Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and see a full amortization breakdown.
Calculator Inputs
20.0% of home price
Monthly Payment
$2,270
Loan Amount
$280,000
Total Interest
$357,125
Total Cost
$817,125
Monthly Payment Breakdown
Balance vs Equity Over Time
How Mortgage Payments Work
Your monthly mortgage payment consists of principal (the loan amount), interest, property taxes, and homeowner's insurance. Early in your loan, most of each payment goes toward interest. Over time, a larger share goes to principal, building your equity faster.
The Mortgage Formula
M = P[r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the principal, r is the monthly interest rate, and n is the number of payments.
Take the Next Step
Now that you have the numbers, here are some ways to act on them.
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