Mortgage Calculator
Free mortgage calculator with monthly payment breakdowns, amortization schedule, and extra payment analysis. No lender bias — just the real numbers.
Monthly Payment
$0
Total Interest
$0
Total Cost
$0
Saved with Extra
$0
$
$50K$2M
% ($80,000)
0%50%
%
1%15%
$
$0$2,000
Amortization Schedule
Payment Breakdown
| Year | Payment | Principal | Interest | Balance |
|---|
Formula Used
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate (annual rate / 12)
n = Total number of payments (years × 12)
With extra payments:
New balance = Previous balance × (1 + r) - (M + extra)
Payoff months = iterations until balance ≤ 0
How This Mortgage Calculator Works
Our mortgage calculator uses the standard amortization formula used by lenders and financial institutions worldwide. Unlike many calculator sites, we don't bias results toward any lender or financial product — the math is transparent and verifiable.
What Makes This Calculator Different
- Real-time updates: Every slider change recalculates instantly — no "Calculate" button to click
- Extra payment analysis: See exactly how much you save with additional monthly payments — most people are shocked by the numbers
- Visual amortization: The chart shows you how your payment splits between principal and interest over time
- Scenario comparison: Toggle between 15 and 30-year terms to see the total interest difference
Understanding Your Mortgage Payment
Your monthly mortgage payment typically includes four components (PITI):
- Principal: The portion that reduces your loan balance
- Interest: The cost of borrowing — this is the largest component in early years
- Property Tax: Varies by county — check your local assessor's office
- Insurance: Homeowner's insurance + PMI if down payment is less than 20%
The Power of Extra Payments
On a $400,000 mortgage at 7% over 30 years, adding just $200/month in extra payments:
- Pays off your mortgage 5+ years early
- Saves over $100,000 in interest
- Builds equity significantly faster
Every extra dollar goes directly toward principal, reducing the balance that future interest is calculated on. This creates a compounding effect in your favor.
Frequently Asked Questions
How much house can I afford?
A common guideline is the 28/36 rule: spend no more than 28% of gross monthly income on housing costs, and no more than 36% on total debt. Use our Home Affordability Calculator for a personalized estimate.
Should I make extra mortgage payments?
Even small extra payments can dramatically reduce your loan term and total interest. A $200/month extra payment on a $400K mortgage at 7% can save over $100K in interest and pay off 5+ years early.
How does the interest rate affect my payment?
On a $400K loan, the difference between 6% and 7% is about $265/month — or nearly $95,000 over 30 years. Even small rate changes have massive long-term impacts.
What is an amortization schedule?
An amortization schedule shows how each payment splits between principal and interest over the life of the loan. Early payments are mostly interest; later payments are mostly principal.