Mortgage Calculator
Estimate monthly principal and interest, total interest and repayment on a fixed-rate mortgage. Add property tax, insurance and HOA charges only if you want them included.
Monthly principal + interest
Fixed rate and monthly amortization. Housing taxes, insurance and association fees are included only when entered; no local rates are inferred. Optional extra payments reduce principal, not the scheduled payment. No lender fees or prepayment penalties are modelled.
Your repayment plan
Fixed interest rate, monthly payments and no lender rounding or changing fees. Taxes and insurance stay outside this loan balance.
| Year | Payments | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $15,460.46 | $3,540.88 | $11,919.59 | $236,459.12 |
| 2 | $15,460.46 | $3,722.03 | $11,738.43 | $232,737.09 |
| 3 | $15,460.46 | $3,912.46 | $11,548.00 | $228,824.63 |
| 4 | $15,460.46 | $4,112.63 | $11,347.83 | $224,712.00 |
| 5 | $15,460.46 | $4,323.04 | $11,137.42 | $220,388.96 |
| 6 | $15,460.46 | $4,544.22 | $10,916.25 | $215,844.74 |
| 7 | $15,460.46 | $4,776.71 | $10,683.76 | $211,068.04 |
| 8 | $15,460.46 | $5,021.09 | $10,439.37 | $206,046.95 |
| 9 | $15,460.46 | $5,277.98 | $10,182.48 | $200,768.97 |
| 10 | $15,460.46 | $5,548.01 | $9,912.45 | $195,220.95 |
| 11 | $15,460.46 | $5,831.86 | $9,628.60 | $189,389.10 |
| 12 | $15,460.46 | $6,130.23 | $9,330.24 | $183,258.87 |
| 13 | $15,460.46 | $6,443.86 | $9,016.60 | $176,815.01 |
| 14 | $15,460.46 | $6,773.54 | $8,686.92 | $170,041.47 |
| 15 | $15,460.46 | $7,120.09 | $8,340.37 | $162,921.38 |
| 16 | $15,460.46 | $7,484.37 | $7,976.10 | $155,437.02 |
| 17 | $15,460.46 | $7,867.28 | $7,593.18 | $147,569.74 |
| 18 | $15,460.46 | $8,269.78 | $7,190.68 | $139,299.95 |
| 19 | $15,460.46 | $8,692.88 | $6,767.58 | $130,607.07 |
| 20 | $15,460.46 | $9,137.63 | $6,322.84 | $121,469.44 |
| 21 | $15,460.46 | $9,605.13 | $5,855.34 | $111,864.32 |
| 22 | $15,460.46 | $10,096.54 | $5,363.92 | $101,767.78 |
| 23 | $15,460.46 | $10,613.10 | $4,847.36 | $91,154.68 |
| 24 | $15,460.46 | $11,156.09 | $4,304.38 | $79,998.59 |
| 25 | $15,460.46 | $11,726.85 | $3,733.61 | $68,271.74 |
| 26 | $15,460.46 | $12,326.82 | $3,133.64 | $55,944.92 |
| 27 | $15,460.46 | $12,957.48 | $2,502.98 | $42,987.43 |
| 28 | $15,460.46 | $13,620.41 | $1,840.05 | $29,367.02 |
| 29 | $15,460.46 | $14,317.26 | $1,143.20 | $15,049.76 |
| 30 | $15,460.46 | $15,049.76 | $410.70 | $0.00 |
Formula checked · NumberSwift · Review process
For informational purposes only. Results are estimates and do not constitute financial advice.
How this calculator works
Subtract the down payment from the home price to find the financed principal. A fixed-rate monthly schedule splits each payment between interest and principal. Optional extra principal shortens repayment. Enter housing taxes, insurance and association charges separately to estimate the housing cost; they do not pay down the loan.
Formula
Monthly payment = P × r / (1 − (1+r)^(−n)), where P is financed principal, r = annual interest rate (%) / 100 / 12 and n = years × 12. At 0% interest, payment = P/n. Interest each month = outstanding balance × r.
Assumptions & limitations
Fixed rate and monthly amortization. Housing taxes, insurance and association fees are included only when entered; no local rates are inferred. Optional extra payments reduce principal, not the scheduled payment. No lender fees or prepayment penalties are modelled.
Sources & reference material
- OpenStax: annuities ↗
Background for fixed periodic payments and contributions.
- CFPB: principal and interest versus total mortgage payment ↗
Explains why taxes and insurance must be distinguished from loan payments.
Worked example
For a $350,000 home with no down payment, 6% annual interest and a 30-year term, the financed principal is $350,000. With 360 payments and a monthly rate of 0.005, principal and interest are $2,098.43 per month. Total interest is about $405,433.66 and total loan repayment is $755,433.66. Adding $4,200 yearly tax, $1,200 yearly insurance and $50 monthly HOA raises the entered housing estimate to $2,598.43; those costs do not reduce principal.
To work backwards from a down-payment target, use the Savings Goal Calculator to calculate a monthly deposit under your chosen assumptions.
Our approach to calculations ↗Common questions
Does the main result include taxes and insurance?
The main result is scheduled principal and interest. Enter annual tax and insurance plus any monthly charges to see a separate total housing cost. No local rate is assumed.
What happens when I pay extra principal?
The scheduled payment stays the same in this model, but the balance reaches zero sooner and total interest falls. Check lender rules and prepayment charges separately.
What does the amortization table show?
It separates principal and interest for each year and shows the remaining balance. You can switch to monthly rows and download the schedule as CSV.