$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%
About Mortgage Calculator
Buying a home is a massive financial decision. Our free online Mortgage Calculator helps you estimate your monthly payments, visualize your amortization schedule, and understand how interest affects your total loan cost.
How It Works
The tool uses standard financial formulas to calculate the monthly principal and interest payment based on the home price, down payment, interest rate, and loan term. It also generates a month-by-month amortization table showing how the balance decreases.
Common Use Cases
- Estimating monthly housing costs before making an offer on a house
- Comparing 15-year vs. 30-year mortgage terms
- Seeing how a larger down payment reduces monthly costs and total interest
- Understanding how much of your early payments go toward interest vs. principal
Frequently Asked Questions
An amortization schedule is a table detailing each periodic payment on an amortizing loan. It shows exactly how much of each payment goes toward the principal balance and how much goes toward interest.
This specific calculator focuses on Principal and Interest (P&I). Real-world monthly payments will be higher once property taxes, homeowner's insurance, and potential Private Mortgage Insurance (PMI) are added.