Calculate your monthly payments and visualize your loan amortization schedule
Calculate your monthly payments and see the full amortization schedule
| Year | Payment | Principal | Interest | Total Principal | Total Interest | Balance |
|---|---|---|---|---|---|---|
| 1 | $2,395 | $315 | $2,081 | $3,657 | $25,084 | $356,343 |
| 2 | $2,395 | $337 | $2,058 | $7,578 | $49,904 | $352,422 |
| 3 | $2,395 | $362 | $2,033 | $11,783 | $74,440 | $348,217 |
| 4 | $2,395 | $388 | $2,007 | $16,292 | $98,673 | $343,708 |
| 5 | $2,395 | $416 | $1,979 | $21,126 | $122,579 | $338,874 |
| 6 | $2,395 | $446 | $1,949 | $26,310 | $146,136 | $333,690 |
| 7 | $2,395 | $478 | $1,917 | $31,869 | $169,318 | $328,131 |
| 8 | $2,395 | $513 | $1,882 | $37,830 | $192,098 | $322,170 |
| 9 | $2,395 | $550 | $1,845 | $44,222 | $214,448 | $315,778 |
| 10 | $2,395 | $590 | $1,805 | $51,075 | $236,335 | $308,925 |
| 11 | $2,395 | $632 | $1,763 | $58,425 | $257,727 | $301,575 |
| 12 | $2,395 | $678 | $1,717 | $66,305 | $278,588 | $293,695 |
| 13 | $2,395 | $727 | $1,668 | $74,755 | $298,879 | $285,245 |
| 14 | $2,395 | $779 | $1,616 | $83,816 | $318,559 | $276,184 |
| 15 | $2,395 | $836 | $1,559 | $93,532 | $337,584 | $266,468 |
| 16 | $2,395 | $896 | $1,499 | $103,950 | $355,907 | $256,050 |
| 17 | $2,395 | $961 | $1,434 | $115,122 | $373,476 | $244,878 |
| 18 | $2,395 | $1,031 | $1,365 | $127,101 | $390,238 | $232,899 |
| 19 | $2,395 | $1,105 | $1,290 | $139,946 | $406,134 | $220,054 |
| 20 | $2,395 | $1,185 | $1,210 | $153,720 | $421,102 | $206,280 |
| 21 | $2,395 | $1,271 | $1,125 | $168,489 | $435,073 | $191,511 |
| 22 | $2,395 | $1,362 | $1,033 | $184,326 | $447,977 | $175,674 |
| 23 | $2,395 | $1,461 | $934 | $201,308 | $459,737 | $158,692 |
| 24 | $2,395 | $1,566 | $829 | $219,517 | $470,268 | $140,483 |
| 25 | $2,395 | $1,680 | $715 | $239,043 | $479,483 | $120,957 |
| 26 | $2,395 | $1,801 | $594 | $259,981 | $487,287 | $100,019 |
| 27 | $2,395 | $1,931 | $464 | $282,432 | $493,577 | $77,568 |
| 28 | $2,395 | $2,071 | $324 | $306,505 | $498,244 | $53,495 |
| 29 | $2,395 | $2,221 | $174 | $332,320 | $501,171 | $27,680 |
| 30 | $2,395 | $2,381 | $14 | $360,000 | $502,232 | $0 |
This is your core monthly payment that goes toward paying down your loan balance (principal) and the cost of borrowing (interest). Early in the loan, most goes to interest.
M = P[c(1+c)^n]/[(1+c)^n-1]Lower interest rates can save tens of thousands over the life of your loan.
Required when your down payment is less than 20% of the home price. PMI protects the lender if you default on the loan and typically costs 0.5% to 1% of the loan amount annually.
0.5% - 1% of loan amount annuallyPMI can be removed once you reach 20% equity in your home.
Shows how each payment is split between principal and interest over time. Initially, most of your payment goes to interest, but this shifts toward principal as the loan matures.
Extra payments directly reduce principalMaking one extra payment per year can shave years off your mortgage.
The total amount you'll pay over the life of the loan, including both principal and interest. This helps you understand the true cost of borrowing and compare different loan options.
Monthly Payment × Number of PaymentsA 30-year loan costs more in total interest than a 15-year loan.
These are taxes paid to local governments, typically based on your home's assessed value. Lenders often collect this as part of your monthly payment and hold it in an escrow account.
Can change annually based on property valueProperty tax rates vary significantly by state, county, and city.
Protects your home against damage from events like fires or storms. Lenders require you to have a policy, and the cost is often included in your monthly payment via an escrow account.
Protects your largest investmentYou can often get discounts by bundling with your auto insurance.
The amount of money you pay upfront. A larger down payment reduces your loan amount, resulting in a lower monthly payment and less total interest paid.
Aim for 20% to avoid PMIA larger down payment can also help you secure a lower interest rate.
The length of time you have to repay the loan. The most common terms are 15 and 30 years. Shorter terms have higher monthly payments but lower total interest costs.
Monthly Payment vs. Total InterestA 15-year loan can save you over 50% in total interest compared to a 30-year loan.
Shop around for rates - even a 0.25% difference can save thousands over the loan term.
Consider making bi-weekly payments instead of monthly to make an extra payment each year.
Factor in all costs: property taxes, insurance, HOA fees, and maintenance when budgeting.
Aim to keep your total housing costs below 28% of your gross monthly income.
Interest rate remains the same for the entire loan term. Provides predictable monthly payments and protection from rate increases.
Interest rate can change after an initial fixed period. Often starts with lower rates but can increase over time.
Government-backed loan with lower down payment requirements. Ideal for first-time buyers with limited savings.
Available to veterans and active military members. Often requires no down payment and has competitive rates.