Mortgage Calculator
Calculate monthly payments and view amortization with optional extra payments.
Amortization Schedule (first 12 months)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,212.24 | $316.40 | $1,895.83 | $349,683.60 |
| 2 | $2,212.24 | $318.12 | $1,894.12 | $349,365.48 |
| 3 | $2,212.24 | $319.84 | $1,892.40 | $349,045.63 |
| 4 | $2,212.24 | $321.57 | $1,890.66 | $348,724.06 |
| 5 | $2,212.24 | $323.32 | $1,888.92 | $348,400.74 |
| 6 | $2,212.24 | $325.07 | $1,887.17 | $348,075.68 |
| 7 | $2,212.24 | $326.83 | $1,885.41 | $347,748.85 |
| 8 | $2,212.24 | $328.60 | $1,883.64 | $347,420.25 |
| 9 | $2,212.24 | $330.38 | $1,881.86 | $347,089.87 |
| 10 | $2,212.24 | $332.17 | $1,880.07 | $346,757.70 |
| 11 | $2,212.24 | $333.97 | $1,878.27 | $346,423.74 |
| 12 | $2,212.24 | $335.78 | $1,876.46 | $346,087.96 |
Notes
This simplified calculator excludes taxes, insurance, and HOA fees. Extra payments reduce interest and payoff time.
About this Mortgage Calculator
Calculate monthly mortgage payments and view an amortization schedule with optional extra payments. Our mortgage calculator helps you understand loan payments, interest costs, and how extra payments affect your loan term. Perfect for homebuyers, real estate investors, or anyone planning to take out a mortgage. The tool provides detailed amortization schedules showing principal and interest breakdowns over the life of the loan.
Key Features
Calculate monthly mortgage payments
View complete amortization schedule
Support for extra payments
Interest and principal breakdown
Loan term calculations
Total interest calculations
Payment schedule visualization
Works entirely in your browser for privacy
How to Use
Enter loan amount (principal)
Enter annual interest rate
Enter loan term in years
Add optional extra payments if desired
View monthly payment amount
Review amortization schedule
See total interest paid
Understand payment breakdown
Popular Use Cases
Calculate mortgage payments before buying
Compare different loan options
Understand interest costs over time
Plan extra payments to reduce loan term
Calculate total cost of homeownership
Estimate monthly housing costs
Plan mortgage refinancing
Understand loan amortization
Tips & Best Practices
Enter accurate interest rates for precise calculations
Consider extra payments to reduce total interest
Review amortization schedule to understand payment breakdown
Compare different loan terms and rates
Factor in property taxes and insurance separately
Use for planning and budgeting
Verify calculations with lenders
Frequently Asked Questions
How is the monthly payment calculated?
Monthly payments are calculated using the standard mortgage formula, accounting for principal, interest rate, and loan term. The formula ensures payments cover both principal and interest.
What is an amortization schedule?
An amortization schedule shows how each payment is split between principal and interest over the life of the loan. Early payments are mostly interest, later payments are mostly principal.
How do extra payments affect the loan?
Extra payments reduce the principal balance faster, which reduces total interest paid and can shorten the loan term. The calculator shows the impact of extra payments.
Does this include property taxes and insurance?
The calculator focuses on principal and interest. Property taxes, insurance, and PMI are typically separate and should be added to get total monthly housing costs.