Mortgage Calculator
Compare loan terms, see amortization schedules, and calculate savings from extra payments.
| Year | Month | Payment | Principal | Interest | Balance | Home equity | Home value | Unreal. appr. | Total equity |
|---|
About this tool
Calculate the true monthly cost of a mortgage, compare 15-year against 30-year terms side by side, and walk the full amortization schedule to see exactly how much of each payment goes to interest versus principal.
Amortization is front-loaded: in the early years of a 30-year loan the great majority of each payment is interest. That is why modest extra principal payments made early are so powerful, and why the amortization chart is worth a minute of study before signing anything.
What is included in a monthly mortgage payment?
Principal, interest, property taxes and insurance, often abbreviated PITI, plus PMI if the down payment was under 20%. The loan payment alone understates the real monthly cost of owning.
15-year or 30-year mortgage?
The 15-year carries a lower rate and vastly less total interest but a higher required payment. Many buyers take the 30-year for flexibility and pay it like a 15-year when they can, keeping the option to fall back to the lower payment.
How much do extra payments save?
On a typical 30-year loan, one extra principal payment a year shortens the loan by 4-5 years and saves tens of thousands in interest. The earlier the extra dollars arrive, the more interest they kill.