Free tool
Mortgage Calculator
Enter the price, down payment, rate, and loan length. It shows your monthly payment split into principal and interest, the total interest, the payoff date, and what an extra payment saves. Free, no account required.
20.0% of the price
Goes straight to principal and shortens the loan.
Monthly payment
$2,612.30 / month
$2,128.97 principal and interest, plus $483.33 tax and insurance.
- Loan amount
- $320,000.00
- Total interest
- $446,428.47
- Paid off
- October 2056 (30 years)
In year 21 your principal passes your interest for the first time.
Balance over time
Remaining loan balance at the end of each year. Adding an extra payment bends this curve down earlier.
Year-by-year schedule
| Year | Interest | Principal | Balance left |
|---|---|---|---|
| 1 | $22,297.02 | $3,250.59 | $316,749.41 |
| 2 | $22,062.04 | $3,485.58 | $313,263.83 |
| 3 | $21,810.07 | $3,737.55 | $309,526.28 |
| 4 | $21,539.88 | $4,007.74 | $305,518.54 |
| 5 | $21,250.16 | $4,297.46 | $301,221.09 |
| 6 | $20,939.50 | $4,608.12 | $296,612.97 |
| 7 | $20,606.37 | $4,941.24 | $291,671.73 |
| 8 | $20,249.17 | $5,298.44 | $286,373.28 |
| 9 | $19,866.15 | $5,681.47 | $280,691.81 |
| 10 | $19,455.43 | $6,092.18 | $274,599.63 |
| 11 | $19,015.03 | $6,532.59 | $268,067.04 |
| 12 | $18,542.79 | $7,004.83 | $261,062.21 |
| 13 | $18,036.41 | $7,511.21 | $253,551.00 |
| 14 | $17,493.42 | $8,054.20 | $245,496.81 |
| 15 | $16,911.18 | $8,636.43 | $236,860.37 |
| 16 | $16,286.85 | $9,260.76 | $227,599.61 |
| 17 | $15,617.39 | $9,930.22 | $217,669.39 |
| 18 | $14,899.54 | $10,648.08 | $207,021.31 |
| 19 | $14,129.79 | $11,417.83 | $195,603.48 |
| 20 | $13,304.39 | $12,243.23 | $183,360.25 |
| 21 | $12,419.33 | $13,128.29 | $170,231.96 |
| 22 | $11,470.28 | $14,077.34 | $156,154.63 |
| 23 | $10,452.63 | $15,094.99 | $141,059.64 |
| 24 | $9,361.41 | $16,186.20 | $124,873.43 |
| 25 | $8,191.31 | $17,356.31 | $107,517.13 |
| 26 | $6,936.62 | $18,611.00 | $88,906.13 |
| 27 | $5,591.23 | $19,956.39 | $68,949.75 |
| 28 | $4,148.58 | $21,399.03 | $47,550.71 |
| 29 | $2,601.64 | $22,945.97 | $24,604.74 |
| 30 | $942.88 | $24,604.74 | $0.00 |
Fixed rate, monthly payments, no fees or tax changes modeled. Tax and insurance are spread evenly and do not change the payoff date.
Track in Nethaven. Add your home and mortgage, and watch your equity move with your net worth.
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<p style="font:14px sans-serif">Mortgage Calculator by <a href="https://nethaven.app/tools/mortgage-calculator">Nethaven</a></p>More calculators
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How a mortgage payment works
Every monthly payment has two parts. Interest is the fee for borrowing the balance that month, and principal is what actually shrinks the loan. The payment stays equal for the whole fixed-rate loan, but the mix shifts: early payments are mostly interest, later ones are mostly principal. That schedule is called amortization.
The method
① Start with the loan home price minus down payment ② Same payment every month covers that month's interest first, the rest reduces the balance ③ Extra payments skip the queue all of it reduces the balance, so every payment after is cheaper
With the starting example (a $400,000 home, 20% down, a 7% rate over 30 years), the loan is $320,000 and principal and interest come to about $2,129 a month. The first year sends about $22,297 to interest and only $3,251 to principal. Total interest over the full 30 years is about $446,428.
What the model leaves out
This is an educational planning tool, not personal financial advice. It assumes a fixed rate and equal monthly payments. It does not model adjustable rates, lender fees, points, mortgage insurance, tax relief, or refinancing. Property tax and insurance are spread evenly and held steady, while real bills change over time.
Once you know the payment, keep the loan honest: track your mortgage in Nethaven next to the rest of your net worth. To decide whether buying beats renting first, use the rent vs buy calculator. For the thinking behind the numbers, read how mortgage amortization works and 15 vs 30 year mortgage.
FAQ
Questions about this calculator
Not financial, tax, or investment advice. Calculator results are estimates for planning only; verify balances with your institutions.