Mortgage
Mortgage Calculator
Estimate your monthly mortgage payment, including principal and interest.
Use CalculatorAmortization Calculator
Generate a full payment-by-payment schedule for a fixed-rate loan and see how each payment splits between principal and interest.
How it works
The calculator works out a level payment for your loan amount, rate, term and payment frequency.
Each period, interest is charged on the remaining balance and the rest of the payment reduces principal.
The schedule lists every payment with an estimated date, assuming the first payment is due one period from today.
Formula & methodology
Payment = P × r(1 + r)^n / ((1 + r)^n − 1)
- P
- Loan amount
- r
- Annual rate ÷ payments per year
- n
- Years × payments per year
At 0% interest the payment is P ÷ n.
The final payment is adjusted slightly so the balance ends at exactly $0.
Illustrative example
$250,000 at 6% for 30 years
The monthly payment is about $1,498.88.
Total interest over 360 payments is about $289,595.
Hypothetical figures for illustration only.
Frequently asked questions
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