Mortgage Calculator
Estimate your monthly mortgage payment, see how principal and interest change over time, and follow the balance through the complete amortization schedule to payoff. Taxes, insurance, and property costs remain your estimates.
Use a payment estimate as a cash-flow starting point
Read principal and interest separately from the total housing-cost estimate. The schedule shows how the entered fixed terms allocate each modeled payment; it does not forecast escrow changes.
Tradeoffs to weigh
A longer term can lower the scheduled payment while increasing the time interest accrues. A larger down payment changes the modeled balance, but can also reduce cash available for closing, repairs, or reserves.
What the model assumes
The model uses the selected country’s periodic-rate convention and the fixed rate, frequency, and costs you enter. Taxes, insurance, mortgage insurance, HOA fees, and lender rounding are outside the core payment calculation.
Checks before relying on it
Compare the estimate with a written lender illustration and confirm which costs are collected with the payment, when they can change, and whether the quoted rate is fixed for the period you are considering.
Continue with calculate an early mortgage payoffsee amortization schedule examplescompare mortgage scenariosreview calculation methodology.
How mortgage payments are calculated
A fixed-rate principal-and-interest payment is determined by the amount borrowed, annual interest rate, loan term, and payment frequency. Early payments generally contain more interest; later payments direct more money to principal as the balance declines.
Understanding the payment breakdown
Principal reduces what you owe. Interest is the cost of borrowing. Your total housing payment may also include property tax, home insurance, mortgage insurance, and HOA or other recurring property costs. Those amounts are user-provided estimates and can change independently of the loan.
Reading the amortization schedule
The amortization schedule shows every payment, including the starting balance, principal, interest, and ending balance. Yearly groups keep the page manageable while leaving the complete schedule available.
Assumptions and methodology
This calculator models a fixed interest rate over the selected term using the Mortgage Decision Engine's precise amortization schedule. It does not predict changes to tax assessments, insurance premiums, HOA costs, or mortgage insurance. Review the complete Calculation Methodology to understand how we model interest and principal.