Mortgage & Loan
Calculate monthly mortgage payments, total cost, and view amortization schedule.
| Year | Beg. Balance | Principal Paid | Interest Paid | End. Balance |
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Mortgage Calculator Guide
Estimate monthly loan payments, total interest, and the long-term cost of borrowing so you can compare home prices, down payments, rates, and loan terms.
How to use this calculator
Enter the home price and down payment to determine the loan principal. Set an interest rate and term (for example 15 or 30 years). The calculator estimates your principal-and-interest payment and the total interest paid across the full schedule. Use it to compare “buy more house” versus “pay less interest” tradeoffs before you talk to a lender.
Worked example
On a $400,000 home with an $80,000 down payment, the loan amount is $320,000. At 6.5% for 30 years, monthly principal-and-interest is significantly higher than the same loan at a lower rate or shorter term. Shortening the term raises the monthly payment but can dramatically cut lifetime interest. Increasing the down payment lowers both payment and total interest.
What to watch beyond the payment
Monthly affordability is not only principal and interest. Property taxes, insurance, HOA fees, maintenance, and closing costs can materially change housing budgets. Interest rate changes of even 0.5% are worth modeling because they compound across hundreds of payments.
Planning tips
Compare 15-year vs 30-year scenarios side by side. Stress-test a higher rate than today’s quote. Keep an emergency fund after closing so the home purchase does not wipe out liquidity. This tool is for education and comparison—not a lender underwriting decision.
What is amortization?
Amortization is the process of paying down a loan over time. Early payments are interest-heavy; later payments apply more to principal.
How does down payment change cost?
A larger down payment reduces loan principal, which usually lowers monthly payments, total interest, and sometimes mortgage insurance needs.
Is a lower rate always better than a shorter term?
Lower rates help, but a shorter term can save more interest if you can afford the higher payment. Model both before deciding.
Does this include taxes and insurance?
The core estimate focuses on loan principal and interest. Budget separately for taxes, insurance, and maintenance.
Should I prepay the mortgage?
Prepayments can save interest, but compare that benefit with investing, emergency reserves, and any prepayment penalties in your loan contract.
Is this lending advice?
No. Loan approvals, fees, and rates depend on credit, income, and lender overlays. Use this as a planning worksheet only.
Disclaimer: Mortgage figures are simplified estimates and may omit PMI, points, escrow, and fees. Confirm final numbers with your lender’s loan estimate.