Mortgage Calculator
Estimate your monthly mortgage payments, compare different interest rates and loan terms, and see the full amortization schedule for your home loan.
How your mortgage payment is calculated
Your monthly mortgage payment has four components, known as PITI: Principal (the loan amount), Interest (the cost of borrowing), Taxes (property tax), and Insurance (homeowner's insurance). This calculator focuses on principal and interest — the two largest components.
The 28% rule: Most lenders recommend your total housing payment not exceed 28% of your gross monthly income. If you earn $6,000/month, your maximum mortgage payment should be $1,680. Use this calculator to find a home price that fits that budget.
Mortgage Calculator — Estimate Monthly Payments & Amortization Schedule for Free
Free mortgage calculator. Estimate monthly payments, compare interest rates, and see your full amortization schedule. Plan your home purchase with confidence.
Amortization Schedule (partial)
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,023 | $289 | $1,733 | $319,711 |
| 2 | $2,023 | $291 | $1,732 | $319,420 |
| 3 | $2,023 | $292 | $1,730 | $319,127 |
| 4 | $2,023 | $294 | $1,729 | $318,833 |
| 5 | $2,023 | $296 | $1,727 | $318,538 |
| 6 | $2,023 | $297 | $1,725 | $318,241 |
| 7 | $2,023 | $299 | $1,724 | $317,942 |
| 8 | $2,023 | $300 | $1,722 | $317,641 |
| 9 | $2,023 | $302 | $1,721 | $317,339 |
| 10 | $2,023 | $304 | $1,719 | $317,036 |
| 11 | $2,023 | $305 | $1,717 | $316,730 |
| 12 | $2,023 | $307 | $1,716 | $316,423 |
| 60 | $2,023 | $398 | $1,625 | $299,555 |
| 120 | $2,023 | $550 | $1,472 | $271,284 |
| 180 | $2,023 | $761 | $1,262 | $232,189 |
| 240 | $2,023 | $1,052 | $971 | $178,129 |
| 300 | $2,023 | $1,455 | $568 | $103,373 |
| 360 | $2,023 | $2,012 | $11 | $0 |
Showing year 1 monthly + every 5 years. Export CSV for full schedule.
Amortization Schedule — Yearly View
Should you choose a 15-year or 30-year mortgage?
A 30-year mortgage has lower monthly payments but you pay significantly more interest over the life of the loan. A 15-year mortgage has higher monthly payments but you build equity faster and pay less than half the total interest. Use the calculator to compare both side-by-side.
Example: On a $320,000 loan at 6.5%:
- 30-year: $2,024/month → $408,640 total interest
- 15-year: $2,788/month → $181,840 total interest
Choose 15 years if you can afford the higher payment. Choose 30 years if you want flexibility and plan to invest the difference.