Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property tax, and insurance. View a full amortization schedule to see how your balance decreases over time.
Balance Over Time
How to Use the Mortgage Calculator
Enter the home price, your down payment (as a dollar amount or percentage), the annual interest rate, and the loan term. Optionally add annual property tax and homeowner's insurance to get a complete PITI (Principal, Interest, Taxes, Insurance) payment estimate.
Understanding Your Amortization Schedule
Early in a 30-year mortgage, most of your payment goes toward interest. As years pass, more goes to principal. This calculator shows the full breakdown so you can see exactly when you'll pay off your loan and how much total interest you'll pay.
Frequently Asked Questions
How is a monthly mortgage payment calculated?
Your monthly payment is calculated using the formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate, and n is the number of payments.
What is a good down payment for a house?
A 20% down payment is traditionally recommended because it eliminates the need for private mortgage insurance (PMI). However, many loans allow as little as 3–5% down.
How does a 15-year vs 30-year mortgage compare?
A 15-year mortgage has higher monthly payments but far less total interest paid. A 30-year mortgage lowers the monthly payment but costs significantly more in interest over time.