Calculate the monthly mortgage payment on the amount you actually borrow after your down payment, with optional tax and insurance added on top, line by line. Runs entirely in your browser — your numbers never leave this device.
Loan amount: $240,000.00 (home price minus down payment)
| Year | Paid | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $17,267.04 | $2,947.21 | $14,319.83 | $237,052.79 |
| 2 | $17,267.04 | $3,128.99 | $14,138.05 | $233,923.80 |
| 3 | $17,267.04 | $3,321.97 | $13,945.07 | $230,601.83 |
| 4 | $17,267.04 | $3,526.88 | $13,740.16 | $227,074.95 |
| 5 | $17,267.04 | $3,744.40 | $13,522.64 | $223,330.55 |
| 6 | $17,267.04 | $3,975.36 | $13,291.68 | $219,355.19 |
| 7 | $17,267.04 | $4,220.52 | $13,046.52 | $215,134.67 |
| 8 | $17,267.04 | $4,480.84 | $12,786.20 | $210,653.83 |
| 9 | $17,267.04 | $4,757.22 | $12,509.82 | $205,896.61 |
| 10 | $17,267.04 | $5,050.63 | $12,216.41 | $200,845.98 |
| 11 | $17,267.04 | $5,362.13 | $11,904.91 | $195,483.85 |
| 12 | $17,267.04 | $5,692.88 | $11,574.16 | $189,790.97 |
| 13 | $17,267.04 | $6,044.00 | $11,223.04 | $183,746.97 |
| 14 | $17,267.04 | $6,416.80 | $10,850.24 | $177,330.17 |
| 15 | $17,267.04 | $6,812.54 | $10,454.50 | $170,517.63 |
| 16 | $17,267.04 | $7,232.73 | $10,034.31 | $163,284.90 |
| 17 | $17,267.04 | $7,678.84 | $9,588.20 | $155,606.06 |
| 18 | $17,267.04 | $8,152.45 | $9,114.59 | $147,453.61 |
| 19 | $17,267.04 | $8,655.27 | $8,611.77 | $138,798.34 |
| 20 | $17,267.04 | $9,189.12 | $8,077.92 | $129,609.22 |
| 21 | $17,267.04 | $9,755.87 | $7,511.17 | $119,853.35 |
| 22 | $17,267.04 | $10,357.59 | $6,909.45 | $109,495.76 |
| 23 | $17,267.04 | $10,996.42 | $6,270.62 | $98,499.34 |
| 24 | $17,267.04 | $11,674.65 | $5,592.39 | $86,824.69 |
| 25 | $17,267.04 | $12,394.73 | $4,872.31 | $74,429.96 |
| 26 | $17,267.04 | $13,159.21 | $4,107.83 | $61,270.75 |
| 27 | $17,267.04 | $13,970.85 | $3,296.19 | $47,299.90 |
| 28 | $17,267.04 | $14,832.52 | $2,434.52 | $32,467.38 |
| 29 | $17,267.04 | $15,747.38 | $1,519.66 | $16,720.00 |
| 30 | $17,268.42 | $16,720.00 | $548.42 | $0.00 |
The schedule covers only the loan itself. Property tax, homeowners insurance and HOA are shown separately in the monthly total above because they are ongoing costs you entered as monthly estimates, not part of the amount borrowed.
A mortgage payment is calculated on the amount you borrow, not on the price of the home. The first step is always price minus down payment: a $300,000 home with 20% down means a loan of $240,000, and the standard loan payment formula is applied to that $240,000. The calculator shows the loan amount as its own line so a down-payment mistake is easy to spot before it distorts everything else.
Property tax and homeowner's insurance are not part of the loan maths — they are separate costs lenders often collect alongside the payment. This calculator lets you enter them as optional monthly amounts and adds them on top, clearly labelled, so you can see principal-and-interest on its own and the full monthly cost together. The figures are generic maths only: there are no country-specific tax tables, insurance rates or lending rules built in, because those vary by place and change over time — enter the amounts from your own quotes.
Shortening the term is the biggest lever after the rate. The same loan paid over 15 years instead of 30 has a higher monthly payment but a far smaller total interest bill, because the balance falls faster every single month. The examples below put both terms side by side on the same loan so the trade-off is in dollars, not adjectives.
Always the loan amount — the price minus your down payment. A $300,000 home with $60,000 down is a $240,000 mortgage, and at 6% over 30 years that is a $1,438.92 monthly payment. Calculating on the full $300,000 price would overstate the payment by about $360 a month.
Because there is no such thing as a standard rate: property tax depends on the country, city and even the individual property, and insurance depends on the home and the cover chosen. Baking in a table would produce confident wrong numbers for almost everyone, so you enter your own monthly tax and insurance figures from local quotes and the calculator adds them transparently.
It reduces the loan dollar for dollar, and every dollar not borrowed also avoids decades of interest on that dollar. On a 6%, 30-year mortgage each extra $10,000 of down payment removes about $59.96 a month from the payment and about $11,584 of total interest (10,000 scales the $100,000 example: $599.55 payment and ≈ $115,838 interest per $100,000).
The maths is clear even if the decision is personal: the 15-year term costs more per month but dramatically less in total — on $240,000 at 6%, $278,012.58 of interest over 30 years versus $124,545.75 over 15. The 30-year term keeps the required payment lower, which is flexibility some households value more than the interest saving. This calculator shows the numbers; it does not make the choice for you.
No. It covers principal, interest, and any tax and insurance amounts you type in yourself. Lender fees, closing costs and private mortgage insurance are not estimated or added, because they are specific to a lender's offer — add them to the down-payment side of your own budget when comparing quotes.
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