Kalkulo

Mortgage calculator

Estimate the monthly payment, total interest and full amortization schedule of a US fixed-rate mortgage or loan, from the amount, term and rate.

Result
$1,551/mo
Interest cost : $172,143 · Total repaid : $372,143
YearPrincipalInterestBalance
1$4,758$13,849$195,242
2$5,102$13,505$190,140
3$5,471$13,137$184,670
4$5,866$12,741$178,803
5$6,290$12,317$172,513
6$6,745$11,862$165,768
7$7,233$11,375$158,536
8$7,755$10,852$150,780
9$8,316$10,291$142,464
10$8,917$9,690$133,547
11$9,562$9,045$123,986
12$10,253$8,354$113,733
13$10,994$7,613$102,738
14$11,789$6,818$90,949
15$12,641$5,966$78,308
16$13,555$5,052$64,753
17$14,535$4,072$50,218
18$15,586$3,022$34,633
19$16,712$1,895$17,920
20$17,920$687$0

About this tool

Why use this tool

The loan calculator estimates the monthly payment on a fixed-rate loan and produces a full amortization schedule. It's essential before buying a home, financing a car, refinancing an existing mortgage or consolidating debt. Comparing scenarios with different terms and rates helps find the right balance between monthly cash flow and total interest paid over the life of the loan.

How it works

The formula used is the standard fixed-payment mortgage equation: M = P × i / (1 − (1 + i)−n), where P is the principal, i is the monthly rate (annual rate divided by 12) and n is the total number of payments. The amortization table shows how much of each year's payment goes to principal versus interest, and the remaining balance. Early in the loan, interest dominates; toward the end, principal takes over.

Real example

For a $300,000 30-year fixed mortgage at 6.5% APR, the monthly principal-and-interest payment is around $1,896. Over 30 years, total payments reach about $682,600 — meaning $382,600 in interest, more than the original loan amount.

Practical tips

The quoted rate excludes property taxes, homeowners insurance, PMI (if down payment is under 20%) and HOA dues — factor these into your true monthly housing cost. Shopping three or more lenders can save thousands. Consider a 15-year fixed if you can afford the higher payment: rates are lower and you build equity faster. Watch for prepayment penalties and origination fees. Refinance if rates drop 0.75% or more below your current rate.

Disclaimer

Results are indicative and do not include property taxes, insurance, PMI, HOA fees or closing costs. Your actual APR and monthly payment depend on your credit score, down payment, debt-to-income ratio and lender policies. This calculator has no contractual value. Always consult a licensed mortgage professional and read the Loan Estimate carefully before signing.

Frequently asked questions

What is the difference between interest rate and APR?⌄
The interest rate is the base cost of borrowing expressed as a percentage of the loan amount. The APR (Annual Percentage Rate) is a broader measure that includes the interest rate plus lender fees, mortgage points, and other costs, making it the true cost of the loan. Always compare APRs rather than interest rates when shopping for mortgages, as two lenders offering the same rate may have very different APRs due to fees.
What is PMI and when can I remove it?⌄
Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20% of the home's purchase price. It protects the lender (not you) in case of default and typically costs 0.5% to 1.5% of the loan amount annually. Once your loan-to-value ratio reaches 80% (either through payments or home appreciation), you can request PMI removal under the Homeowners Protection Act of 1998.Source: CFPB — PMI
Should I choose a 15-year or 30-year mortgage?⌄
A 15-year mortgage has higher monthly payments but saves tens of thousands in interest over the life of the loan and builds equity faster. A 30-year mortgage offers lower monthly payments and more financial flexibility, which is valuable if you invest the difference. The right choice depends on your income stability, other financial goals, and how long you plan to stay in the home.
What are mortgage points and should I buy them?⌄
Mortgage points (also called discount points) are upfront fees paid to reduce your interest rate — typically 1 point costs 1% of the loan and reduces the rate by about 0.25%. Buying points makes sense if you plan to stay in the home long enough to recoup the upfront cost through lower monthly payments. Calculate your break-even point by dividing the point cost by your monthly savings.
How does my credit score affect my mortgage rate?⌄
Your credit score is one of the most important factors in determining your mortgage rate. Borrowers with scores above 760 receive the best available rates, while scores below 620 may struggle to qualify at all. Even a 0.5% difference in rate on a $300,000 mortgage can mean $30,000+ in additional interest over 30 years, making credit score improvement highly worthwhile before applying.

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