How is my monthly mortgage payment calculated?

It uses the standard amortization formula based on your loan principal, annual interest rate, and number of payments, splitting each payment between interest and principal.

What is amortization?

Amortization is the schedule that shows how each payment is divided between interest and principal. Early payments are mostly interest; later ones pay down more principal.

Does this include taxes and insurance?

This calculator estimates principal and interest only. Property taxes, homeowners insurance, and HOA fees are extra and vary by location.

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Finance

Mortgage Calculator

Calculate monthly payments, total interest, and amortization schedule

Loan Amount

Loan Term (years)

Interest Rate (%)

Monthly Payment

$1,896.20

Total Interest

$382,633.47

Total Paid

$682,633.47

Amortization Schedule

Month	Payment	Principal	Interest	Balance
1	$1,896.20	$271.20	$1,625.00	$299,728.80
2	$1,896.20	$272.67	$1,623.53	$299,456.12
3	$1,896.20	$274.15	$1,622.05	$299,181.97
4	$1,896.20	$275.64	$1,620.57	$298,906.34
5	$1,896.20	$277.13	$1,619.08	$298,629.21
6	$1,896.20	$278.63	$1,617.57	$298,350.58
7	$1,896.20	$280.14	$1,616.07	$298,070.44
8	$1,896.20	$281.66	$1,614.55	$297,788.79
9	$1,896.20	$283.18	$1,613.02	$297,505.60
10	$1,896.20	$284.72	$1,611.49	$297,220.89
11	$1,896.20	$286.26	$1,609.95	$296,934.63
12	$1,896.20	$287.81	$1,608.40	$296,646.82

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Mortgage Calculator

Estimate your monthly home loan payment with this free mortgage calculator. Enter the loan amount, interest rate, and term to instantly see your monthly principal and interest, total interest paid over the life of the loan, and a full amortization breakdown.

FAQ

How is my monthly mortgage payment calculated?: It uses the standard amortization formula based on your loan principal, annual interest rate, and number of payments, splitting each payment between interest and principal.
What is amortization?: Amortization is the schedule that shows how each payment is divided between interest and principal. Early payments are mostly interest; later ones pay down more principal.
Does this include taxes and insurance?: This calculator estimates principal and interest only. Property taxes, homeowners insurance, and HOA fees are extra and vary by location.