Mortgage planning tool

Mortgage Payment & Amortization Calculator

Estimate principal and interest, include separate property-cost estimates for tax, insurance, PMI, and HOA dues, and inspect each payment in the schedule.

Your assumptions

Loan details

Start with the figures from your offer or loan statement.

Mortgage Loan Amount

Annual Interest Rate

Loan term

First payment month

Payment frequency

Extra each month (principal reduction) Optional

Applied to principal in the estimate. For weekly or biweekly schedules, the monthly amount is spread across the year.

Taxes, insurance & fees (optional estimates)

Annual property tax · estimate Annual homeowners insurance · estimate Monthly PMI · estimate Monthly HOA or condo dues · estimate Fees added to loan balance Interest accrual method One-time extra principal One-time payment month Initial fixed-rate period · years Assumed rate after fixed period

Down payment and trade-in reduce principal; financed fees increase it. Property costs are estimates and stay outside the loan calculation. A later rate is held constant after the fixed period for this illustration.

Results recalculate when you change an input. Select Update estimate to run the schedule manually.

Your estimate

Payment at a glance

Estimate

Monthly payment

—

Principal and interest

Financed principal —

Total paid

—

Total interest

—

Payoff date

—

How this estimate is calculated

Payments begin on the first day of the month after the selected start month. Biweekly and weekly schedules continue every 14 or 7 days from that first due date.
Periodic mode divides nominal APR by payments per year. Daily mode accrues simple interest on the outstanding principal using actual days between modeled payment dates and 365.25 days per year. Daily mode treats the first day of the selected start month as the accrual date; your contract's disbursement date and day-count convention may differ.
Calculations retain full internal precision and display dollar amounts to the nearest cent. The final payment can be lower than a regular payment when the remaining balance is smaller, and a lender's amount may differ because of timing, rounding, fees, or contract terms.
Recurring extra principal is added to each modeled payment; the monthly amount is spread over the year for weekly and biweekly schedules. One-time extras are applied in the selected month, or on the first payment if no month is chosen. Confirm that your lender applies extra funds to principal.
When an adjustable-rate period is entered, the payment is recalculated at that point using the supplied later rate, which is then held constant. Indexes, caps, and future rate changes are not predicted.
Mortgage property tax, insurance, PMI, and HOA are separate estimates. They do not reduce principal and are excluded from the loan schedule and total interest.

Compare options

Loan scenarios

Compare payment, interest, and payoff date together.

Standard schedule

Current loan · scheduled payments

Payment per period: —
Total interest: —
Payoff date: —

With extra

Your current plan

Payment incl. extra: —
Total interest: —
Payoff date: —

Add an extra payment to see estimated savings.

Extra amounts are modeled as principal payments. Confirm payment handling with your lender.

Estimates use the inputs and assumptions selected above. Your lender’s dates, rate conventions, fees, posting rules, and rounding may differ; the final payment may be smaller than a regular installment.

What Your Mortgage Estimate Includes

The amortization schedule calculates principal and interest from the financed balance, rate, term, and payment frequency. Optional property tax, homeowners insurance, PMI, and HOA inputs create a separate estimated monthly housing cost. Those estimates do not change the loan balance or interest calculation. For an income-based purchase budget, use the home affordability calculator; to compare a new loan with your current mortgage, use the refinance break-even calculator.

Fixed-Rate and Adjustable-Rate Scenarios

A fixed-rate schedule keeps the rate unchanged for the full term. For an adjustable-rate illustration, enter the initial fixed period and an assumed later rate; the calculator resets the payment at that point and holds the later rate constant. Real adjustable-rate contracts may use indexes, margins, caps, and reset dates that differ from this simplified estimate.

15-Year vs. 30-Year Mortgage Amortization Compared

Illustration only: a $400,000 financed balance, 6.75% assumed APR, monthly payments, periodic APR ÷ 12 interest, and no fees. The same rate is used for both terms so the comparison isolates term length; it is not a current rate quote:

30-year term: payment about $2,594.39; total interest about $533,981.
15-year term: payment about $3,539.64; total interest about $237,135 — about $296,846 less modeled interest, with a higher scheduled payment.

The values are rounded and exclude property costs and lender-specific charges. Compare offers using the rate and fees you were actually quoted; do not treat this illustration as a recommendation about which term to choose.

Reading Your Mortgage Amortization Schedule

Expand a calendar year to inspect individual payment dates, principal and interest portions, and the remaining balance. The charts show annual principal versus interest and the balance path. An extra principal payment lowers the modeled balance from its payment date onward; lender timing and application rules may differ.

Tips for Managing Your Home Loan

Include mortgage insurance where applicable. PMI costs and cancellation rules depend on the loan, down payment, lender, and applicable requirements. Enter a monthly estimate above and confirm the amount and removal terms with your servicer.
Ask before changing payment frequency. Some servicers may hold partial payments until a full installment is received. Confirm posting dates and any fees before starting a biweekly arrangement.
Compare complete written offers. Review APR, fees, points, loan term, and estimated escrow costs rather than comparing rate or monthly payment alone.
Model an extra amount before sending it. The calculator can show a hypothetical principal reduction; your servicer controls how payments post and whether restrictions apply.
Compare refinance costs over your expected time horizon. A lower rate may not offset upfront fees or a longer repayment term. Use the refinance calculator to estimate a simple break-even point, then compare written Loan Estimates.

Frequently Asked Questions

What is a home loan amortization calculator? ▼

Enter the mortgage balance, annual rate, and term to estimate principal-and-interest payments. Optional property tax, homeowners insurance, PMI, and HOA inputs contribute to a separate estimated monthly housing cost; they do not affect the loan balance.

How does mortgage loan amortization work? ▼

For a fixed-rate installment mortgage, each scheduled payment covers period interest and then reduces principal. The estimate depends on the selected periodic or daily interest method, payment dates, and financed balance. Property costs entered here are shown separately and do not reduce the loan balance.

What is the difference between a 15-year and 30-year mortgage amortization? ▼

For the same balance and rate, a 15-year schedule usually has a higher payment and less modeled interest than a 30-year schedule. The difference depends on the loan amount, rate, payment method, and fees. Compare the payment against your budget and the lender’s written terms.

How do I read a mortgage amortization schedule? ▼

Expand a calendar year to review payment dates, principal, interest, and the remaining balance. The charts summarize the annual principal-interest mix and balance path; property taxes, insurance, and escrow entries remain separate from the loan schedule.

Can I pay off my mortgage faster with extra payments? ▼

Extra principal can reduce future interest and shorten the modeled payoff time. Enter a one-time extra payment or compare a recurring amount in the scenario cards. Confirm with your servicer how it applies extra funds and whether prepayment rules apply.