Mortgage Calculator
Estimate your monthly mortgage payments and full amortization schedule.
Enter your details
20.0% of home price
Monthly Payment
$2,022.62
For a 30-year fixed mortgage
Monthly payment per $1,000 borrowed: $6.32
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,022.62 | $289.28 | $1,733.33 | $319,710.72 |
| 2 | $2,022.62 | $290.85 | $1,731.77 | $319,419.86 |
| 3 | $2,022.62 | $292.43 | $1,730.19 | $319,127.44 |
| 4 | $2,022.62 | $294.01 | $1,728.61 | $318,833.43 |
| 5 | $2,022.62 | $295.6 | $1,727.01 | $318,537.82 |
| 6 | $2,022.62 | $297.2 | $1,725.41 | $318,240.62 |
| 7 | $2,022.62 | $298.81 | $1,723.8 | $317,941.8 |
| 8 | $2,022.62 | $300.43 | $1,722.18 | $317,641.37 |
| 9 | $2,022.62 | $302.06 | $1,720.56 | $317,339.31 |
| 10 | $2,022.62 | $303.7 | $1,718.92 | $317,035.62 |
| 11 | $2,022.62 | $305.34 | $1,717.28 | $316,730.27 |
| 12 | $2,022.62 | $307 | $1,715.62 | $316,423.28 |
How to use this mortgage calculator
Enter your home price, down payment, annual interest rate, and loan term. The calculator instantly shows your monthly mortgage payment, total interest paid over the life of the loan, and a full amortization schedule breaking down how each payment splits between principal and interest.
The mortgage payment formula
Your monthly payment is calculated using the standard amortization formula:
M = P × [r(1+r)n] / [(1+r)n − 1]
Where M is the monthly payment, P is the loan principal (home price minus down payment), r is the monthly interest rate, and n is the total number of monthly payments.
What costs are included?
This calculator covers your principal and interest (P&I) — the core of your monthly mortgage payment. Your actual payment may be higher because it typically also includes property taxes, homeowners insurance, and (if your down payment is below 20%) private mortgage insurance (PMI). These additional costs are usually held in an escrow account by your lender.
Tips to lower your payment
- Increase your down payment — every extra dollar reduces the principal you borrow.
- Shop around for rates — even a 0.5% difference on a $300k loan saves over $100/month.
- Choose a longer term — a 30-year mortgage has lower payments than a 15-year, but you'll pay more interest overall.
- Improve your credit score — borrowers with scores above 760 typically qualify for the best rates.
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