$70,000.00
$280,000.00
Monthly Payment
$1,769.79
per month (principal & interest)
Total Payment
$637,124.57
Total Interest
$357,124.57
Interest/Loan
127.5%
Mortgage Calculator with Amortization
Calculate monthly mortgage payments, total interest, and amortization schedule. Free online mortgage payment calculator for home buyers.
How It Works
Enter the home price, down payment, loan term, and interest rate. The calculator shows your monthly payment, total interest over the life of the loan, and a full amortization schedule showing the principal and interest breakdown for each payment.
Common Use Cases
- Estimating monthly payments before buying a home
- Comparing 15-year vs 30-year mortgage terms
- Understanding how much of each payment goes to principal vs interest
- Calculating the impact of a larger down payment on monthly costs
Frequently Asked Questions
An amortization schedule is a table showing each monthly payment broken down into principal and interest portions over the entire life of the loan.
The basic calculation covers principal and interest. Some versions allow adding estimated taxes and insurance for a more complete monthly cost picture.
Even small differences in interest rate significantly affect total cost. For example, on a $300,000 30-year loan, a 1% higher rate can add over $60,000 in total interest.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It typically costs 0.5-1% of the loan amount annually.
15-year mortgages have higher monthly payments but much lower total interest. 30-year mortgages have lower payments but you pay significantly more interest over the life of the loan.
Rates vary by market conditions, credit score, and loan type. Generally, a rate below the national average is considered good. Compare rates from multiple lenders.
Extra payments go directly to principal, reducing total interest and loan duration. Even $100/month extra on a 30-year mortgage can save tens of thousands in interest.