Mortgage Payment Calculator
| Payment | Principal | Interest | Remaining balance |
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What is Mortgage Payment Calculator
A mortgage calculator works out the fixed monthly payment on a home loan from the loan amount, interest rate, and term, using the standard amortization formula. Enter the home price and down payment and it computes the loan amount for you, then shows the monthly principal and interest, the total interest paid over the life of the loan, and a month-by-month or year-by-year schedule of how much of each payment goes to principal versus interest. Add your estimated annual property tax and home insurance to see a fuller monthly number.
How to use
- Enter the home price and your planned down payment.
- Set the annual interest rate and the loan term in years.
- Add annual property tax and home insurance if you want a fuller monthly estimate (both are optional).
- Review the monthly payment, total interest, and total cost of the loan.
- Switch the amortization table between monthly and yearly to see the principal-to-interest split change over time.
When to use it
Looking at a $400,000 house with 20% down? Enter $400,000, an $80,000 down payment, 6.5% over 30 years, and you get a $2,023 monthly principal and interest payment, with $408,142 in total interest over the life of the loan. Add your property tax and insurance estimate and you have the full monthly number to weigh against your budget before you make an offer.
Frequently asked questions
How is the monthly mortgage payment calculated?
The calculator uses the standard fixed-rate amortization formula on the loan amount (home price minus down payment), the monthly interest rate, and the number of monthly payments over the term. Every payment is the same amount, but the split between principal and interest changes each month.
What is the difference between the P&I payment and the total monthly payment?
Principal and interest (P&I) is what actually pays down the loan. If you add annual property tax and home insurance, the calculator divides them by 12 and adds them to P&I to show your full monthly outlay, closer to what lenders call PITI.
How much does a larger down payment change my payment?
A larger down payment lowers the loan amount directly, which lowers both the monthly payment and the total interest paid, since interest is charged on a smaller balance from day one.
Why does most of my early payments go to interest?
Interest is charged on the remaining balance, which is highest at the start of the loan. As the balance shrinks with each payment, less of the fixed payment goes to interest and more goes to principal, which is why the amortization table shows that shift over time.
Can I share this tool with my inputs pre-filled?
Yes. The URL updates automatically as you type. Copy it from the address bar or use the Share button, anyone who opens the link will see your exact inputs ready to go.
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