Finance category
Mortgage, loan, investing, tax, and money calculators.
Mortgage Calculator
Estimate your monthly principal and interest payment, compare common loan terms, and review a year-by-year amortization schedule for your mortgage.
Monthly Payment (P&I)
$2,023
Total Interest Paid
$408,142
Total Cost of Loan
$728,142
Year-by-Year Amortization
Based on a 30-year loan of $320,000 at 6.50% interest.
Home price $400,000 • Down payment $80,000
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833 | $0 |
EveryCalc calculators are designed for fast, practical estimates with transparent inputs and no required account. We use plain formulas, visible assumptions, and related tools so visitors can check the result from more than one angle.
Results are informational only. For financial, tax, legal, medical, construction, or other high-impact decisions, verify the output against primary sources or a qualified professional.
Learn more about our review process on the EveryCalc methodology page.
Calculation notes and example
Fixed-rate mortgage formula used here
The loan principal equals home price minus down-payment dollars. For a positive rate, monthly principal and interest equals P × r × (1 + r)^n ÷ ((1 + r)^n - 1), where P is principal, r is the annual note rate divided by 12, and n is the term in months. At a zero rate, payment is principal divided by months. The amortization table applies interest to the opening balance and the rest of the level payment to principal. Total cost on this page excludes taxes, insurance, HOA dues, PMI, points, and closing costs.
Purchase loan example
A $500,000 home with $100,000 down creates a $400,000 mortgage. At 6.75% for 30 years, modeled principal and interest are about $2,595 per month, total interest is about $534,300, and principal plus interest is about $934,300 if the loan runs to term. The actual housing budget is higher after property tax, homeowners insurance, HOA dues, mortgage insurance, and maintenance.
Quote details and limitations
- Use the note rate and exact term from the Loan Estimate; disclosed APR can include certain costs and is not necessarily the note rate.
- This is a fixed-rate, fully amortizing model. Adjustable-rate, interest-only, balloon, buydown, and graduated-payment loans require different schedules.
- Compare payment and cash to close together. A lower payment achieved with points, a longer term, or a larger down payment has an upfront or long-run cost.
Useful companion tools: Mortgage Affordability Calculator, Closing Cost Calculator, PMI Calculator, and Refinance Calculator.
How to interpret the mortgage result
Best use
Use the result as a planning number for comparing payments, rates, returns, tax reserves, or cash-flow choices before you request a quote or make a commitment.
Cross-check
Compare the answer with the contract, lender estimate, tax form, brokerage statement, payroll record, or invoice that will control the real-world outcome.
Watch for
Do not rely on a single optimistic rate, return, or fee assumption. Money pages work best when you run low, base, and high cases and keep professional advice separate from the estimate.
This page belongs to the Finance calculator library, so the answer should be read in the context of the decision you are modeling rather than as a universal rule.
Before relying on this mortgage estimate
Most calculator mistakes come from the inputs, not the arithmetic. Use this short audit before you reuse the answer in a spreadsheet, quote, application, or important conversation.
Confirm source numbers
Match balances, rates, fees, taxes, income, and payment dates against the lender quote, payroll record, tax form, statement, invoice, or contract.
Separate cash flow from total cost
A lower monthly payment can still cost more over time if fees, interest, taxes, or a longer term are hidden in the structure.
Run conservative cases
Test at least one higher-cost or lower-return case before using the output for a purchase, refinance, investment, loan, or tax decision.
Rerun this page when the rate, price, term, fee, tax rule, income, expense, or expected holding period changes.
Sources used for this calculator
These primary or official references help define the rules, terminology, safety checks, or source documents behind this estimate. Source links were checked in July 2026. They do not turn the calculator output into a quote, appraisal, tax determination, or professional opinion.
- Loan Estimate explainer
Consumer Financial Protection Bureau
Use the lender's Loan Estimate to verify payment, APR, taxes, insurance, closing costs, and cash-to-close inputs.
How to Use
- Enter the home price and your planned down payment in either dollars or percent.
- Choose a 15, 20, or 30 year mortgage term.
- Set the annual interest rate offered by your lender.
- Review the principal-and-interest payment, total interest, and yearly amortization schedule instantly.
Frequently Asked Questions
Does this mortgage calculator include taxes and insurance?
No. This calculator shows principal and interest only. Property taxes, homeowners insurance, HOA dues, and PMI can all increase your real monthly housing payment.
What does amortization mean?
Amortization is the process of paying off a loan with fixed payments over time. Early payments go mostly toward interest, while later payments go more heavily toward principal.
How does a larger down payment help?
A larger down payment reduces the amount you borrow, which lowers your monthly payment and total interest paid. Putting 20% down may also help you avoid private mortgage insurance on many conventional loans.
Should I choose a 15 year or 30 year mortgage?
A 15 year mortgage usually has a higher monthly payment but much lower total interest. A 30 year mortgage offers more monthly flexibility, but you will typically pay significantly more interest over the life of the loan.
Why is the first year mostly interest?
Mortgage interest is calculated on your remaining balance each month. Because your balance is highest at the start of the loan, more of each early payment goes to interest.
Related Calculators
PMI Calculator
Estimate how much private mortgage insurance could add to the monthly payment.
Closing Cost Calculator
Estimate lender fees, escrows, and total cash to close on the purchase.
Mortgage Payoff Calculator
See how extra principal payments could shorten the payoff timeline.
Mortgage Recast Calculator
Model a lump-sum recast that lowers the payment without refinancing the loan.
Temporary Buydown Calculator
Compare how a seller- or builder-funded 3-2-1 or 2-1 buydown reshapes the first few years.
Property Tax Calculator
Estimate the property tax portion of PITI from mill rate and assessed value.
Escrow Shortage Calculator
Decode an annual escrow analysis and see the new payment after tax or insurance changes.
HOA Calculator
Layer HOA dues on top of the PITI payment to see the true monthly housing cost.
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