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Mortgage Calculator
Monthly payment, total interest & amortization for home loans.
Mortgage Calculator
How to Use the Mortgage Calculator
Enter your home price, down payment, loan term, and interest rate. Click calculate to generate a full amortization schedule and your exact monthly payment.
The Complete Guide to Mortgages
A mortgage is a loan secured by real estate. The most common type is a fixed-rate mortgage where the interest rate remains the same for the entire life of the loan. Your monthly payment consists of Principal, Interest, Taxes, and Insurance (PITI).
Amortization Formula
M = P[r(1+r)^n]/[(1+r)^n - 1]
In the early years of your mortgage, the vast majority of your payment goes toward paying off the interest. By the final years, almost all of the payment goes toward the principal.
Frequently Asked Questions (FAQ)
What is PMI?
Private Mortgage Insurance is required if your down payment is less than 20%.