Mortgage Calculator
Enter the home price, down payment, interest rate and term to get the monthly payment, total interest and a year-by-year breakdown. Add extra payments to see how much sooner you finish.
- Loan amount
- 280,000.00 (down payment 70,000.00)
- Paid off in
- 30 years 0 months
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 3,129.63 | 18,107.85 | 276,870.37 |
| 2 | 3,339.23 | 17,898.26 | 273,531.14 |
| 3 | 3,562.86 | 17,674.62 | 269,968.28 |
| 4 | 3,801.47 | 17,436.01 | 266,166.80 |
| 5 | 4,056.07 | 17,181.42 | 262,110.74 |
| 6 | 4,327.71 | 16,909.78 | 257,783.03 |
| 7 | 4,617.54 | 16,619.94 | 253,165.49 |
| 8 | 4,926.79 | 16,310.70 | 248,238.70 |
| 9 | 5,256.74 | 15,980.74 | 242,981.95 |
| 10 | 5,608.80 | 15,628.69 | 237,373.15 |
| 11 | 5,984.43 | 15,253.06 | 231,388.72 |
| 12 | 6,385.22 | 14,852.27 | 225,003.51 |
| 13 | 6,812.85 | 14,424.64 | 218,190.66 |
| 14 | 7,269.12 | 13,968.37 | 210,921.54 |
| 15 | 7,755.94 | 13,481.54 | 203,165.60 |
| 16 | 8,275.37 | 12,962.11 | 194,890.22 |
| 17 | 8,829.59 | 12,407.89 | 186,060.63 |
| 18 | 9,420.92 | 11,816.56 | 176,639.71 |
| 19 | 10,051.86 | 11,185.62 | 166,587.84 |
| 20 | 10,725.05 | 10,512.43 | 155,862.79 |
| 21 | 11,443.33 | 9,794.16 | 144,419.46 |
| 22 | 12,209.71 | 9,027.77 | 132,209.75 |
| 23 | 13,027.42 | 8,210.07 | 119,182.33 |
| 24 | 13,899.89 | 7,337.60 | 105,282.44 |
| 25 | 14,830.79 | 6,406.70 | 90,451.65 |
| 26 | 15,824.04 | 5,413.45 | 74,627.62 |
| 27 | 16,883.80 | 4,353.69 | 57,743.82 |
| 28 | 18,014.54 | 3,222.95 | 39,729.28 |
| 29 | 19,221.01 | 2,016.48 | 20,508.27 |
| 30 | 20,508.27 | 729.21 | 0.00 |
About this tool
A mortgage payment is calculated with the standard annuity formula: the loan amount times the monthly rate divided by one minus (1 + rate) to the power of minus the number of months. Early payments are mostly interest; the principal share grows every month. The amortization table makes that visible year by year and shows the remaining balance if you sell or refinance.
Extra monthly payments go straight to principal, which shortens the loan and cuts total interest dramatically: 100 extra per month on a 30-year loan typically saves several years. Property tax and insurance can be added to see the full monthly outgoing that lenders use for affordability checks.
Frequently asked questions
- Is the down payment a percentage or an amount?
- Either. Switch the mode with the buttons; 20% is the usual threshold for avoiding mortgage insurance in many markets.
- Does it handle variable rates?
- The calculation assumes a fixed rate. Run it again with a different rate to compare scenarios.
- Why is total interest so high?
- Over 30 years, interest often exceeds the amount borrowed. A shorter term or extra payments reduce it substantially.