Financial
Mortgage Calculator
Estimate monthly mortgage payments, total interest, and amortization.
Monthly payment
$2,022.62
Loan amount$320,000.00
Total interest$408,142.36
Total paid$728,142.36
How it works
M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1) where P = loan, r = monthly rate, n = months
We amortize the loan on a fixed schedule: each month the same payment covers interest on the outstanding balance plus principal. Property tax and insurance aren't included in the base monthly figure.
Frequently asked
Does this include taxes and insurance?
No — this is principal and interest only (P&I). Add roughly 1–2% of home value per year for taxes and insurance to estimate PITI.
Can I pay off my mortgage early?
Yes. Extra principal payments reduce the balance and shorten the term. Even one extra payment per year can shave several years off a 30-year loan.
What's a good down payment?
20% avoids private mortgage insurance (PMI). Many buyers put down 5–10%, then pay PMI until they reach 20% equity.
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