Mortgage calculator with a full amortization schedule
Your monthly principal and interest, total interest and payoff date, with a chart of how the balance, principal and interest move over the life of the loan. Enter the term in years or months, add extra payments, and see every payment in the schedule.
Principal and interest only. Your actual monthly payment will also include property taxes and homeowner’s insurance, and may include mortgage insurance and HOA dues. Figures are estimates for a fixed-rate loan, rounded to the cent each month; the sample rate is illustrative and is not a quote, an offer of credit or a commitment to lend. For a figure on a loan you are actually considering, ask Ken for a written estimate.
Reading the results
Why early payments are mostly interest
Each month’s interest is charged on the balance still owed, so in the early years most of the payment goes to interest. As the balance falls, the split tips toward principal. The chart shows the two lines crossing.
What extra payments do
An extra dollar toward principal stops interest from ever being charged on that dollar. Small, regular extra payments early in the loan shorten it the most. Check your loan for a prepayment penalty first; most home loans today have none.
What this leaves out
Property taxes, homeowner’s insurance, mortgage insurance and HOA dues are part of most housing payments but not of the loan’s principal and interest. Budget for them separately, or ask for a written estimate that includes them.
Buying, refinancing, or looking at something outside the agency box? See the loan programs I arrange. Aged 62 or older and wondering whether you need a payment at all? Try the reverse mortgage calculator.
Written by Kenneth M. Adler
Every page on this site is written and maintained by me: the same person who answers the phone, runs your numbers, and handles your file start to finish. No call center, no hand-offs, no lead-selling. More about how I work →
Want real numbers on a real loan?
A calculator shows the math. A written estimate shows the rate, the costs, and the full payment for your file. One phone call gets you there.
(818) 674-7284Prefer email?
Send a couple of sentences about the purchase or refinance and I’ll reply personally, usually the same business day.
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