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Mortgage Calculator with Amortization Schedule

A mortgage calculator estimates the monthly payment on a home loan from the price, down payment, interest rate, and term. This free tool shows your full payment with taxes, insurance, and PMI, the complete month by month amortization schedule, and exactly how much interest an extra payment saves. Everything runs in your browser, with no signup.

Updated for 2026

Your loan

Drag a slider or type a value. Results update instantly.
$
% ·
$
% APR
$/ yr
$/ yr
$/ mo
$/ mo
Estimated monthly payment
$0
Loan amount
$0
Total interest
$0
Total of payments
$0
Payoff date
2056

Amortization schedule

The amortization schedule shows how every payment splits between interest and principal over the life of the loan. Early on most of the payment is interest, and the balance falls slowly. Over time the split flips and the balance drops fast. Switch between a yearly summary and the full monthly view.

YearPrincipalInterestExtraBalance

How a mortgage payment is calculated

A fixed rate mortgage is paid off with the same principal and interest amount every month. That amount comes from the standard amortizing loan formula:

M = P × [ r(1 + r)n ] / [ (1 + r)n − 1 ]

where M is the monthly principal and interest, P is the loan amount, r is the annual interest rate divided by 12, and n is the number of monthly payments (the term in years times 12). Property tax, home insurance, PMI, and any HOA dues are added on top of M to get the full housing payment, often called PITI.

Worked example (Stand: 2026)
  • Home price$450,000
  • Down payment (20 percent)$90,000
  • Loan amount (P)$360,000
  • Rate (6.5 percent, so r)0.0054167
  • Payments (30 years, so n)360
  • Principal and interest (M)$2,275
  • Total interest over 30 years$459,160

Frequently asked questions

What is included in a monthly mortgage payment?
A full housing payment, often called PITI, includes principal, interest, property taxes, and homeowners insurance. If your down payment is below 20 percent it usually also includes private mortgage insurance (PMI), and a condo or planned community adds HOA dues.
How much does an extra monthly payment save?
Every extra dollar goes straight to principal, so you pay interest on a smaller balance from then on. Set an extra monthly payment above and the calculator shows the interest saved and how many years sooner the loan is paid off.
When do I have to pay PMI?
Private mortgage insurance is normally required when your down payment is less than 20 percent of the home price on a conventional loan. It typically costs about 0.3 to 1.5 percent of the loan per year and can usually be removed once your equity reaches 20 percent. This tool estimates PMI at 0.7 percent per year while your down payment is under 20 percent.
Is a 15 year or 30 year mortgage better?
A 15 year loan has a higher monthly payment but a lower rate and far less total interest. A 30 year loan keeps the monthly payment lower and more flexible but costs much more interest over time. Use the term control to compare both for your own numbers.
Does this calculator store my information?
No. Every calculation runs entirely in your browser. Nothing you type is sent to a server or saved anywhere.

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