Mortgage Calculator
Calculate your monthly payment, view the full amortization schedule, and see exactly how extra payments can save you thousands in interest.
Frequently Asked Questions
How is my monthly mortgage payment calculated?
Your payment is calculated using 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, and n is the total number of payments. This gives you a fixed monthly payment that covers both principal and interest.
How much can I save with extra payments?
Extra payments go directly toward principal, reducing your balance faster and cutting the total interest paid. Even an extra $100/month on a $300,000 loan at 6.75% can save over $40,000 in interest and shave 4+ years off your loan.
What does the amortization schedule show?
The amortization schedule breaks down every payment into principal and interest portions. Early in the loan, most of your payment goes to interest. Over time, more goes to principal. The schedule shows this shift year by year or month by month.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but much lower total interest. A 30-year mortgage has lower payments but costs significantly more over the life of the loan. Use the term pills above to compare both scenarios instantly.
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