Mortgage Calculator
Mortgage payments and a full amortization schedule, with an option for extra monthly payments. Calculation only, no product recommendations.
| Monthly payment | 898 |
|---|---|
| Payoff time | 30 years 0 months |
| Total payment | 323,312 |
| Total interest | 123,312 |
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | 3,838 | 6,939 | 196,162 |
| 2 | 3,975 | 6,802 | 192,187 |
| 3 | 4,116 | 6,661 | 188,071 |
| 4 | 4,263 | 6,515 | 183,808 |
| 5 | 4,414 | 6,363 | 179,394 |
| 6 | 4,571 | 6,206 | 174,823 |
| 7 | 4,734 | 6,043 | 170,089 |
| 8 | 4,902 | 5,875 | 165,187 |
| 9 | 5,076 | 5,701 | 160,111 |
| 10 | 5,257 | 5,520 | 154,854 |
| 11 | 5,444 | 5,333 | 149,410 |
| 12 | 5,638 | 5,139 | 143,772 |
| 13 | 5,838 | 4,939 | 137,934 |
| 14 | 6,046 | 4,731 | 131,888 |
| 15 | 6,261 | 4,516 | 125,628 |
| 16 | 6,483 | 4,294 | 119,144 |
| 17 | 6,714 | 4,063 | 112,430 |
| 18 | 6,953 | 3,824 | 105,477 |
| 19 | 7,200 | 3,577 | 98,277 |
| 20 | 7,456 | 3,321 | 90,821 |
| 21 | 7,721 | 3,056 | 83,099 |
| 22 | 7,996 | 2,781 | 75,103 |
| 23 | 8,280 | 2,497 | 66,823 |
| 24 | 8,575 | 2,202 | 58,248 |
| 25 | 8,880 | 1,897 | 49,368 |
| 26 | 9,196 | 1,581 | 40,172 |
| 27 | 9,523 | 1,254 | 30,649 |
| 28 | 9,862 | 916 | 20,788 |
| 29 | 10,212 | 565 | 10,576 |
| 30 | 10,576 | 202 | 0 |
Calculation only — this tool does not recommend any loan product. Taxes, fees, insurance and other closing costs are excluded, and the rate is assumed to stay fixed for the whole term.
How to use
Enter the loan amount, the annual interest rate and the term. The tool computes the level (equal) monthly payment and a full amortization schedule. The payment formula is:
payment = principal × r ÷ (1 − (1 + r)^(−months)), where r is the monthly rate (annual rate ÷ 100 ÷ 12). At a 0% rate the payment is simply principal ÷ months.
Example: a loan of 200,000 at 3.5% over 30 years gives a monthly payment of about 898.
If you enter an extra monthly payment above 0, that amount is added to the principal portion every month, and the tool also shows how many months and how much interest that saves.
Notes
Calculation only — this tool does not recommend any loan product. Taxes, fees, insurance, guarantee charges and other closing costs are excluded. The rate is assumed fixed for the whole term with level payments; variable rates and lump-sum bonus payments are not modeled. Amounts are rounded to whole units for display. All calculations run in your browser.
FAQ
Does an extra payment change the monthly payment amount?
The base payment stays the same. The extra amount is treated as additional principal every month, which shortens the loan and reduces total interest. The page also shows the combined monthly outlay.
Why might a bank's actual payment differ slightly?
Banks may use daily interest, their own rounding rules, or a first-payment date adjustment, which can shift each payment by a small amount. This tool uses a simple monthly model.