Mortgage Payment Calculator
Monthly principal & interest, total interest over the life of the loan, a full amortization schedule, and what extra payments do to your payoff date.
Your loan
Where your monthly payment goes
Balance vs. interest over time
Yearly amortization schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $25,868 | $4,471 | $395,529 |
| 2 | $25,569 | $4,770 | $390,759 |
| 3 | $25,249 | $5,090 | $385,669 |
| 4 | $24,909 | $5,431 | $380,238 |
| 5 | $24,545 | $5,794 | $374,444 |
| 6 | $24,157 | $6,182 | $368,261 |
| 7 | $23,743 | $6,596 | $361,665 |
| 8 | $23,301 | $7,038 | $354,627 |
| 9 | $22,830 | $7,510 | $347,117 |
| 10 | $22,327 | $8,013 | $339,105 |
| 11 | $21,790 | $8,549 | $330,555 |
| 12 | $21,218 | $9,122 | $321,434 |
| 13 | $20,607 | $9,733 | $311,701 |
| 14 | $19,955 | $10,384 | $301,316 |
| 15 | $19,259 | $11,080 | $290,237 |
| 16 | $18,517 | $11,822 | $278,415 |
| 17 | $17,726 | $12,614 | $265,801 |
| 18 | $16,881 | $13,458 | $252,342 |
| 19 | $15,979 | $14,360 | $237,983 |
| 20 | $15,018 | $15,322 | $222,661 |
| 21 | $13,992 | $16,348 | $206,314 |
| 22 | $12,897 | $17,442 | $188,871 |
| 23 | $11,729 | $18,611 | $170,260 |
| 24 | $10,482 | $19,857 | $150,403 |
| 25 | $9,152 | $21,187 | $129,217 |
| 26 | $7,734 | $22,606 | $106,611 |
| 27 | $6,220 | $24,120 | $82,491 |
| 28 | $4,604 | $25,735 | $56,756 |
| 29 | $2,881 | $27,459 | $29,298 |
| 30 | $1,042 | $29,298 | $0 |
How the math works
The monthly payment comes from the standard amortization formula: M = P · r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments. Each month, the interest portion is the current balance × r; the rest of the payment reduces principal. Early payments are mostly interest; late payments are mostly principal.
Extra monthly payments go straight to principal (after that month's interest is covered). A smaller balance means less interest accrues next month, which compounds — that's why even $100 extra can shave years off a 30-year loan. The schedule above is simulated month by month, so extra payments are reflected exactly.
PITI adds property tax and insurance (÷ 12) to P&I — it's the number lenders use to qualify you and the closest to your actual monthly outlay. PMI and HOA dues are not modeled; as a workaround, add HOA dues to the insurance field.
Common questions
What does PITI mean?+
Principal, Interest, Taxes, Insurance — the four components of a typical mortgage payment. Online calculators often show only P&I, which can understate your real payment by 25–40% once tax and insurance are included.
Why do extra payments go straight to principal?+
Your required payment always covers that month's interest first. Anything above it has no interest left to pay, so it reduces the balance directly. A lower balance means less interest accrues the next month, and the effect compounds over the life of the loan.
15-year vs 30-year — which is better?+
A 15-year loan usually carries a lower rate and dramatically less total interest, but the monthly payment is much higher. The right answer depends on cash flow, not just interest saved: a 30-year loan with voluntary extra payments gives you similar interest savings with the flexibility to skip the extra in a tight month.
Does this include PMI or HOA dues?+
No. If your down payment is under 20%, add the monthly PMI premium to the insurance field as an approximation. HOA dues can go in the insurance field too — they're a fixed monthly cost the same way.