Mortgage Payment Calculator
Calculate monthly mortgage payments, total interest, and view a full amortization schedule. Compare different loan amounts, rates, and terms.
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Frequently Asked Questions
How does the Mortgage Calculator work?
The calculator applies the standard amortization formula M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate (annual rate / 12), and n is the total number of monthly payments. It then iterates month by month to build the amortization schedule, splitting each payment into interest (balance * r) and principal portions.
How is the monthly mortgage payment calculated?
The calculator uses the standard amortization formula that accounts for your loan amount, annual interest rate, and loan term in years. It shows the fixed monthly payment that covers both principal and interest.
What is an amortization schedule?
An amortization schedule is a table showing each monthly payment broken down into principal and interest portions over the life of the loan. Early payments go mostly toward interest, while later payments go mostly toward principal.
Does this include property taxes and insurance?
The calculator focuses on principal and interest (P&I). Property taxes, homeowner's insurance, and PMI vary by location and lender, so they are not included in this estimate.