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 |
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 monthly 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.
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