Amortization
View a complete breakdown of each payment, including principal, interest, extra payments, and remaining balance.
Extra Payment Options
Include extra monthly payments to see how they reduce your loan term and interest costs.
Visual Insights
See visual breakdowns of your mortgage with charts showing principal, interest, and extra payments.
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What is a Mortgage Calculator?
A Mortgage Calculator is an essential tool for any current or future homeowner. It allows you to estimate your monthly principal and interest payments based on the home's price, your down payment, the loan term, and the current interest rate.
Our tool goes a step further by allowing you to factor in extra monthly payments. By adding even a small amount to your monthly payment, you can see how much faster you could pay off your home and how many thousands of dollars you could save in interest over the life of the loan.
The Benefit of Extra Payments
Why should you consider paying more than the minimum?
- Shorten Your Term: Extra payments go directly toward the principal balance, meaning you could turn a 30-year mortgage into a 22 or 25-year mortgage.
- Massive Interest Savings: Because interest is calculated on the remaining balance, reducing that balance faster means you pay significantly less interest over time.
- Build Equity Faster: Paying down your principal increases the percentage of the home you actually own, giving you more financial flexibility.
How to Estimate Your Payment
- Enter your Loan Amount (Total home price minus your down payment).
- Input the Interest Rate (The APR provided by your lender).
- Set the Loan Term (Typically 15 or 30 years).
- Optionally add an Extra Payment to see the long-term impact.
- Click "Calculate" to generate your summary and amortization schedule.
Mortgage & Home Loan FAQ
What does PITI stand for?
PITI stands for Principal, Interest, Taxes, and Insurance. Our calculator focuses on the **Principal and Interest** (the core loan repayment). In a real-world scenario, you'll also need to budget for property taxes and homeowners insurance.
What is Private Mortgage Insurance (PMI)?
If your down payment is less than 20% of the home's value, lenders usually require PMI. This protects the lender if you default on the loan. PMI costs are not included in this calculator and would be an additional monthly expense.
Should I choose a 15-year or 30-year term?
A 15-year term usually has a lower interest rate and results in much less total interest paid, but the monthly payments are significantly higher. A 30-year term offers lower, more manageable monthly payments but costs much more in interest over time.
Can I refinance my mortgage later?
Yes! Many homeowners refinance their mortgage when interest rates drop or their credit score improves. Refinancing involves taking out a new loan to pay off the old one, ideally with better terms.