Mortgage Calculator
Enter loan amount, interest rate, and term to get your monthly principal-and-interest payment plus a complete amortization schedule showing how each payment splits.
Principal-and-interest only — excludes property taxes, insurance, HOA dues, and PMI. Currency-agnostic. Not financial advice.
How it works
Each monthly payment first covers the interest accrued on the remaining balance; whatever is left reduces principal. Because the balance shrinks every month, the interest portion falls and the principal portion grows — the amortization schedule below the results shows that shift month by month.
The schedule is also the fastest way to see the payoff effect of a shorter term: compare 30 years against 15 at the same rate and watch total interest collapse.
FAQ
What formula does this use?
The standard amortization formula: payment = P × i × (1+i)^n / ((1+i)^n − 1), where P is the loan amount, i the monthly rate, and n the number of monthly payments.
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is largest at the start. On a 30-year loan at 6%, roughly 83% of the first payment is interest; the split flips past the halfway point of the term.
Does this include taxes and insurance?
No — it computes principal and interest only. Lenders often quote PITI (principal, interest, taxes, insurance), which will be higher.
How much interest will I pay in total?
The results show total interest over the life of the loan. At 6% over 30 years, total interest is roughly 116% of the amount borrowed — extra principal payments early on cut it dramatically.