Enter home price, down payment, interest rate, and loan term to see your monthly payment, total interest, and a full year-by-year amortization schedule.
| Year | Principal Paid | Interest Paid | Balance |
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Mortgage Calculator computes the monthly principal and interest payment for a fixed-rate home loan using the standard amortization formula. It also shows total interest over the life of the loan, a full PITI estimate when you add property tax and insurance, and a year-by-year amortization schedule.
Monthly payment 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 number of monthly payments (years × 12).
PITI stands for Principal, Interest, Taxes, and Insurance. The calculator shows both the P&I payment and the full PITI total when you add monthly property tax and home insurance amounts.
Conventional loans typically require 5-20% down. A 20% down payment avoids Private Mortgage Insurance (PMI). FHA loans allow as little as 3.5% down.
The table shows the yearly schedule at the specified rate and term. To model early payoff, try different loan terms in the term dropdown.