Mortgage amortization calculator (2026)
Full amortization schedule with escrow, PMI or regional insurance rules, and prepayment scenarios, with charts and CSV export.
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Monthly payment (first month)
$2,629
Total interest
$446,428
Total cost (cash out)
$1,026,428
Payoff month #
360
One-time extra principal
Optional lump sums in a given loan year (applied in month 1 of that year).
Amortization schedule
How this tool works
The calculator computes your monthly principal and interest payment using the standard amortization formula M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual APR divided by 12), and n is the total number of monthly payments. Property tax, home insurance, HOA fees, and PMI are added on top to produce your total monthly obligation. PMI applies automatically when your down payment is below 20% of the purchase price and stops once your loan balance falls to 80% of the original home value. The amortization schedule table shows every month: how much goes to interest, how much reduces the principal, and the remaining balance. Extra monthly payments reduce the principal faster, shortening your payoff date and cutting total interest paid.
Worked example
Home price: $400,000. Down payment: $80,000 (20%). Loan: $320,000. Term: 30 years. APR: 7%. Monthly principal and interest payment: approximately $2,129. Total interest over 30 years: approximately $446,000. Adding $200 per month in extra principal from month one saves approximately $67,000 in total interest and pays off the loan about 5 years early. Month 1 breakdown: interest = $320,000 x 0.005833 = $1,867. Principal = $2,129 - $1,867 = $262. Remaining balance = $319,738. By month 180 (halfway through a 30-year term), the split is roughly 50/50 between principal and interest.
Frequently asked questions
What is PMI and when does it drop?
PMI (Private Mortgage Insurance) is required by most US lenders when your down payment is below 20% of the purchase price. The calculator enables it automatically in that case, at 0.5% of the loan amount per year by default. It stops when your remaining balance reaches 80% of the original home value based on the amortization schedule.
How much interest does a 0.25% rate difference cost over 30 years?
On a $320,000 loan over 30 years, the difference between 7.00% and 7.25% APR is roughly $18,000 in total interest. You can verify this by entering both rates in the tool and comparing the total interest line. Verify current figures with the IRS or relevant authority before making financial decisions, as rates change annually.
What happens if I put less than 20% down?
PMI is added to your monthly payment. On a $400,000 home with 10% down, PMI at 0.5% adds roughly $150 per month initially. The calculator shows when PMI drops based on the amortization schedule.
How do property taxes affect my monthly payment?
Property taxes are divided by 12 and added to your monthly total. On a $400,000 home at a 1.2% tax rate, that adds $400 per month. Tax rates vary by county, so enter the rate from your most recent tax assessment for the most accurate result. Verify current figures with the IRS or relevant authority before making financial decisions, as rates change annually.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but charges less total interest because you pay off the balance faster and typically get a lower rate. On a $320,000 loan at 6.5% (15-year) vs 7% (30-year), the 15-year payment is about $2,790 vs $2,129, but total interest drops from $446,000 to roughly $182,000. Use the term selector in the tool to compare side by side.
Can I use this calculator for a refinance?
Yes. Enter your current remaining balance as the home price, set the down payment to zero, and input your new rate and term. The schedule will show your new payment structure and total interest from the refinance date forward.