🏠 CALCULATOR
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.
Loan Details
Home Price $400K
$
Down Payment $80K (20%)
$
Loan Term
Annual Interest Rate 6.5%
%
Extra Monthly Payment $0
$
Currency
Monthly Payment
—
Loan Amount
—
Total Interest
—
Total Cost
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—
interest
Principal: —
Interest: —
Down Payment: —
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter loan details | ||||
Frequently Asked Questions
The monthly payment uses the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1]. If the interest rate is 0%, it's simply the principal divided by the total number of months.
Extra payments reduce your principal faster, meaning you pay interest on a smaller balance each month. This can save thousands in interest and shorten the loan term significantly.