Mortgage Calculator
Enter your loan amount, interest rate, and term to see your monthly payment, total interest, and full amortization schedule. Add an optional extra monthly payment to see how much sooner you'd pay off the loan.
Results
| Monthly payment | — |
|---|---|
| Total interest paid | — |
| Payoff time | — |
| Total paid | — |
Amortization schedule
Showing every 12th payment for readability.
| Month | Payment | Principal | Interest | Balance |
|---|
How this calculator works
A mortgage payment is calculated so that a fixed amount, paid every month at a fixed interest rate, pays off the entire loan balance by the end of the term. Each payment is split between interest (a percentage of what you currently owe) and principal (what actually reduces your balance). Early in the loan, most of each payment goes to interest, since the balance is highest then; as the balance shrinks, more of each payment goes to principal instead.
This calculator uses the standard fixed-rate amortization formula banks use to set your payment, then walks the loan forward month by month to build the full schedule. Adding an extra payment each month doesn't change your required payment — it goes straight to principal, which shrinks your balance faster and reduces the total interest you pay over the life of the loan, often by tens of thousands of dollars on a 30-year mortgage.
Results update automatically as you change any input above. This tool is for illustration only — it doesn't include property tax, insurance, PMI, or closing costs, all of which affect what you'd actually pay each month.