Finance
Mortgage Calculator
Calculate monthly payments, total interest and amortization schedule.
Loan Details
Monthly Payment
$1,517
$240,000
Principal
$306,107
Total Interest
$546,107
Total Payment
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,683 | $15,521 | $237,317 |
| 2 | $2,862 | $15,341 | $234,455 |
| 3 | $3,054 | $15,150 | $231,401 |
| 4 | $3,258 | $14,945 | $228,143 |
| 5 | $3,477 | $14,727 | $224,666 |
How it works
Buying a home is likely the largest financial decision you will make, and understanding your mortgage is crucial to making informed choices. This calculator provides a comprehensive breakdown of your mortgage payments, helping you understand exactly what you will pay over the life of the loan.
The calculator takes into account your home price, down payment, loan term, and interest rate to compute your monthly payment using the standard amortization formula. Beyond the monthly payment, you will see the total amount you will pay over the life of the loan, including both principal and interest. The pie chart visualization makes it easy to see how much of your money goes toward interest versus paying down the principal.
The amortization schedule breaks down each year's payments, showing how much of each payment goes toward interest versus principal. In the early years, most of your payment goes toward interest, while later years see more going toward principal. This helps you understand when extra payments would have the most impact on reducing your total interest.