Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization schedule.
Down payment: $80,000
Monthly Payment
$2,023
Loan: $320,000 · Total paid: $728,142
Total Interest
$408,142
Total Paid
$728,142
Interest Ratio
56.1%
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833 | $0 |
How This Is Calculated
This mortgage calculator uses the standard fixed-rate amortization formula to determine your monthly payment and total cost over the life of the loan.
Monthly payment formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12).
This calculator assumes a fixed-rate loan with no PMI, property tax, or insurance. The amortization schedule shows how each payment is split between principal and interest, demonstrating how more of your payment goes toward principal over time.
Standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1]. Assumes fixed-rate loan, no PMI, taxes, or insurance.
Frequently Asked Questions
How is the monthly mortgage payment calculated?
Does this include property tax and insurance?
What is amortization?
Should I choose a 15-year or 30-year mortgage?
How much does a 1% change in interest rate affect my payment?
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Estimates only. Actual mortgage costs may include PMI, property tax, insurance, and HOA fees. Consult a lender for precise figures.