Mortgage Calculator - Estimate Your Monthly Payments
Quickly calculate your mortgage payments and amortization schedule with our easy-to-use Mortgage Calculator.
| Monthly | Total | |
|---|---|---|
| Mortgage Payment | $2,023.67 | $728,521.20 |
| Property Tax | $400.00 | $144,000.00 |
| Home Insurance | $125.00 | $45,000.00 |
| Other Costs | $333.33 | $120,000.00 |
| Total Out-of-Pocket | $2,882.00 | $1,037,521.20 |
| House Price | $400,000.00 |
| Loan Amount | $320,000.00 |
| Down Payment | $80,000.00 |
| Total of 360 Mortgage Payments | $728,521.20 |
| Total Interest | $408,521.24 |
| Mortgage Payoff Date | Jul 2055 |
| Year | Interest | Principal | Ending Balance |
|---|---|---|---|
| 1 | $20,711 | $3,573 | $316,427 |
| 2 | $20,471 | $3,813 | $312,614 |
| 3 | $20,216 | $4,068 | $308,545 |
| 4 | $19,943 | $4,341 | $304,204 |
| 5 | $19,652 | $4,632 | $299,572 |
| 6 | $19,342 | $4,943 | $294,630 |
| 7 | $19,010 | $5,274 | $289,356 |
| 8 | $18,657 | $5,627 | $283,729 |
| 9 | $18,280 | $6,004 | $277,724 |
| 10 | $17,877 | $6,407 | $271,318 |
| 11 | $17,448 | $6,836 | $264,481 |
| 12 | $16,990 | $7,294 | $257,187 |
| 13 | $16,501 | $7,783 | $249,404 |
| 14 | $15,979 | $8,305 | $241,098 |
| 15 | $15,422 | $8,862 | $232,237 |
| 16 | $14,828 | $9,456 | $222,781 |
| 17 | $14,195 | $10,089 | $212,692 |
| 18 | $13,518 | $10,766 | $201,926 |
| 19 | $12,797 | $11,487 | $190,439 |
| 20 | $12,027 | $12,257 | $178,182 |
| 21 | $11,205 | $13,079 | $165,103 |
| 22 | $10,329 | $13,955 | $151,148 |
| 23 | $9,393 | $14,891 | $136,257 |
| 24 | $8,395 | $15,889 | $120,368 |
| 25 | $7,330 | $16,954 | $103,415 |
| 26 | $6,194 | $18,090 | $85,325 |
| 27 | $4,982 | $19,302 | $66,022 |
| 28 | $3,688 | $20,596 | $45,426 |
| 29 | $2,307 | $21,977 | $23,450 |
| 30 | $834 | $23,450 | $0 |
aria.chart.lineChartSummary
What Is a Mortgage Calculator?
A mortgage calculator helps you estimate your monthly mortgage payment, total interest paid, and remaining balance over time. It’s a powerful tool for homebuyers and homeowners to evaluate loan options and affordability.
Why Use a Mortgage Calculator?
- Understand your monthly payment breakdown
- Compare fixed vs. adjustable-rate loans
- Factor in taxes, insurance, and HOA fees
- Plan for early payoff or refinancing scenarios
How Does a Mortgage Work?
A mortgage is a type of loan used to purchase a home. You borrow a lump sum and repay it over time — typically 15 or 30 years. Each monthly payment includes:
- Principal: The amount borrowed
- Interest: The cost of borrowing
- Taxes & Insurance: Optional, but often escrowed
How Is Your Mortgage Payment Calculated?
- Loan amount (home price - down payment)
- Interest rate
- Loan term (e.g., 15 or 30 years)
- Property tax and insurance (optional)
- Private mortgage insurance (PMI), if applicable
Types of Mortgage Loans
- Fixed-rate: Same interest rate throughout the loan
- Adjustable-rate (ARM): Interest rate may change over time
- FHA / VA: Government-backed for specific eligibility
- Interest-only: Pay only interest for an initial period
Mortgage Calculator Pros and Cons
| Pros | Cons |
|---|---|
| Easy to use and free | Doesn’t include all lender-specific fees |
| Helps compare multiple loans | Estimates only — not a quote |
| Visual charts aid planning | PMI/tax estimates may vary |
Alternatives to Traditional Mortgages
- Cash-out refinance: Tap home equity for cash
- Home equity loan: Fixed loan using equity
- HELOC: Revolving line of credit backed by your home
Frequently Asked Questions
Use our affordability calculator to estimate how much house you can buy based on your income and expenses.
A 15-year mortgage saves on interest but has higher monthly payments. It depends on your budget.
Yes, though some lenders may charge a prepayment penalty — check your loan terms.
Private Mortgage Insurance (PMI) is required if your down payment is under 20%.