Mortgage Calculator
Estimate payments, view amortization, and plan extra payments|30-year fixed at 7.00%
Adjustable Rate (ARM)
Recurring Extra Payments
One-Time Extra Payments
Payment Allocation Over Time
How each payment splits between interest and principal as the loan matures
Annual Payments Breakdown
Total dollars paid toward interest and principal each year
How to Use This Mortgage Calculator
Start by entering your home price, down payment percentage, interest rate, and loan term. The calculator instantly shows your estimated monthly payment, total interest over the life of the loan, and a full amortization breakdown — year by year or month by month.
Use the extra payments section to model recurring contributions (biweekly, monthly, quarterly) or one-time lump sums. The charts and savings panel update in real time so you can see exactly how much interest you'll save and how many years you can cut from your mortgage.
What Is an Amortization Schedule?
An amortization schedule is a table that shows every payment over the life of your loan, broken down into how much goes toward principal (paying down the balance) and how much goes toward interest (the cost of borrowing). In the early years of a mortgage, the majority of each payment covers interest. Over time, the split shifts until most of the payment reduces your balance.
The Payment Allocation chart above visualizes this shift. The dashed crossover line marks the year when your principal payments first exceed interest — a meaningful milestone that many homeowners aim to reach sooner through extra payments.
Fixed-Rate vs. Adjustable-Rate Mortgages
A fixed-rate mortgage locks in the same interest rate for the entire loan term — typically 15 or 30 years. Your monthly payment stays predictable, which makes budgeting straightforward.
An adjustable-rate mortgage (ARM) starts with a lower introductory rate for a set period (commonly 5 or 7 years), then adjusts periodically based on a market index plus a margin. ARMs often make sense if you plan to move or refinance before the first adjustment, but they carry the risk of higher payments later.
Toggle Enable ARM in the calculator to model how rate adjustments affect your long-term costs. You can set the initial period, caps, margin, and even override specific adjustment rates to match your lender's terms.
How Extra Payments Reduce Interest
Every dollar of extra principal you pay today eliminates interest you would have owed on that dollar for every remaining month of your loan. On a $400,000 mortgage at 7%, an extra $200/month saves over $100,000 in interest and pays off the loan roughly 6 years early.
This calculator supports multiple extra payment strategies at once — combine a recurring monthly contribution with annual bonuses or a one-time inheritance. The Savings Panel shows the combined impact: total interest saved and time shaved off your loan compared to the standard payment schedule.
Understanding PMI, LTV, and Down Payments
Loan-to-value (LTV) is the ratio of your loan amount to the home's price. A $400,000 loan on a $500,000 home gives an LTV of 80%. Lenders use LTV to assess risk — the lower your LTV, the less risky the loan.
If your down payment is less than 20% (LTV above 80%), most lenders require private mortgage insurance (PMI). PMI typically costs 0.5% to 1% of the loan amount per year and is added to your monthly payment. Once your equity reaches 20%, you can usually request PMI removal.
The calculator flags PMI automatically when your down payment drops below 20% and estimates the additional monthly cost.
Share and Compare Scenarios
Click Share to copy a link that saves your exact inputs — home price, rate, term, and every extra payment. Send it to a partner, financial advisor, or your future self. Open two tabs with different scenarios to compare side by side: 15 vs 30 years, fixed vs ARM, or with and without extra payments.