Mortgage Calculator
Estimate your monthly payment and total interest on a home loan.
That's 20.0% of the home price
Payment Breakdown
Amortization Schedule — First 5 Years
| 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 |
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How this mortgage calculator works
This home loan payment calculator estimates your monthly house payment using the standard amortization formula: M = P × [r(1+r)n] / [(1+r)n − 1], where P is the loan principal (home price minus Down Payment),r is the monthly interest rate, and n is the total number of monthly payments. To calculate monthly mortgage payment totals accurately, it adds an estimated 1.2% annual Property Tax and a $100/month insurance placeholder to the principal-and-interest payment.
The calculator also generates an Amortization Schedule for the first five years, showing how each payment splits between principal reduction and interest. Early payments are mostly interest, while later payments shift toward principal — this is why extra payments early in the loan save the most money.
Tips for lowering your payment
- Put down at least 20% to avoid Private Mortgage Insurance (PMI), which protects the lender — not you — and can add $50–$200/month until you reach 20% equity.
- A shorter loan term raises your monthly payment but can save tens of thousands in interest.
- Even a 0.5% rate reduction can lower a 30-year payment by roughly $100/month on a $400k loan.
- Shop multiple lenders — rates and closing costs vary significantly between institutions.
Planning your financial future? See how your savings can grow over time using our Compound Interest Calculator.