Calculate your monthly mortgage payment with interactive sliders, full amortization schedule, and visual charts. Includes taxes, insurance, and PMI. 100% client-side — nothing leaves your browser.
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Understanding the basics of home loans helps you make smarter decisions and save thousands over the life of your mortgage.
A mortgage covers the gap between your down payment and the home's purchase price. A $350,000 home with 20% down means you borrow $280,000 from the lender.
Each month, interest is calculated on your remaining balance. Early in the loan, most of your payment goes to interest. Over time, more goes to principal as the balance shrinks.
With a fixed-rate mortgage, your principal and interest payment stays the same for the entire loan term. Property taxes and insurance may adjust, but the core payment is predictable.
Each principal payment increases your ownership stake. After 30 years, you own the home outright. You can also build equity faster with extra payments or shorter loan terms.
Buying your first home is exciting and overwhelming. These tips help you avoid the most common (and expensive) mistakes.
Putting 20% down eliminates PMI, which can cost $100-300/month. If you can't hit 20%, aim for at least 10% to get better rates and lower PMI costs.
Rate differences of just 0.25% can save tens of thousands over a 30-year loan. Get quotes from at least 3 lenders — banks, credit unions, and online lenders.
Your monthly housing cost includes taxes, insurance, HOA fees, maintenance (budget 1-2% of home value annually), and utilities. The mortgage payment is just the start.
A pre-approval letter shows sellers you're serious and tells you exactly how much you can borrow. It also locks in a rate for 60-90 days while you shop.
A 15-year mortgage has higher monthly payments but dramatically lower total interest. Use the calculator above to compare — the difference can be $100K+ in savings.
A $400 home inspection can reveal $40,000 problems. Never waive inspection to "win" a bidding war. The cost of hidden repairs far outweighs any short-term advantage.
The monthly principal and interest payment uses the formula: M = P × [r(1+r)n] / [(1+r)n – 1], where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12). Property taxes, home insurance, and PMI are added separately to get the total monthly cost.
Private Mortgage Insurance (PMI) protects the lender when your down payment is less than 20%. It typically costs 0.5% to 1% of the loan amount per year, added to your monthly payment. You can request PMI removal once you reach 20% equity, and it's automatically cancelled at 22% equity under federal law.
A 15-year mortgage offers lower interest rates and saves enormously on total interest — often $100K+ in savings. But monthly payments are 40-50% higher. A 30-year mortgage gives you lower payments and more financial flexibility. Use the loan term buttons above to compare both options with your exact numbers.
20% is the sweet spot — it avoids PMI, gets you better rates, and shows lenders you're a lower risk. But many buyers start with 3-10% down using FHA or conventional loans. The trade-off is higher monthly payments (from PMI) and more total interest. Use the down payment slider to see exactly how it affects your costs.
An amortization schedule is a complete table showing every monthly payment over the life of your loan, broken down into principal and interest portions. In the early years, most of each payment goes to interest. By the final years, almost all of each payment goes to principal. Click any year row in the table above to see the month-by-month breakdown.
Yes. This calculator uses the standard fixed-rate mortgage amortization formula used by banks, credit unions, and financial institutions. The results match what you'd get from a lender's own calculator. Actual costs may vary slightly based on your specific lender terms, local tax assessments, and insurance quotes.
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