Estimate monthly mortgage payments, down payment options, property taxes, home insurance, and interest rates. View your full home loan amortization schedule and interest costs.
| Year | Principal Paid | Interest Paid | Balance |
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Buying a home is one of the largest financial decisions you will make. Our free online Mortgage Calculator helps you estimate your monthly mortgage payments including principal, interest, property taxes, and home insurance. By testing different home prices, loan terms, and interest rates, you can understand how much house you can afford.
The monthly payment calculation is based on the standard fixed-rate amortization formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ], where P is the principal loan amount, i is the monthly interest rate, and n is the total number of monthly payments. The calculator automatically generates a complete monthly amortization schedule.
A monthly mortgage payment typically includes Principal (paying off the loan balance), Interest (the cost of borrowing), Property Taxes, Homeowners Insurance, and, if your down payment was less than 20%, Private Mortgage Insurance (PMI).
A larger down payment reduces the total loan amount you need to borrow, which lowers your monthly payments, saves you interest over the life of the loan, and can eliminate the need for costly Private Mortgage Insurance (PMI) if you put down 20% or more.
A 15-year mortgage has higher monthly payments, but you pay off the loan in half the time and save significantly on total interest. A 30-year mortgage has lower monthly payments, making it more affordable month-to-month, but costs more in total interest over time.
An amortization schedule is a table showing each monthly payment, detailing how much goes toward the principal balance and how much goes toward interest, illustrating how the loan balance decreases over time.