Mortgage Calculator
Calculate monthly payments, total interest, and amortization schedule
Loan Details
20.0% of home price
Additional Costs (Optional)
Required if down payment < 20%
Monthly Payment
$1,867
per month
Payment Breakdown
Principal & Interest$1,516.96
Property Tax$250.00
Home Insurance$100.00
Loan Summary
Loan Amount$240,000
Down Payment$60,000
Total Interest$306,107
Total Cost$732,107
Cost Visualization
Principal$240,000
Interest$306,107
Amortization Schedule
Yearly breakdown of principal and interest payments
| Year | Principal | Interest | Total Payment | Balance |
|---|---|---|---|---|
| Year 1 | $217 | $1,300 | $1,517 | $239,783 |
| Year 1 | $230 | $1,287 | $1,517 | $237,317 |
| Year 2 | $246 | $1,271 | $1,517 | $234,455 |
| Year 3 | $262 | $1,255 | $1,517 | $231,401 |
| Year 4 | $280 | $1,237 | $1,517 | $228,143 |
| Year 5 | $298 | $1,219 | $1,517 | $224,666 |
| Year 6 | $318 | $1,199 | $1,517 | $220,957 |
| Year 7 | $340 | $1,177 | $1,517 | $216,999 |
| Year 8 | $362 | $1,155 | $1,517 | $212,776 |
| Year 9 | $387 | $1,130 | $1,517 | $208,270 |
| Year 10 | $413 | $1,104 | $1,517 | $203,463 |
| Year 11 | $440 | $1,077 | $1,517 | $198,333 |
| Year 12 | $470 | $1,047 | $1,517 | $192,860 |
| Year 13 | $501 | $1,016 | $1,517 | $187,021 |
| Year 14 | $535 | $982 | $1,517 | $180,790 |
| Year 15 | $571 | $946 | $1,517 | $174,142 |
| Year 16 | $609 | $908 | $1,517 | $167,049 |
| Year 17 | $650 | $867 | $1,517 | $159,481 |
| Year 18 | $693 | $824 | $1,517 | $151,405 |
| Year 19 | $740 | $777 | $1,517 | $142,790 |
| Year 20 | $789 | $728 | $1,517 | $133,597 |
| Year 21 | $842 | $675 | $1,517 | $123,788 |
| Year 22 | $898 | $619 | $1,517 | $113,323 |
| Year 23 | $958 | $559 | $1,517 | $102,156 |
| Year 24 | $1,023 | $494 | $1,517 | $90,242 |
| Year 25 | $1,091 | $426 | $1,517 | $77,530 |
| Year 26 | $1,164 | $353 | $1,517 | $63,967 |
| Year 27 | $1,242 | $275 | $1,517 | $49,495 |
| Year 28 | $1,325 | $192 | $1,517 | $34,054 |
| Year 29 | $1,414 | $103 | $1,517 | $17,579 |
| Year 30 | $1,509 | $8 | $1,517 | $0 |
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About Mortgage Calculator
How Mortgages Work
A mortgage is a loan used to purchase a home. You borrow money from a lender and pay it back over time with interest. The monthly payment typically includes principal (loan amount), interest, property taxes, and insurance (PITI).
Key Terms
- Principal: The amount you borrow
- Interest Rate: The cost of borrowing, expressed as a percentage
- Down Payment: Upfront payment, typically 3-20% of home price
- PMI: Private Mortgage Insurance, required if down payment < 20%
- Amortization: The process of paying off the loan over time
Common Loan Terms
- 30-year: Lower monthly payments, more total interest
- 15-year: Higher monthly payments, less total interest, build equity faster
- 10-year: Highest monthly payments, lowest total interest
Tips for Homebuyers
- Aim for 20% down payment to avoid PMI
- Keep monthly payment under 28% of gross income
- Shop around for best interest rates
- Consider total cost, not just monthly payment
- Factor in property taxes, insurance, and maintenance
- Get pre-approved before house hunting