Mortgage Calculator – Monthly Payment & Amortization
Calculate your monthly mortgage payment, total interest, and full amortization schedule. Compare loan terms and see how extra payments help.
Tool
Enter your values and get results instantly.
How to Use
- 1Enter the loan amount
- 2Enter the annual interest rate
- 3Enter the loan term in years and see your monthly payment & schedule
Benefits
Frequently Asked Questions
How is the monthly payment calculated?
The monthly payment is calculated using the standard amortization formula: P × r(1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly rate, and n is number of payments.
What is an amortization schedule?
It's a table showing each monthly payment broken into principal and interest, along with the remaining balance over the life of the loan.
Does it include property taxes and insurance?
No. This calculator focuses on principal and interest. Taxes and insurance (PITI) can be added separately by the borrower.
How do extra payments help?
Making extra payments reduces the principal faster, which shortens the loan term and significantly reduces the total interest paid.
Is this calculator accurate?
It uses the standard amortization formula and is accurate for fixed-rate mortgages. Adjustable-rate and interest-only loans differ.