Mortgage Calculator
Calculate your monthly mortgage payments and see the full amortization schedule.
Monthly Payment
$2,023
Loan Amount
$320,000
20% down payment
Total Interest
$408,142
Total Cost
$808,142
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| Year 1 | $3,577 | $20,695 | $316,423 |
| Year 2 | $7,393 | $41,150 | $312,607 |
| Year 3 | $11,465 | $61,349 | $308,535 |
| Year 4 | $15,809 | $81,276 | $304,191 |
| Year 5 | $20,445 | $100,912 | $299,555 |
| Year 6 | $25,391 | $120,238 | $294,609 |
| Year 7 | $30,668 | $139,232 | $289,332 |
| Year 8 | $36,299 | $157,873 | $283,701 |
| Year 9 | $42,306 | $176,136 | $277,694 |
| Year 10 | $48,716 | $193,998 | $271,284 |
| Year 11 | $55,556 | $211,430 | $264,444 |
| Year 12 | $62,853 | $228,404 | $257,147 |
| Year 13 | $70,639 | $244,889 | $249,361 |
| Year 14 | $78,947 | $260,853 | $241,053 |
| Year 15 | $87,811 | $276,260 | $232,189 |
| Year 16 | $97,268 | $291,074 | $222,732 |
| Year 17 | $107,359 | $305,255 | $212,641 |
| Year 18 | $118,126 | $318,759 | $201,874 |
| Year 19 | $129,614 | $331,543 | $190,386 |
| Year 20 | $141,871 | $343,557 | $178,129 |
| Year 21 | $154,949 | $354,750 | $165,051 |
| Year 22 | $168,903 | $365,068 | $151,097 |
| Year 23 | $183,792 | $374,451 | $136,208 |
| Year 24 | $199,677 | $382,837 | $120,323 |
| Year 25 | $216,627 | $390,159 | $103,373 |
| Year 26 | $234,711 | $396,345 | $85,289 |
| Year 27 | $254,007 | $401,321 | $65,993 |
| Year 28 | $274,595 | $405,004 | $45,405 |
| Year 29 | $296,562 | $407,309 | $23,438 |
| Year 30 | $320,000 | $408,142 | $0 |
Frequently Asked Questions
How is a monthly mortgage payment calculated?
Your monthly mortgage payment is calculated using the loan amount, interest rate, and loan term. The formula accounts for both principal and interest, creating fixed payments that gradually shift from mostly interest to mostly principal over the life of the loan.
What is a good down payment percentage?
A 20% down payment is ideal as it eliminates private mortgage insurance (PMI). However, many loans accept 3-5% down. A larger down payment reduces your monthly payment and total interest paid over the life of the loan.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage offers lower monthly payments but costs more overall. Choose based on your budget and financial goals.
What is an amortization schedule?
An amortization schedule shows how each mortgage payment is split between principal and interest over the life of the loan. Early payments are mostly interest, while later payments go primarily toward principal.