Mortgage Calculator
Estimate your monthly payment, total interest, and see a full amortization schedule. Free, instant, no sign-up required.
Loan Details
20.0% of home price
Payment Breakdown
Frequently Asked Questions
How is the monthly payment calculated? ▼
Using the standard amortization formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan principal, r is the monthly interest rate (annual ÷ 12), and n is the total months. Each payment covers interest accrued plus a portion of principal.
What is PMI and when do I need it? ▼
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home price. It protects the lender if you default. Costs run roughly 0.5–1.5% of the loan annually. Once you reach 20% equity you can request removal.
15-year vs 30-year mortgage — which is better? ▼
A 15-year loan has higher monthly payments but significantly less total interest and faster equity growth. A 30-year loan offers lower monthly payments and better cash flow flexibility. Toggle between them above to compare.
What does the amortization schedule show? ▼
It breaks down every year of the loan into principal paid, interest paid, and remaining balance. Early payments are mostly interest; over time more goes to principal as the balance shrinks.