Free Mortgage Calculator

Estimate your monthly mortgage payment and see how extra payments shorten the term and cut interest.

$2,022.62
Monthly principal & interest
$320,000.00
Loan amount
$408,142.36
Total interest
Amortization schedule (360 payments)
#PaymentPrincipalInterestBalance
1$2,022.62$289.28$1,733.33$319,710.72
2$2,022.62$290.85$1,731.77$319,419.86
3$2,022.62$292.43$1,730.19$319,127.44
4$2,022.62$294.01$1,728.61$318,833.43
5$2,022.62$295.60$1,727.01$318,537.82
6$2,022.62$297.20$1,725.41$318,240.62
7$2,022.62$298.81$1,723.80$317,941.80
8$2,022.62$300.43$1,722.18$317,641.37
9$2,022.62$302.06$1,720.56$317,339.31
10$2,022.62$303.70$1,718.92$317,035.62
11$2,022.62$305.34$1,717.28$316,730.27
12$2,022.62$307.00$1,715.62$316,423.28

How to use / FAQ

Enter the home price, your down payment, the interest rate, and the term to see your monthly principal-and-interest payment, the amount you'll finance, and the total interest over the life of the loan. Add an optional extra monthly payment to see how much sooner you'd pay off the mortgage and how much interest that saves. The full amortization schedule is one click away.

What does the monthly payment include?

This figure is principal and interest (P&I) only — the part that pays down the loan itself. Your actual monthly housing cost will also include property taxes, homeowners insurance, and, if your down payment is under 20%, private mortgage insurance (PMI). Those vary by location and lender, so they're not estimated here. For a plain amortizing loan without the home-specific extras, use the loan calculator.

How does an extra monthly payment help?

Every extra dollar goes straight to principal, so it isn't charged interest for the remaining years of the loan. That shortens the term and can save a large amount of interest — the calculator runs a second amortization with your extra payment and shows exactly how many months and how much interest you'd save.

How much should my down payment be?

A 20% down payment is the common benchmark because it typically avoids PMI, but many loans allow far less. The tool shows your down payment as a percentage of the home price so you can see where you stand as you adjust it.

Is my financial information private?

Completely. Every calculation happens in your browser and nothing you type is uploaded or saved. Refresh the page to clear it.