Mortgage Calculator
Calculate monthly payments, interest, and view your amortization schedule
Monthly Payment
Amortization
Extra Payments
Loan Details
Results
Monthly Payment
$0
Loan Amount$0
Total Interest$0
Total Cost$0
Extra payments save $0 in interest and pay off 0 months early!
Principal
Interest
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|
Frequently Asked Questions
The formula is M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal (loan amount), r is the monthly interest rate (annual rate / 12), and n is the total number of payments. This standard amortization formula ensures each payment covers interest for the period plus reduces the principal.
A 15-year mortgage has higher monthly payments but significantly lower total interest. A 30-year mortgage has lower monthly payments but costs more in interest over time. Use this calculator to compare both options side by side. Many financial advisors suggest choosing the shortest term you can comfortably afford.