Calculate your monthly mortgage payment, total interest, and view the full amortization schedule. Compare loan terms, down payments, and rates to find the best option for your home purchase.
Monthly Payment
$1,516.96
Total Payment
$546,106.77
Total Interest
$306,106.77
Loan Amount
$240,000.00
| Month | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| 1 | $1,516.96 | $216.96 | $1,300.00 | $239,783.04 |
| 2 | $1,516.96 | $218.14 | $1,298.82 | $239,564.90 |
| 3 | $1,516.96 | $219.32 | $1,297.64 | $239,345.58 |
| 4 | $1,516.96 | $220.51 | $1,296.46 | $239,125.07 |
| 5 | $1,516.96 | $221.70 | $1,295.26 | $238,903.37 |
| 6 | $1,516.96 | $222.90 | $1,294.06 | $238,680.46 |
| 7 | $1,516.96 | $224.11 | $1,292.85 | $238,456.35 |
| 8 | $1,516.96 | $225.32 | $1,291.64 | $238,231.03 |
| 9 | $1,516.96 | $226.55 | $1,290.42 | $238,004.48 |
| 10 | $1,516.96 | $227.77 | $1,289.19 | $237,776.71 |
| 11 | $1,516.96 | $229.01 | $1,287.96 | $237,547.71 |
| 12 | $1,516.96 | $230.25 | $1,286.72 | $237,317.46 |
The monthly 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.
An amortization schedule is a table showing each monthly payment broken down into principal and interest portions, along with the remaining loan balance after each payment.
A larger down payment reduces your loan amount, which lowers your monthly payment and the total interest paid over the life of the loan. Generally, a 20% down payment is recommended to avoid private mortgage insurance (PMI).
A fixed-rate mortgage keeps the same interest rate for the entire loan term, providing predictable payments. An adjustable-rate mortgage (ARM) starts with a lower rate that changes periodically based on market conditions, which means payments can increase or decrease over time.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. PMI typically costs 0.5% to 1.5% of the loan amount per year. You can avoid it by making a 20% down payment, or request its removal once you reach 20% equity.
A 15-year mortgage has higher monthly payments but saves significantly on total interest and typically offers a lower rate. A 30-year mortgage has lower monthly payments, giving you more flexibility. Choose based on your budget and financial goals.
Extra payments go directly toward reducing your principal balance, which shortens your loan term and reduces total interest. Even one extra payment per year on a 30-year mortgage can shave off about 4-5 years and save tens of thousands in interest.
A 'good' rate depends on market conditions, your credit score, loan type, and term. Generally, rates below the national average are considered good. Improving your credit score, making a larger down payment, and comparing multiple lenders can help you secure a better rate.