🏠
Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization schedule
Loan Details
$
$
20.0% of home price
years
%
$
Optional: Annual property tax
$
Optional: Annual insurance cost
Monthly Payment
$1,866.96
Total monthly payment
🏠
Loan Amount
$240,000
30 year loan
💵
Total Interest
$306,106.77
Over life of loan
📊
Total Payment
$546,106.77
Principal + Interest
💰
Monthly Payment Breakdown
Principal & Interest
$1,516.96
Property Tax
$250
Home Insurance
$100
PMI
$0
Principal vs Interest Over Time
Loan Balance Over Time
Amortization Schedule (First 12 Months)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,516.96 | $216.96 | $1,300 | $239,783.04 |
| 2 | $1,516.96 | $218.14 | $1,298.82 | $239,564.9 |
| 3 | $1,516.96 | $219.32 | $1,297.64 | $239,345.58 |
| 4 | $1,516.96 | $220.51 | $1,296.46 | $239,125.07 |
| 5 | $1,516.96 | $221.7 | $1,295.26 | $238,903.37 |
| 6 | $1,516.96 | $222.9 | $1,294.06 | $238,680.46 |
| 7 | $1,516.96 | $224.11 | $1,292.85 | $238,456.35 |
| 8 | $1,516.96 | $225.32 | $1,291.64 | $238,231.03 |
| 9 | $1,516.96 | $226.55 | $1,290.42 | $238,004.48 |
| 10 | $1,516.96 | $227.77 | $1,289.19 | $237,776.71 |
| 11 | $1,516.96 | $229.01 | $1,287.96 | $237,547.71 |
| 12 | $1,516.96 | $230.25 | $1,286.72 | $237,317.46 |
Showing first 12 months of 360 total payments
Understanding Your Mortgage
A mortgage is a loan used to purchase real estate. Your monthly payment typically includes:
- Principal: The amount borrowed (reduces your loan balance)
- Interest: The cost of borrowing (doesn't reduce balance)
- Property Tax: Annual taxes paid to local government
- Insurance: Protects the property from damage
- PMI: Required if down payment is less than 20%
Pro Tip: Making extra principal payments can significantly reduce the total interest paid and shorten your loan term. Even small additional payments can make a big difference over time.