Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and view a full amortization schedule. Supports extra monthly payments to see how much you save.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter loan details | ||||
How to Calculate Your Mortgage Payment
ToolsPix Mortgage Calculator uses the standard amortization formula to compute your exact monthly payment from the home price, down payment, loan term, and interest rate ā all calculated locally in your browser with no data sent anywhere.
What this calculator computes
- Monthly principal and interest payment based on your loan amount and rate.
- Total interest paid over the full loan term.
- Full amortization schedule showing every payment's principal and interest split.
- Savings from extra monthly payments ā how much interest you avoid and months you cut.
- Visual breakdown of principal vs interest as a donut chart.
Steps to use the mortgage calculator
Enter your home price and down payment (use the sliders or type directly). Select your loan term (10, 15, 20, or 30 years) and enter your annual interest rate. Results update instantly. Optionally add an extra monthly payment to see how quickly you pay off the loan early. Toggle between Monthly and Yearly views in the amortization table.
FAQ
How is the monthly mortgage payment calculated?
The monthly payment uses the standard amortization formula: M = P Ć [r(1+r)āæ] / [(1+r)āæā1], where P is the loan principal, r is the monthly interest rate, and n is the total number of payments. If the interest rate is 0%, the payment is simply the principal divided by the loan term in months.
How much does an extra monthly payment save?
Extra payments reduce your principal faster, meaning you pay interest on a smaller balance each month. On a $400,000 30-year loan at 6.5%, adding $200 extra per month can save tens of thousands in interest and cut years off your loan term.
What is an amortization schedule?
An amortization schedule is a table showing each payment's split between principal and interest, plus the remaining balance after each payment. Early payments are mostly interest; later payments are mostly principal. This calculator shows both monthly and yearly views.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly lower total interest paid and builds equity faster. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility, but costs more in total interest. Use this calculator to compare both scenarios side by side.
What is loan-to-value (LTV) ratio?
Loan-to-value (LTV) is the ratio of your loan amount to the home's purchase price. For example, a $320,000 loan on a $400,000 home is an 80% LTV. Lenders typically require private mortgage insurance (PMI) when LTV exceeds 80%, which adds to your monthly cost.