Mortgage Calculator
Monthly payment and amortizationRuns locally · nothing uploaded
Amortization schedule (yearly)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | 3,353.18 | 19,401.27 | 296,646.82 |
| Year 2 | 3,577.74 | 19,176.7 | 293,069.08 |
| Year 3 | 3,817.35 | 18,937.1 | 289,251.73 |
| Year 4 | 4,073.01 | 18,681.44 | 285,178.72 |
| Year 5 | 4,345.79 | 18,408.66 | 280,832.93 |
| Year 6 | 4,636.83 | 18,117.62 | 276,196.1 |
| Year 7 | 4,947.37 | 17,807.08 | 271,248.73 |
| Year 8 | 5,278.7 | 17,475.75 | 265,970.03 |
| Year 9 | 5,632.23 | 17,122.22 | 260,337.81 |
| Year 10 | 6,009.43 | 16,745.02 | 254,328.38 |
| Year 11 | 6,411.89 | 16,342.56 | 247,916.49 |
| Year 12 | 6,841.31 | 15,913.14 | 241,075.18 |
| Year 13 | 7,299.48 | 15,454.97 | 233,775.7 |
| Year 14 | 7,788.34 | 14,966.11 | 225,987.36 |
| Year 15 | 8,309.94 | 14,444.51 | 217,677.42 |
| Year 16 | 8,866.47 | 13,887.98 | 208,810.95 |
| Year 17 | 9,460.28 | 13,294.17 | 199,350.68 |
| Year 18 | 10,093.85 | 12,660.6 | 189,256.83 |
| Year 19 | 10,769.85 | 11,984.6 | 178,486.98 |
| Year 20 | 11,491.13 | 11,263.32 | 166,995.85 |
| Year 21 | 12,260.71 | 10,493.74 | 154,735.14 |
| Year 22 | 13,081.83 | 9,672.62 | 141,653.3 |
| Year 23 | 13,957.95 | 8,796.5 | 127,695.36 |
| Year 24 | 14,892.74 | 7,861.71 | 112,802.62 |
| Year 25 | 15,890.13 | 6,864.32 | 96,912.49 |
| Year 26 | 16,954.32 | 5,800.13 | 79,958.16 |
| Year 27 | 18,089.79 | 4,664.66 | 61,868.38 |
| Year 28 | 19,301.29 | 3,453.16 | 42,567.08 |
| Year 29 | 20,593.94 | 2,160.51 | 21,973.15 |
| Year 30 | 21,973.15 | 781.3 | 0 |
Results are estimates for reference only and are not financial, lending or tax advice. Confirm actual rates and taxes with your lender or tax authority.
Rates, down payment and repayment rules depend on your lender and local regulations. This tool assumes a fixed rate and ignores rate resets, prepayment, fees, taxes and insurance.
How it works
When to use it
- Estimate the monthly payment for different loan sizes and terms before buying a home.
- Compare a fixed (annuity) payment with an equal-principal schedule.
- Check a lender's quoted payment or remaining balance against your contract rate.
Formula
Fixed payment M = P × i × (1 + i)^n ÷ [(1 + i)^n − 1]P = principal, i = monthly rate (annual rate ÷ 12), n = number of payments (years × 12).
Equal principal, month k = P ÷ n + (P − principal repaid) × iPrincipal is constant, interest falls with the balance, so the payment drops by P ÷ n × i each month.
Equal principal, total interest = P × i × (n + 1) ÷ 2Worked example
Given: Loan $300,000 at 6.5% for 30 years (360 payments)
- i = 6.5% ÷ 12 ≈ 0.5417%, n = 360.
- Fixed payment: M = 300,000 × i × (1 + i)^360 ÷ [(1 + i)^360 − 1] ≈ $1,896.20.
- Total interest ≈ 1,896.20 × 360 − 300,000 ≈ $382,633.
- Equal principal: first payment = 300,000 ÷ 360 + 300,000 × i ≈ 833.33 + 1,625.00 = $2,458.33, then about $4.51 less each month.
- Equal-principal total interest = 300,000 × i × 361 ÷ 2 ≈ $293,313.
Result: Equal principal saves about $89,000 in interest but starts about $562 a month higher.
Reading the result
- Total interest assumes you keep the loan to maturity at the same rate. Extra payments or refinancing lower it.
- Early years are mostly interest. The yearly schedule shows how slowly the balance falls on a fixed-payment loan.
Limitations
- Assumes a fixed rate. Adjustable-rate loans change after each reset.
- Principal and interest only: property tax, homeowners insurance, PMI and HOA fees are not included.
How to use
- 1Enter the loan amount, annual interest rate and term in years.
- 2Choose fixed payment or equal principal.
- 3Review the payment and the amortization schedule.
FAQ
How is the monthly payment calculated?
For a fixed-payment loan: M = P·i·(1+i)^n / ((1+i)^n − 1), where i is the monthly rate and n the number of payments.
Does it include taxes and insurance?
No. It covers principal and interest only. Add property tax, insurance and HOA fees separately.