Enter your loan details and instantly get your monthly payment, total interest paid, and a full year-by-year amortization breakdown — free, no signup required.
This free mortgage calculator with amortization schedule lets you see exactly what you'll pay each month — and how every payment is split between principal and interest over the life of your loan. Whether you're a first-time homebuyer comparing loan options or refinancing an existing mortgage, enter your numbers below and get a complete breakdown in seconds.
Type the purchase price or estimated value of the property.
Enter the amount you plan to put down. The difference is your loan amount.
Use your lender's quoted rate, or check current average rates online.
30 years is most common. 15 years costs less interest overall but has higher payments.
The monthly payment is the principal and interest portion only. Your actual payment may also include property tax, homeowner's insurance, and PMI (if your down payment is under 20%). The total interest shows how much extra you pay over the life of the loan — often a sobering number that motivates extra payments. The amortization schedule breaks down every year showing exactly how much goes to principal vs. interest.
A 30-year mortgage offers lower monthly payments and more cash flow flexibility. A 15-year mortgage typically comes with a lower interest rate and you build equity twice as fast — but the monthly payment is significantly higher. Use the term field to compare both scenarios instantly.
Does this include property taxes and insurance?
No — this calculator shows principal and interest only. Your lender will give you a full PITI (principal, interest, taxes, insurance) estimate. Taxes and insurance typically add $300–$800/month depending on location.
What is PMI and when do I need it?
Private Mortgage Insurance is required when your down payment is under 20%. It typically costs 0.5–1.5% of the loan annually. Once your equity reaches 20%, you can request PMI removal.
How do extra payments affect the loan?
Even one extra payment per year can shorten a 30-year mortgage by 4–5 years and save tens of thousands in interest. Many lenders allow this with no penalty.
What's a good debt-to-income ratio for a mortgage?
Most lenders want your total monthly debt payments (including the new mortgage) to be under 43% of your gross monthly income. Under 36% is considered excellent.
Can I use this for refinancing?
Yes. Enter your remaining loan balance as the home price, set down payment to $0, and use your new refinance rate and term to see what your new monthly payment would be.