Mortgage Calculator
Monthly payment, amortization schedule, and total cost breakdown.
$
$
Monthly Payment
$2,086
Loan Amount
$320,000
Total Interest
$431,018
Total Cost
$831,018
Down Payment
20.0%
Get Full Amortization Schedule
Year-by-year breakdown of principal vs interest.
Frequently Asked Questions
How is my monthly mortgage payment calculated?
Your monthly payment uses the formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly interest rate, and n is number of payments.
Does this calculator include taxes and insurance?
This calculator shows principal and interest only (P&I). Property taxes and homeowners insurance (PITI) vary by location and are not included.
What is amortization?
Amortization is the process of paying off your loan over time through regular payments. Early payments are mostly interest; later payments are mostly principal.