Calculate your monthly home loan payment, see total interest, and view a full amortization schedule.
| Year | Principal Paid | Interest Paid | Remaining Balance |
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The amount you borrow. Your loan amount equals home price minus down payment.
The cost of borrowing. Early payments are mostly interest; later payments are mostly principal.
How long you have to repay. Shorter terms = higher monthly payments but lower total interest.
The standard formula is M = P × [r(1+r)n] / [(1+r)n - 1]. Where M is monthly payment, P is loan principal, r is monthly interest rate (annual rate / 12), and n is total number of payments (years × 12).
Amortization is the process of paying down loan debt over time through scheduled payments. Each payment includes both principal and interest. Early in the loan, most of your payment goes to interest. As the principal decreases, more of each payment goes to principal.
20% down payment is standard and avoids private mortgage insurance (PMI). Many loan programs (FHA, VA, conventional) allow 3-10% down with PMI. Higher down payments reduce monthly payments and total interest paid over the loan term.
Extra principal payments reduce total interest paid and shorten the loan term significantly. Even an extra $100/month on a 30-year mortgage can save tens of thousands. However, compare against the after-tax return you'd earn investing that money — if your mortgage rate is 4% but you can earn 8% investing, investing may make more sense.
15-year mortgages have higher monthly payments but lower interest rates (typically 0.5-0.75% lower) and dramatically less total interest paid. A 30-year mortgage offers lower monthly payments and more flexibility, but you pay significantly more in interest over the life of the loan.
No, this calculator shows principal and interest only (P&I). Your actual mortgage payment will typically also include property taxes, homeowner's insurance, and possibly PMI — collectively called PITI. Expect total housing costs to be 20-40% higher than the P&I shown here.