Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and view the full amortization schedule.
Monthly Payment
$1,770
Total Payment
$637,200
Total Interest
$357,200
Loan Amount
$280,000
| Year | Payment | Principal | Interest | Balance |
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Frequently Asked Questions
How is the monthly mortgage payment calculated? ▼
The monthly payment is calculated using the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n – 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments.
What is a good down payment percentage? ▼
Traditionally, 20% is recommended to avoid private mortgage insurance (PMI). However, many loan programs allow 3-5% down. A larger down payment means lower monthly payments and less interest paid over the loan term.
Should I choose a 15-year or 30-year mortgage? ▼
A 15-year mortgage has higher monthly payments but you'll pay significantly less interest overall. A 30-year mortgage offers lower monthly payments but costs more in total interest. Use this calculator to compare both options.
Does this calculator include taxes and insurance? ▼
This calculator shows the principal and interest portion of your mortgage payment. Property taxes, homeowners insurance, and PMI are additional costs that vary by location and lender.