Mortgage Calculator — Monthly Payment & Amortization
Free mortgage calculator with monthly principal & interest, total interest, total cost of the home, and an amortization summary covering the first and last 12 months.
First 12 months
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,022.62 | $289.28 | $1,733.33 | $319,710.72 |
| 2 | $2,022.62 | $290.85 | $1,731.77 | $319,419.86 |
| 3 | $2,022.62 | $292.43 | $1,730.19 | $319,127.44 |
| 4 | $2,022.62 | $294.01 | $1,728.61 | $318,833.43 |
| 5 | $2,022.62 | $295.60 | $1,727.01 | $318,537.82 |
| 6 | $2,022.62 | $297.20 | $1,725.41 | $318,240.62 |
| 7 | $2,022.62 | $298.81 | $1,723.80 | $317,941.80 |
| 8 | $2,022.62 | $300.43 | $1,722.18 | $317,641.37 |
| 9 | $2,022.62 | $302.06 | $1,720.56 | $317,339.31 |
| 10 | $2,022.62 | $303.70 | $1,718.92 | $317,035.62 |
| 11 | $2,022.62 | $305.34 | $1,717.28 | $316,730.27 |
| 12 | $2,022.62 | $307.00 | $1,715.62 | $316,423.28 |
Last 12 months
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 349 | $2,022.62 | $1,895.66 | $126.96 | $21,542.36 |
| 350 | $2,022.62 | $1,905.93 | $116.69 | $19,636.43 |
| 351 | $2,022.62 | $1,916.25 | $106.36 | $17,720.18 |
| 352 | $2,022.62 | $1,926.63 | $95.98 | $15,793.55 |
| 353 | $2,022.62 | $1,937.07 | $85.55 | $13,856.48 |
| 354 | $2,022.62 | $1,947.56 | $75.06 | $11,908.92 |
| 355 | $2,022.62 | $1,958.11 | $64.51 | $9,950.81 |
| 356 | $2,022.62 | $1,968.72 | $53.90 | $7,982.09 |
| 357 | $2,022.62 | $1,979.38 | $43.24 | $6,002.71 |
| 358 | $2,022.62 | $1,990.10 | $32.51 | $4,012.60 |
| 359 | $2,022.62 | $2,000.88 | $21.73 | $2,011.72 |
| 360 | $2,022.62 | $2,011.72 | $10.90 | $0.00 |
About this tool
A mortgage is a long-running amortising loan: the same monthly payment for the entire term, but the split between interest and principal shifts every month. WRRK's mortgage calculator runs the standard amortising-loan formula in your browser, supports six currencies, and shows both the first 12 and last 12 months of the amortization schedule so you can see exactly how interest dominates the early years and principal dominates the late years.
The number to watch is "total interest" — on a 30-year loan it's often within striking distance of the loan amount itself. Try a 15-year term against a 30-year for the same loan: the monthly payment is higher, but total interest can drop by 50–60%. That's the trade you're really making.
This calculator returns principal and interest only. Real mortgage payments (PITI) also include property tax, homeowners insurance, possibly HOA dues, and PMI for low down payments — add those manually for a full picture.
How to calculate a mortgage (5 steps)
- Pick currency. USD, INR, EUR, GBP, CAD or AUD. Affects display formatting only.
- Enter home price. The full purchase price of the home, before any down payment.
- Enter down payment. The cash you're paying upfront. The calculator shows the down payment as a percentage of the home price.
- Set term and rate. Loan term in years (commonly 15, 20 or 30) and annual interest rate. The calculator converts to monthly internally.
- Read the breakdown. Right panel shows monthly P&I, total interest, and total cost of the home. The page below shows the first 12 and last 12 amortization rows so you can see how principal grows over time.
Use cases
- Affordability check before house-hunting
- Comparing 15-year vs 30-year terms — see total interest difference
- Comparing offers from multiple lenders
- Estimating payment after a rate change on an ARM
- Refinance evaluation — old payment vs new payment
- Planning extra-principal strategies
- Understanding the amortisation curve before signing
Frequently asked questions
+−What is the mortgage payment formula?
M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where M is the monthly payment, P is the loan amount (price minus down payment), r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of months. This is the standard amortising-loan formula and is what banks use.
+−Does this include taxes, insurance and PMI?
No. The calculator returns principal and interest (P&I) only. To estimate the full PITI payment, add monthly property tax (annual / 12), homeowners insurance, HOA dues if any, and PMI (typically 0.3–1.5% of loan / 12) for down payments under 20%.
+−How much down payment do I need?
Conventional US loans typically want 20% to avoid PMI. FHA loans go as low as 3.5%. VA and USDA loans can be 0%. In India, banks usually require 10–25%. The lower the down payment, the higher the loan, the higher the monthly payment, and (often) the higher the rate.
+−Why does so much of the early payment go to interest?
Each monthly payment is the same amount, but interest is charged on the outstanding balance. Early on the balance is highest so interest is highest, leaving less for principal. As the balance falls, the interest portion shrinks and the principal portion grows. The amortization tables on this page show this directly.
+−Should I take a 15-year or 30-year loan?
A 15-year loan has a higher monthly payment but dramatically lower total interest — often half or less. A 30-year loan has a lower payment but much more total interest. Try both terms in the calculator and compare 'Total interest'. Many people split the difference with a 30-year loan and extra principal payments.
+−What happens if I pay extra each month?
Extra payments go straight to principal, which reduces all future interest. A small extra amount (say $100/month on a 30-year loan) can shave years off the term and save tens of thousands in interest. This calculator shows a vanilla schedule; recompute after each lump-sum prepayment.
+−Is this for fixed or adjustable-rate mortgages?
Fixed-rate. For an ARM, the rate (and payment) changes after the initial fixed period — re-run the calculator with the new rate after each adjustment to see the updated payment.