Inputs
Results
Monthly Payment (P&I)
$2,129
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,129 | $262 | $1,867 | $319,738 |
| 2 | $2,129 | $264 | $1,865 | $319,474 |
| 3 | $2,129 | $265 | $1,864 | $319,208 |
| 4 | $2,129 | $267 | $1,862 | $318,942 |
| 5 | $2,129 | $268 | $1,860 | $318,673 |
| 6 | $2,129 | $270 | $1,859 | $318,403 |
| 7 | $2,129 | $272 | $1,857 | $318,131 |
| 8 | $2,129 | $273 | $1,856 | $317,858 |
| 9 | $2,129 | $275 | $1,854 | $317,583 |
| 10 | $2,129 | $276 | $1,853 | $317,307 |
| 11 | $2,129 | $278 | $1,851 | $317,029 |
| 12 | $2,129 | $280 | $1,849 | $316,749 |
How to Use
- 1Enter the home price you are considering.
- 2Input your planned down payment as a percentage (20% avoids PMI).
- 3Enter the current interest rate from your lender or use today's average.
- 4Select your loan term — 30 years gives lower monthly payments, 15 years saves significant interest.
- 5Review the monthly payment and scroll down for the full amortization schedule.
Frequently Asked Questions
What is included in the monthly payment?+
This calculator shows principal and interest (P&I) only. Your actual mortgage payment will also include property taxes, homeowners insurance, and possibly PMI — typically adding $300–$800/month.
What is PMI and how do I avoid it?+
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. It typically costs 0.5–1% of the loan annually. You can avoid it by putting at least 20% down.
Should I choose a 15-year or 30-year mortgage?+
A 15-year mortgage typically has a lower interest rate and saves tens of thousands in interest, but has higher monthly payments. A 30-year mortgage is more affordable month-to-month but costs more overall.
How does the amortization schedule work?+
Early payments are mostly interest with little principal reduction. Over time, more goes toward principal. This is called amortization — your equity builds slowly at first, then accelerates.
Can I pay off my mortgage early?+
Yes. Making extra principal payments reduces your balance faster, cuts interest costs, and shortens the loan term. Even $100 extra/month on a 30-year loan can save years of payments.
This calculator is for informational purposes only and does not constitute financial, legal, or tax advice. Consult a qualified professional before making real estate or financial decisions.