Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and view a full amortization schedule.
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Amortization Schedule
How Mortgage Payments Work
A mortgage payment typically consists of principal and interest (P&I), plus property taxes and homeowner's insurance (often called PITI). The monthly P&I is calculated using the standard amortization formula:
M = P[r(1+r)^n] / [(1+r)^n - 1]
- M = Monthly payment
- P = Loan principal (home price minus down payment)
- r = Monthly interest rate (annual rate / 12)
- n = Total number of payments (years x 12)
In the early years, most of your payment goes toward interest. Over time, a larger portion goes toward paying down the principal. This is why the amortization schedule is useful for understanding how your equity builds.