Free Online Mortgage Calculator
Calculate monthly mortgage payments with amortization schedule
Your Monthly Payment
$1,896.20
Principal vs Interest Over Time
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,353.18 | $19,401.27 | $296,646.82 |
| 2 | $3,577.74 | $19,176.70 | $293,069.08 |
| 3 | $3,817.35 | $18,937.10 | $289,251.73 |
| 4 | $4,073.01 | $18,681.44 | $285,178.72 |
| 5 | $4,345.79 | $18,408.66 | $280,832.93 |
| 6 | $4,636.83 | $18,117.62 | $276,196.10 |
| 7 | $4,947.37 | $17,807.08 | $271,248.73 |
| 8 | $5,278.70 | $17,475.75 | $265,970.03 |
| 9 | $5,632.23 | $17,122.22 | $260,337.81 |
| 10 | $6,009.43 | $16,745.02 | $254,328.38 |
| 11 | $6,411.89 | $16,342.56 | $247,916.49 |
| 12 | $6,841.31 | $15,913.14 | $241,075.18 |
| 13 | $7,299.48 | $15,454.97 | $233,775.70 |
| 14 | $7,788.34 | $14,966.11 | $225,987.36 |
| 15 | $8,309.94 | $14,444.51 | $217,677.42 |
| 16 | $8,866.47 | $13,887.98 | $208,810.95 |
| 17 | $9,460.28 | $13,294.17 | $199,350.68 |
| 18 | $10,093.85 | $12,660.60 | $189,256.83 |
| 19 | $10,769.85 | $11,984.60 | $178,486.98 |
| 20 | $11,491.13 | $11,263.32 | $166,995.85 |
| 21 | $12,260.71 | $10,493.74 | $154,735.14 |
| 22 | $13,081.83 | $9,672.62 | $141,653.30 |
| 23 | $13,957.95 | $8,796.50 | $127,695.36 |
| 24 | $14,892.74 | $7,861.71 | $112,802.62 |
| 25 | $15,890.13 | $6,864.32 | $96,912.49 |
| 26 | $16,954.32 | $5,800.13 | $79,958.16 |
| 27 | $18,089.79 | $4,664.66 | $61,868.38 |
| 28 | $19,301.29 | $3,453.16 | $42,567.08 |
| 29 | $20,593.94 | $2,160.51 | $21,973.15 |
| 30 | $21,973.15 | $781.30 | $0.00 |
For informational purposes only. Not financial advice. Results may vary from actual lender calculations which include additional fees and adjustments. Consult a financial professional before making mortgage decisions.
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About this tool
Calculate your monthly mortgage payment and view a full amortization schedule with this free online mortgage calculator. Enter your loan amount, annual interest rate, and loan term to instantly see your estimated monthly payment, total cost over the life of the loan, and a detailed breakdown of principal versus interest. The calculator includes an interactive amortization chart showing how your balance decreases over time and how the split between principal and interest shifts with each payment. Toggle between yearly and monthly views of the amortization schedule to see exactly where every dollar goes. You can also include property tax, homeowners insurance, and private mortgage insurance (PMI) for a more accurate estimate of your total housing cost. Whether you are buying your first home, refinancing, or comparing 15-year and 30-year options, this tool gives you instant, accurate results with no sign-up required. All calculations run in your browser — no data is sent to any server.
Frequently Asked Questions
The monthly payment uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. For example, a $300,000 loan at 6.5% for 30 years gives a monthly payment of about $1,896.
An amortization schedule is a table showing every mortgage payment broken down into principal and interest. Early payments are mostly interest, while later payments are mostly principal. The schedule shows exactly how much you owe after each payment.
A 15-year mortgage has higher monthly payments but lower total interest cost. A 30-year mortgage has lower monthly payments but you pay significantly more interest over the life of the loan. Use this calculator to compare both options side by side.
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home price. PMI usually costs 0.5% to 1% of the loan amount per year and is added to your monthly payment. It can be removed once you reach 20% equity.
A common guideline is that your total monthly housing cost (mortgage, tax, insurance) should not exceed 28% of your gross monthly income. Use this calculator to find a monthly payment that fits your budget, then work backward to the loan amount.
Even a small rate change has a large impact. For a $300,000 30-year loan, going from 6% to 7% increases the monthly payment by about $200 and adds over $70,000 in total interest over the life of the loan.
Mortgage rates fluctuate based on economic conditions. A good rate depends on the current market, your credit score, down payment, and loan type. Compare offers from multiple lenders and check current average rates from Freddie Mac or the Federal Reserve.
Strategies include making biweekly payments instead of monthly (adds one extra payment per year), rounding up your payment, making one extra payment per year, or refinancing to a shorter term. Even small extra payments can save thousands in interest.
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