Calculate your monthly mortgage payment, total interest, and view a complete amortization schedule. Free, instant, and accurate.
Enter your loan details and click Calculate to see your monthly payment and breakdown.
| Year | Payment | Principal | Interest | Balance | Principal % |
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Enter the following details to calculate your mortgage payment:
Enter the full purchase price of the property you're buying.
The amount you're paying upfront. Use the slider to adjust the percentage. A 20% down payment avoids PMI (Private Mortgage Insurance).
Enter your annual mortgage rate. Check with your lender for the current rate, or use current average rates as a starting point.
Choose between 10, 15, 20, or 30 years. A shorter term means higher monthly payments but significantly less total interest paid.
Mortgage payments use the standard amortization formula:
For example, a $280,000 loan at 6.5% for 30 years:
The total of 360 payments = $637,200 — meaning $357,200 goes to interest on top of the $280,000 principal.
Choosing your loan term is one of the biggest financial decisions. Here's how they compare on a $300,000 loan at 6.5%:
The right choice depends on your income, financial goals, and cash flow needs.
Each extra 5% down reduces your principal and may eliminate the need for PMI, saving hundreds per month.
A higher credit score can secure a lower interest rate. Even 0.5% less can save tens of thousands over 30 years.
Extending from 15 to 30 years reduces monthly payments — though you'll pay more interest overall.
Rates vary significantly between lenders. Getting 3-5 quotes can save $50–$150/month on your payment.
Paying mortgage points upfront can lower your rate permanently. Each point equals 1% of the loan amount.