Calculate your monthly payment and explore full amortization schedule
Month-by-month payment breakdown
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1(Yr 1) | $2,023 | $289 | $1,733 | $319,711 |
| 2(Yr 1) | $2,023 | $291 | $1,732 | $319,420 |
| 3(Yr 1) | $2,023 | $292 | $1,730 | $319,127 |
| 4(Yr 1) | $2,023 | $294 | $1,729 | $318,833 |
| 5(Yr 1) | $2,023 | $296 | $1,727 | $318,538 |
| 6(Yr 1) | $2,023 | $297 | $1,725 | $318,241 |
| 7(Yr 1) | $2,023 | $299 | $1,724 | $317,942 |
| 8(Yr 1) | $2,023 | $300 | $1,722 | $317,641 |
| 9(Yr 1) | $2,023 | $302 | $1,721 | $317,339 |
| 10(Yr 1) | $2,023 | $304 | $1,719 | $317,036 |
| 11(Yr 1) | $2,023 | $305 | $1,717 | $316,730 |
| 12(Yr 1) | $2,023 | $307 | $1,716 | $316,423 |
| 13(Yr 2) | $2,023 | $309 | $1,714 | $316,115 |
| 14(Yr 2) | $2,023 | $310 | $1,712 | $315,804 |
| 15(Yr 2) | $2,023 | $312 | $1,711 | $315,492 |
| 16(Yr 2) | $2,023 | $314 | $1,709 | $315,179 |
| 17(Yr 2) | $2,023 | $315 | $1,707 | $314,863 |
| 18(Yr 2) | $2,023 | $317 | $1,706 | $314,546 |
| 19(Yr 2) | $2,023 | $319 | $1,704 | $314,227 |
| 20(Yr 2) | $2,023 | $321 | $1,702 | $313,907 |
| 21(Yr 2) | $2,023 | $322 | $1,700 | $313,584 |
| 22(Yr 2) | $2,023 | $324 | $1,699 | $313,260 |
| 23(Yr 2) | $2,023 | $326 | $1,697 | $312,935 |
| 24(Yr 2) | $2,023 | $328 | $1,695 | $312,607 |
This calculator turns a home price, down payment, interest rate, and term into a full monthly payment estimate — principal and interest plus property taxes and homeowners insurance (PITI). It also builds the complete amortization schedule so you can see exactly where every payment goes over the life of the loan.
Early in a mortgage, most of each payment is interest; the split flips slowly as the balance falls. That's why total interest on a 30-year loan can approach or exceed the amount borrowed, and why rate, term, and extra principal payments matter so much.
M = P · r(1 + r)^n / ((1 + r)^n − 1)The core payment is principal and interest. Most lenders also escrow property taxes and homeowners insurance, so your actual monthly bill is PITI. Depending on the loan and down payment, PMI, HOA dues, or flood insurance can add more.
At the start, most of it. On a 30-year loan at 6.5%, roughly 85% of the first payment is interest. The balance shifts gradually — the halfway point where payments become mostly principal typically arrives in the late teens of a 30-year loan.
A 15-year loan carries a lower rate and dramatically less total interest, but a much higher required payment. A common middle path is taking the 30-year for flexibility and making extra principal payments when you can — you get most of the interest savings without the obligation.
One point costs 1% of the loan amount and typically lowers the rate by about 0.25%. Points pay off if you keep the loan past the break-even (points cost ÷ monthly savings). If you might refinance or move within a few years, skipping points is usually safer.
On a $400,000 loan, the choice between 15 and 30 years is a $300,000 decision. The full comparison — and the hybrid strategy that captures most of both.