Use this calculator to estimate your total mortgage cost and payment schedule.
Enter some basic information to get started.
Estimated Monthly Payment:
Estimated Interest Paid:
Total Principal Paid:
Invalid numeric value entered. Please check your entries and try again.
- The interest paid result above is an estimated total interest paid over the life of the mortgage.
What’s the purpose of a mortgage amortization calculator?
Amortization means paying off debt over time in equal installments. Part of your payments go toward interest; the rest goes toward the principal. Over time, more of your payment will go toward the principal.
Based on the mortgage amount, the length of the loan and the interest rate, our mortgage amortization calculator estimates the monthly payment and breaks down the interest and principal amounts separately.
Why is knowing mortgage amortization important?
If your interest rate is about to change, it’s important to know how the new rate affects your monthly payment and how much you’ll pay toward interest versus the principal. In short, the more money you put toward principal, the less interest you’re charged. That means a shorter amortization period and being mortgage-free faster.
How do I use this calculator?
Enter the following information and click “Calculate” to estimate the monthly payment, the total interest amount and the principal.
Mortgage Amount. This is the total amount you are borrowing from a lender, not including any upfront fees.
Amortization. This factors in the length of time you’ll be repaying the loan.
Interest Rate: The interest rate determines how much you’re charged for borrowing money. It is a percentage of the total money borrowed over a set amount of time.
How can I apply these estimates?
Whether you’re shopping for a new home or a new lender, these estimates can help you choose a home loan and payment schedule that saves you from paying more in interest.