Mortgage Details
Calculate your monthly mortgage payment and amortization.
Estimated Monthly Payment
$1,703.37
Amortization Schedule
Visualizing your balance over time.
Total Interest
$313,212
Total Payoff Cost
$613,212
How It Works
This calculator uses the standard Linear Amortization Model. Your monthly payment is fixed, but the portion going towards principal vs interest changes over time.
Where P is the principal, r is the monthly interest rate, and n is the total number of months.
Amortization Schedule
Breakdown of payments over time.
| Year | Interest | Principal | Ending Balance |
|---|---|---|---|
| 1 | $16,399.14 | $4,041.27 | $295,958.73 |
| 2 | $16,171.18 | $4,269.23 | $291,689.50 |
| 3 | $15,930.36 | $4,510.05 | $287,179.46 |
| 4 | $15,675.96 | $4,764.45 | $282,415.01 |
| 5 | $15,407.20 | $5,033.20 | $277,381.81 |
| 6 | $15,123.29 | $5,317.11 | $272,064.70 |
| 7 | $14,823.37 | $5,617.04 | $266,447.66 |
| 8 | $14,506.52 | $5,933.88 | $260,513.78 |
| 9 | $14,171.80 | $6,268.60 | $254,245.17 |
| 10 | $13,818.20 | $6,622.20 | $247,622.97 |
| 11 | $13,444.66 | $6,995.74 | $240,627.23 |
| 12 | $13,050.04 | $7,390.36 | $233,236.87 |
| 13 | $12,633.17 | $7,807.23 | $225,429.64 |
| 14 | $12,192.78 | $8,247.62 | $217,182.01 |
| 15 | $11,727.55 | $8,712.85 | $208,469.16 |
| 16 | $11,236.08 | $9,204.33 | $199,264.83 |
| 17 | $10,716.88 | $9,723.52 | $189,541.31 |
| 18 | $10,168.40 | $10,272.01 | $179,269.30 |
| 19 | $9,588.98 | $10,851.43 | $168,417.87 |
| 20 | $8,976.87 | $11,463.53 | $156,954.34 |
| 21 | $8,330.24 | $12,110.17 | $144,844.17 |
| 22 | $7,647.13 | $12,793.28 | $132,050.89 |
| 23 | $6,925.49 | $13,514.92 | $118,535.97 |
| 24 | $6,163.14 | $14,277.27 | $104,258.71 |
| 25 | $5,357.79 | $15,082.62 | $89,176.09 |
| 26 | $4,507.01 | $15,933.39 | $73,242.70 |
| 27 | $3,608.24 | $16,832.16 | $56,410.54 |
| 28 | $2,658.78 | $17,781.63 | $38,628.91 |
| 29 | $1,655.75 | $18,784.65 | $19,844.25 |
| 30 | $596.15 | $19,844.25 | $0.00 |
Mortgage Amortization Guide Guide
How to Use
- 1Enter the **Home Price** of the property you wish to buy.
- 2Input your **Down Payment** amount or percentage.
- 3Set the **Loan Term** (e.g., 15 or 30 years).
- 4Enter the **Interest Rate** offered by your lender.
- 5Click calculate to see your **Monthly Payment** and full **Amortization Schedule**.
Formula & Logic
The standard mortgage formula calculates the fixed monthly payment needed to fully pay off a loan over a specific term. While the total payment remains constant, the portion going towards interest decreases over time, while the principal portion increases.
Practical Applications
Home Buying
Determine how much house you can afford by estimating monthly payments for different loan amounts.
Refinancing Analysis
Compare your current mortgage terms with new offers to see if refinancing would save you money.
Amortization Visualization
Understand equity build-up by seeing exactly how much of each payment goes toward the principal balance.
Frequently Asked Questions
Q.What is an amortization schedule?
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off.
Q.How does the down payment affect my mortgage?
A larger down payment reduces the principal loan amount, which lowers your monthly payments and the total interest paid over the life of the loan. It may also help you avoid Private Mortgage Insurance (PMI).
Q.What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage typically has a lower interest rate and pays off the loan faster, but has higher monthly payments. A 30-year mortgage has lower monthly payments but results in paying significantly more interest over the life of the loan.