MortgageCalc
Free mortgage calculator. Monthly payments, interest, and amortization schedule.
Monthly Payment (P&I)
$1517
Total w/ Tax & Ins
$1797/mo
Down Payment
$60000
Total Interest
$306107
Total Cost
$606107
Amortization Schedule
| Mo | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $1517 | $1300 | $217 | $239783 |
| 2 | $1517 | $1299 | $218 | $239565 |
| 3 | $1517 | $1298 | $219 | $239346 |
| 4 | $1517 | $1296 | $221 | $239125 |
| 5 | $1517 | $1295 | $222 | $238903 |
| 6 | $1517 | $1294 | $223 | $238680 |
| 7 | $1517 | $1293 | $224 | $238456 |
| 8 | $1517 | $1292 | $225 | $238231 |
| 9 | $1517 | $1290 | $227 | $238004 |
| 10 | $1517 | $1289 | $228 | $237777 |
| 11 | $1517 | $1288 | $229 | $237548 |
| 12 | $1517 | $1287 | $230 | $237317 |
How Mortgage Payments Work
A mortgage payment consists of principal, interest, taxes, and insurance. The principal is the amount you borrowed. Interest is what the lender charges for the loan. Property tax and homeowners insurance are typically added to your monthly payment through an escrow account.
Your down payment directly reduces the loan amount and can eliminate PMI if it covers 20% or more. Extra payments reduce the remaining principal and shorten the loan term, saving thousands in interest over time.
How to Use This Calculator
Enter your home price, down payment percentage, and interest rate. Adjust the loan term (15, 20, or 30 years) or type a custom number. Add optional tax and insurance costs for a complete monthly estimate. Use the amortization table to see exactly how each payment splits between principal and interest.