Mortgage Calculator
Calculate your monthly payment, total interest paid, and view a full amortization schedule. Works for home mortgages, personal loans, and auto loans.
Amortization Schedule
| # | Date | Principal | Interest | Balance |
|---|
Enter your loan details above to see your monthly payment and amortization schedule.
This calculator is for estimation only. Contact a lender for exact figures.
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Frequently Asked Questions
How is a monthly mortgage payment calculated?
Using the standard amortization formula: M = P[r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the principal (loan amount), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12).
What is an amortization schedule?
A table showing each payment broken down into the principal and interest portions, along with the remaining loan balance after each payment. Early payments are mostly interest; later payments are mostly principal.
What is a good interest rate for a mortgage?
Rates vary by market conditions, credit score, loan type, and term. Compare current rates from multiple lenders before deciding. Historically, rates below 5% are considered favorable.
How does a down payment affect my mortgage?
A larger down payment reduces the loan amount, which lowers your monthly payment and total interest paid over the life of the loan. A 20% down payment also typically eliminates the need for private mortgage insurance (PMI).
Can I use this for auto loans?
Yes — switch to Auto Loan mode. Auto loans typically have shorter terms (2–7 years) and higher interest rates than mortgages. Enter the vehicle price, interest rate, and term to see your payment.