Mortgage Calculator
Monthly payment & amortization
| Year | Principal paid | Interest paid | Balance |
|---|
About the Mortgage Calculator
Buying a home is one of the biggest financial decisions you will make. This mortgage calculator estimates your monthly payment from the home price, down payment, interest rate and loan term, and can include property tax and home insurance. The amortization schedule shows how each year's payments are split between principal and interest.
- Enter the home price and your down payment.
- Enter the interest rate and loan term (for example 30 years).
- Optionally add yearly property tax and insurance.
- Review the monthly payment, total interest and the year-by-year amortization table.
Frequently asked
How is a mortgage payment calculated?
The principal and interest part uses M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly rate and n the number of payments. Tax and insurance are divided by 12 and added on top.
How much down payment do I need?
It depends on the lender and loan type. 20% is a common target because it often avoids mortgage insurance, but many loans allow less.
Should I choose a 15-year or 30-year mortgage?
A 15-year term has a higher monthly payment but much less total interest. A 30-year term is more affordable each month. Try both in the calculator to compare.
Is what I type sent to a server?
No. The tool runs entirely in your browser and there's no server behind it, so what you type never leaves your device and nothing is stored. You can check: it keeps working if you go offline after the page has loaded.
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