Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and view the full amortization schedule.
Monthly Payment
Loan Amount
Total Interest Paid
Total Cost
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|
How Mortgage Calculations Work
This calculator uses the standard mortgage payment formula (PMT). The monthly payment is calculated using:
M = P[r(1+r)^n] / [(1+r)^n - 1]
Where M is the monthly payment, P is the principal (loan amount), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments.
The amortization schedule shows how each payment is split between principal and interest over the life of the loan. Early payments go mostly toward interest, while later payments go mostly toward principal.