🏠Mortgage Calculator
Any loan type, custom repayment plan, calculate APR
Loan Parameters
Extra Monthly Costs (Optional)
Monthly Payment · United States
$1,516.96
Total Monthly Cost: $1,883.63
Remaining Balance
Annual Payment Breakdown
Amortization Schedule
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,516.96 | $216.96 | $1,300.00 | $239,783.04 |
| 13 | $1,516.96 | $231.49 | $1,285.47 | $237,085.97 |
| 25 | $1,516.96 | $247.00 | $1,269.97 | $234,208.27 |
| 37 | $1,516.96 | $263.54 | $1,253.42 | $231,137.84 |
| 49 | $1,516.96 | $281.19 | $1,235.77 | $227,861.79 |
| 61 | $1,516.96 | $300.02 | $1,216.94 | $224,366.33 |
| 73 | $1,516.96 | $320.11 | $1,196.85 | $220,636.77 |
| 85 | $1,516.96 | $341.55 | $1,175.41 | $216,657.44 |
| 97 | $1,516.96 | $364.43 | $1,152.54 | $212,411.60 |
| 109 | $1,516.96 | $388.83 | $1,128.13 | $207,881.41 |
| 121 | $1,516.96 | $414.87 | $1,102.09 | $203,047.83 |
| 133 | $1,516.96 | $442.66 | $1,074.30 | $197,890.53 |
| 145 | $1,516.96 | $472.30 | $1,044.66 | $192,387.84 |
| 157 | $1,516.96 | $503.94 | $1,013.03 | $186,516.63 |
| 169 | $1,516.96 | $537.68 | $979.28 | $180,252.21 |
💡 Prepayment Simulator
Enter extra payments to see how much interest and time you can save.
📐 How It Works
PMT Formula
PMT = P × r × (1+r)^n / ((1+r)^n - 1) P = Principal r = Monthly Rate n = Total Months
Country Differences
Down payment requirements, stamp duty, property tax, and PMI rules vary by country. Switch countries to see local rules. 30 countries have precise data; others are estimates.
📊 Example
Home $300,000, 20% down ($60,000), loan $240,000, 6.5% APR, 30 years, US rules:
• Monthly (PMT formula)：$1,516.96
• Total Payment：$1,516.96 × 360 = $546,106
• Total Interest：$546,106 - $240,000 = $306,106
• Stamp Duty：US 0% = $0，UK 3% = $9,000
• Closing Cost：US 3% = $9,000，France 7% = $21,000
• Total Upfront：US $69,000 vs France $81,000
• Equal Principal Saves：$71,457 vs Equal Installment
❓ FAQ
How is mortgage monthly payment calculated?＋
Monthly payment is calculated using the PMT formula: P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly rate, n is total months.
Equal installment vs equal principal: which saves more?＋
Equal principal saves more total interest, but has higher initial payments. Equal installment has fixed payments for easier budgeting.
What down payment avoids PMI?＋
Typically 20% down payment avoids Private Mortgage Insurance (PMI). Below 20%, PMI adds 0.5%-1% of loan amount annually.
How much can extra payments save?＋
Even $100 extra per month can save thousands in interest and shorten your loan by years. Use the prepayment simulator above to see exactly.
How does interest rate affect monthly payment?＋
A 1% rate increase on a $300,000 loan can add ~$200/month. Over 30 years, that's over $70,000 in extra interest.
15-year vs 30-year mortgage: which is better?＋
15-year has higher monthly payments but saves over 50% in total interest. 30-year has lower payments but much higher total cost.
Are property taxes and insurance included in monthly payment?＋
Lenders often escrow property taxes and insurance, adding them to your monthly payment. Use our calculator to include these costs.
Fixed rate vs ARM: which should I choose?＋
Fixed rate offers stability. ARM (Adjustable Rate Mortgage) starts lower but can increase. Best if you plan to sell or refinance within 5-7 years.
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