Home Loan Amortization Calculator
Calculate your estimated monthly home loan payment, total interest, total repayment, mortgage payoff date, yearly principal and interest, and complete amortization schedule. You can also see how extra payments could help you pay off your loan sooner.
Enter Your Home Loan Details
Enter the information below to estimate your mortgage payment and amortization schedule.
Taxes, Insurance & Other Costs
Add these optional expenses for a more realistic estimate of your monthly housing payment.
Extra Payment Options
See how paying extra toward principal could change your estimated payoff period and interest.
Estimated Monthly Mortgage Payment
Your estimated starting loan-to-value ratio is 0%. Your down payment represents 0% of the home price.
Monthly Payment Breakdown
| Principal & interest | $0 |
| Property tax | $0 |
| Homeowners insurance | $0 |
| HOA fee | $0 |
| PMI | $0 |
| Estimated total monthly housing payment | $0 |
Loan Cost Summary
| Original loan amount | $0 |
| Total principal paid | $0 |
| Total interest paid | $0 |
| Total principal + interest | $0 |
| Estimated taxes over loan period | $0 |
| Estimated insurance over loan period | $0 |
| Estimated total scheduled housing cost | $0 |
Yearly Amortization Summary
| Year | Starting Balance | Principal Paid | Interest Paid | Ending Balance |
|---|
Complete Amortization Schedule
| Payment | Starting Balance | Payment | Principal | Interest | Extra Principal | Ending Balance |
|---|
What Is a Home Loan Amortization Calculator?
A home loan amortization calculator shows how a mortgage balance changes over time as scheduled payments are made. Instead of showing only the estimated monthly payment, an amortization calculator separates each payment into principal and interest and shows the remaining loan balance after each payment.
This can help homeowners and prospective buyers understand the long-term cost of borrowing and see how much interest may be paid over the life of a mortgage.
How Does Mortgage Amortization Work?
Mortgage amortization is the process of gradually paying down a loan through scheduled payments. At the beginning of many fully amortizing mortgages, a larger portion of each principal-and-interest payment goes toward interest. As the loan balance decreases, more of the payment goes toward principal.
The calculator above creates an amortization schedule showing the estimated principal, interest and remaining balance for every payment.
How to Calculate a Home Loan Payment
A standard fixed-rate mortgage payment for principal and interest can be calculated using the following formula:
In this formula, M represents the monthly principal and interest payment, P is the loan principal, r is the monthly interest rate, and n is the total number of monthly payments.
What Is Included in a Mortgage Payment?
Your total monthly housing expense can contain several components. The principal and interest portion pays down the mortgage and covers borrowing costs. Depending on the property and loan, homeowners may also have property taxes, homeowners insurance, mortgage insurance and HOA fees.
- Mortgage principal
- Mortgage interest
- Property taxes
- Homeowners insurance
- Private mortgage insurance
- Homeowners association fees
What Is an Amortization Schedule?
An amortization schedule is a table showing how a loan is expected to be repaid. Each row normally represents a payment and can show the starting balance, principal paid, interest paid and remaining balance.
The yearly summary in this calculator makes it easier to understand the larger picture, while the complete schedule provides payment-by-payment detail.
How Much Interest Will I Pay on My Home Loan?
Total interest depends mainly on the amount borrowed, interest rate and repayment term. A larger loan or higher interest rate generally increases interest costs. A longer repayment period can reduce the required monthly principal-and-interest payment but can result in more interest being paid over the full term.
Use the calculator to compare different loan terms and interest rates instead of looking only at the monthly payment.
How Do Extra Mortgage Payments Affect Amortization?
Additional payments directed toward principal can reduce the outstanding balance faster. When the balance falls faster, less interest may accumulate over the remaining life of the loan.
This calculator allows you to enter both an additional monthly payment and an additional annual payment so you can explore how extra payments may change the estimated payoff period.
15-Year vs. 30-Year Mortgage
A 15-year mortgage generally has a shorter repayment period and can result in substantially less total interest than a 30-year mortgage when the rate and loan amount are otherwise comparable. However, the required monthly principal and interest payment is generally higher.
A 30-year mortgage spreads repayment over a longer period, which can make the scheduled monthly payment more manageable, but it can increase the total interest paid over the life of the loan.
What Is Loan-to-Value Ratio?
Loan-to-value ratio, or LTV, compares the mortgage amount with the value or purchase price of the property, depending on the calculation being used.
LTV can be an important factor in mortgage underwriting. A lower LTV generally means the borrower is financing a smaller percentage of the home’s value.
Frequently Asked Questions
Disclaimer: This home loan amortization calculator is intended for educational and planning purposes only. Results are estimates and are not a lending offer, financial recommendation, tax recommendation or guarantee of actual loan terms. Actual mortgage rates, fees, taxes, insurance, PMI, qualification requirements and payments vary.