Mortgage Calculator
A loan at over , paying extra each month.
Tap any underlined value to change it. Everything else is under All assumptions.
That is $2,684 required. You pay $466,279 in interest and finish in 30.0 years.
Principal and interest only. Property tax, insurance, HOA dues and PMI are separate.
Paying $200 more each month would finish 4.2 years sooner and save $77,470 in interest.
How we calculate thisFree, no ads, no account.
Pin locks in exactly what you see now, so finish your edits first. Then change any value, and the two are shown side by side.
A loan at over , paying extra each month.
What each year's payments buy you. Principal overtakes interest in year 17.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $7,377 | $24,832 | $492,623 |
| 2 | $7,754 | $24,455 | $484,869 |
| 3 | $8,151 | $24,058 | $476,718 |
| 4 | $8,568 | $23,641 | $468,150 |
| 5 | $9,006 | $23,203 | $459,144 |
| 17 | $16,390 | $15,819 | $307,437 |
How this mortgage calculator works
We use the standard fixed-rate amortization formula to compute your monthly payment and simulate payoff month by month. Add extra payments to see interest saved and how many years you can shave off your mortgage.
- Payment formula: M = P x [ r(1+r)n / ((1+r)n - 1) ]
- Inputs: loan amount, interest rate (APR), term, optional extra payments.
- Outputs: monthly payment, total interest, payoff year, and year-by-year table.
Example
On a $400,000 loan at 6.5% for 30 years, the base payment is about $2,528/mo (principal and interest). If you add $200/mo extra from the start, total interest drops by tens of thousands and the payoff moves forward by several years.
Use the year-by-year table to see how principal versus interest shifts over time. The first years are interest heavy; extra payments hit principal immediately and compound in your favor.
Key features and tips
Key features
- Extra monthly payments and lump sums
- Interactive charts: balance, principal versus interest
- Detailed amortization table by year
Tips
- Try +$100/mo to see interest saved
- Compare 15 year and 30 year terms
- Test rate shocks of plus or minus 1% to gauge sensitivity
What is not included
- Taxes, insurance, HOA, and PMI vary by borrower and market; treat them as separate budget line items.
- Adjustable-rate and interest-only loans are not modeled; approximate by changing rate and term manually.