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Mortgage Calculator - Online Home Loan & Amortization Tool

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Loan Details

$
%
Loan Amount
$0
Monthly Payment
$0
Total Interest
$0
Payoff Date
—
With Extra Payment
$0
Interest Saved
$0
New Payoff Date
—
Amortization Schedule
# Date Payment Principal Interest Extra Balance Cum. Interest

Frequently Asked Questions

A mortgage is a loan used to purchase real estate, where the property itself serves as collateral. The borrower makes regular payments over a set term until the loan is fully repaid.

The monthly payment is calculated using the standard amortization formula: M = P × [ r(1+r)^n ] / [ (1+r)^n – 1 ], where P = loan principal, r = monthly interest rate, and n = total number of payments.

Amortization refers to the gradual reduction of a loan balance through scheduled payments. Each payment covers interest and principal, with more going toward interest early in the loan and more toward principal later.

Adding extra money to your monthly payment goes directly toward principal, reducing your balance faster. This can significantly lower total interest paid and shorten the loan term.

A 20% down payment is often recommended to avoid private mortgage insurance (PMI) and get better interest rates. However, many loan programs accept as low as 3–5% down.
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