Mortgage Calculator
Monthly payment & amortization
Monthly Payment
Total Interest
Total Cost
after down payment
Year-by-year amortization
| Year | Principal Paid | Interest Paid | Balance |
|---|
How it works
Enter your home price, down payment, interest rate, and loan term. The calculator shows your monthly payment, total interest, and total amount paid over the life of the loan.
Understanding your payment
Each monthly payment covers two things: interest on what you still owe, and a portion of the principal (the actual loan amount). Early payments are mostly interest; later payments are mostly principal. The amortization table breaks down each year to show exactly how your payments split between interest and principal.
The formula
M = P[r(1+r)ⁿ] / [(1+r)ⁿ - 1]
- M = monthly payment
- P = principal (home price − down payment)
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of payments (years × 12)