Enter your home price, down payment, interest rate, and amortization period to instantly see your estimated mortgage payment. Adjust the payment frequency to see monthly, bi-weekly, or weekly payment amounts. Add optional costs like property tax, insurance, and PMI for a complete picture of your true housing cost.
A mortgage payment is the regular amount paid to a lender to repay a home loan. Each payment is split between principal — the amount borrowed — and interest, which is the cost of borrowing. In the early years of a mortgage, the majority of each payment goes toward interest. Over time, a greater portion is applied to the principal as the balance decreases.
Mortgage interest is calculated on the outstanding loan balance each period. The formula used here is the standard amortizing loan formula: M = P · r(1+r)^n / ((1+r)^n − 1), where P is the principal, r is the periodic interest rate, and n is the total number of payments. With a fixed-rate mortgage, your payment stays the same each period but the proportion of interest vs. principal shifts gradually over time.
There are several proven strategies to reduce the total cost of your mortgage. Making a larger down payment reduces your loan balance and eliminates PMI once you reach 20% equity. Choosing a shorter amortization period (e.g. 15 years instead of 25) dramatically reduces total interest paid, although your monthly payment will be higher. Making extra payments directly against the principal — even small amounts — can shave years off your mortgage and save tens of thousands in interest. Finally, shopping for the best available interest rate before committing can have a significant long-term impact.
Amortization is the process of paying off a loan through regular scheduled payments over time. An amortization schedule shows every payment broken down into its principal and interest components, along with the remaining loan balance after each payment. Early payments are interest-heavy; later payments are principal-heavy. The full amortization table generated by this calculator shows the complete repayment timeline — you can view it year by year or month by month and export it as a CSV spreadsheet for your records.