Mortgage Calculator
Calculate monthly mortgage payments, total interest, and see a full amortization schedule.
Loan Details
Additional Costs (optional)
Monthly Payment
$1,947
Principal & Interest: $1,597
Payment Breakdown
Principal & Interest$1596.73
Property Tax$250.00
Home Insurance$100.00
Loan Summary
$240,000
Loan Amount
$334,821
Total Interest
$574,821
Total P&I Payments
Amortization Preview (First Year)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $197 | $1400 | $239,803 |
| 2 | $198 | $1399 | $239,605 |
| 3 | $199 | $1398 | $239,406 |
| 4 | $200 | $1397 | $239,206 |
| 5 | $201 | $1395 | $239,005 |
| 6 | $203 | $1394 | $238,802 |
Mortgage Calculator
Calculate monthly mortgage payments, including principal, interest, taxes, and insurance.
- Common terms: 15, 20, 30 years
- Fixed vs adjustable rate
- Consider all costs: PITI
Mortgage Payment Formula
Calculate your payment:
Monthly Payment
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
- M= Monthly payment
- P= Loan principal
- r= Monthly rate (APR/12)
- n= Total payments
Worked Examples
Calculate Payment
Problem:
$250,000 loan, 6% APR, 30 years
Solution Steps:
- 1r = 0.06/12 = 0.005
- 2n = 360
Result:
$1,499/month
Tips & Best Practices
- ✓20% down avoids PMI
- ✓Shorter terms save interest
- ✓Shop multiple lenders
Frequently Asked Questions
Principal, Interest, Taxes, Insurance - the full monthly housing cost.
Sources & References
- CFPB (2024)
Last updated: 2026-01-21