Mortgage calculator
Worked out in this tab. Nothing is uploaded.
Result
- Loan amount
- 320,000.00
- Monthly payment
- 2,022.62
- Down payment
- 80,000.00
- Total interest
- 408,142.36
- Total paid (loan + interest)
- 728,142.36
- Number of payments
- 360
Amortization by year
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 3,576.72 | 20,694.69 | 316,423.28 |
| 2 | 3,816.26 | 20,455.15 | 312,607.02 |
| 3 | 4,071.84 | 20,199.57 | 308,535.17 |
| 4 | 4,344.54 | 19,926.87 | 304,190.63 |
| 5 | 4,635.50 | 19,635.91 | 299,555.13 |
| 6 | 4,945.95 | 19,325.46 | 294,609.18 |
| 7 | 5,277.19 | 18,994.22 | 289,331.98 |
| 8 | 5,630.62 | 18,640.80 | 283,701.37 |
| 9 | 6,007.71 | 18,263.70 | 277,693.66 |
| 10 | 6,410.06 | 17,861.36 | 271,283.60 |
| 11 | 6,839.35 | 17,432.06 | 264,444.26 |
| 12 | 7,297.39 | 16,974.02 | 257,146.86 |
| 13 | 7,786.11 | 16,485.30 | 249,360.75 |
| 14 | 8,307.56 | 15,963.85 | 241,053.19 |
| 15 | 8,863.94 | 15,407.48 | 232,189.25 |
| 16 | 9,457.57 | 14,813.84 | 222,731.68 |
| 17 | 10,090.96 | 14,180.45 | 212,640.72 |
| 18 | 10,766.77 | 13,504.64 | 201,873.95 |
| 19 | 11,487.84 | 12,783.57 | 190,386.11 |
| 20 | 12,257.20 | 12,014.21 | 178,128.90 |
| 21 | 13,078.09 | 11,193.32 | 165,050.81 |
| 22 | 13,953.96 | 10,317.46 | 151,096.86 |
| 23 | 14,888.48 | 9,382.93 | 136,208.38 |
| 24 | 15,885.59 | 8,385.83 | 120,322.79 |
| 25 | 16,949.47 | 7,321.94 | 103,373.32 |
| 26 | 18,084.61 | 6,186.80 | 85,288.71 |
| 27 | 19,295.77 | 4,975.64 | 65,992.94 |
| 28 | 20,588.05 | 3,683.37 | 45,404.89 |
| 29 | 21,966.86 | 2,304.55 | 23,438.03 |
| 30 | 23,438.03 | 833.39 | 0.00 |
How to use this tool
Work out a mortgage payment, the total interest and how the balance falls each year. Nothing is uploaded.
Open Mortgage calculator
Type the home price, the down payment in percent, the yearly interest rate and the term in years.
Pick the repayment
Equal payments keep one monthly figure. Equal principal starts higher and falls each month; the page shows the first and last month.
Read the schedule
The table splits each year into principal and interest and shows the balance left. Copy result copies the summary.
FAQ
How is the monthly mortgage payment calculated?
With equal payments, M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan (price minus down payment), r the yearly rate ÷ 12 and n the number of months. A 320,000 loan at 6.5% for 30 years is 2,022.62 a month.
What is the difference between equal payments and equal principal?
Equal payments (an annuity, common in the US and UK) keep the same payment every month. Equal principal repays the same part of the loan each month plus that month's interest, so it starts higher, falls every month and costs less interest overall.
Does it include property tax, insurance or PMI?
No. It shows principal and interest only. Add your monthly tax, insurance and any mortgage insurance on top to get the full housing payment.
What does the amortization schedule show?
For each year, how much of what you paid went to principal and to interest, and the balance still owed at the end of that year. Early years are mostly interest with equal payments.
Is my information sent anywhere?
No. Every number is worked out in this tab. Nothing is uploaded or saved.