Planning Tool
Mortgage Payment & Amortization Calculator
Estimate your monthly mortgage payment and see how each payment is applied to principal and interest over the life of the loan. You can also add an extra amount each month to see how much sooner the loan would be paid off.
This is a planning tool. It is not a loan application, approval, commitment to lend, rate quote, offer of credit, or Loan Estimate.
Calculator
Your scenario
Ownership costs — optional
Amortization schedule
How this loan would be repaid
- Total scheduled interest—
- Payoff length—
Effect of extra principal
Scheduled payments only
—
— total interest
Adding — per month
—
— total interest
- —earlier payoff
- —interest avoided
Assumes the additional amount is applied to principal every month for the life of the loan, and that nothing else changes. Additional payments do not usually reduce the required monthly payment. Confirm with your lender or servicer how additional amounts are applied before relying on this projection.
| Year | Principal | Interest | Balance |
|---|
Show every payment (— months)
| Month | Payment | Interest | Principal | Balance |
|---|
The schedule assumes every payment is made on time and in the scheduled amount, and that the rate and term do not change. It excludes taxes, insurance, HOA dues, and mortgage insurance, which are not part of loan repayment.
What makes up a payment
A mortgage payment is more than principal and interest.
Most payment estimates people find online show only principal and interest. The amount actually due each month usually includes several other components, and each one is set by something different.
Because taxes, insurance, mortgage insurance, and association dues are set outside the loan, two borrowers with an identical loan amount and rate can have materially different total payments.
How amortization works
Early payments are mostly interest.
Each scheduled payment covers the interest accrued for that period first. Whatever remains reduces the principal balance. Because interest is charged on the outstanding balance, the interest portion is largest at the beginning and shrinks as the balance falls.
The practical consequence is that the split changes over the term without the payment amount changing. Seeing that split is usually more useful than seeing the payment alone, which is why this page shows the full schedule rather than a single number.
- The scheduled payment stays level, but its composition shifts every month
- Interest is calculated on the remaining balance, not the original loan amount
- Additional principal reduces the balance that future interest is calculated on
- A shorter term raises the payment but reduces total interest over the loan
Frequently asked questions
Questions about payment estimates.
What does this mortgage calculator estimate?
It estimates a monthly housing payment from a purchase price, down payment, interest-rate assumption, and loan term, and shows how each payment is divided between principal and interest over the life of the loan. It also itemises property taxes, homeowners insurance, HOA dues, and mortgage insurance when those amounts are provided.
Is the interest rate shown a rate I can get?
No. The interest-rate field is an assumption you enter so the calculator can produce a payment estimate. It is not a rate quote, offer, approval, or Loan Estimate, and it does not reflect pricing available to any particular borrower. Rates and terms vary by borrower, property, loan program, documentation, credit profile, and market conditions.
What is amortization?
Amortization is the schedule by which a loan is repaid over time. Each scheduled payment covers the interest accrued for that period first, and the remainder reduces the principal balance. Early in a loan term, a larger share of each payment goes to interest; later, a larger share goes to principal.
Why is my actual payment different from this estimate?
A payment estimate depends on assumptions. Property taxes and insurance vary by location and property. Mortgage insurance depends on loan-to-value and program. Rate and terms depend on verified borrower and property information. This calculator does not verify anything you enter, so treat the result as a planning figure rather than a commitment.
Does making extra principal payments help?
Applying additional amounts to principal reduces the outstanding balance faster, which reduces the interest that accrues over the remaining term and can shorten the payoff period. The calculator can show the effect of a recurring additional monthly amount. Confirm with your lender or servicer how additional payments are applied before relying on any projection.
Does using this calculator start a mortgage application?
No. Nothing you enter is submitted anywhere unless you choose to request a scenario review and provide your contact information. Using the calculator is not an application, and it does not result in a credit inquiry.
Next step
Want to make this estimate more accurate?
Your actual payment and the mortgage options available to you depend on loan program, income documentation, credit profile, property type, taxes, insurance, down payment, and current market conditions. A licensed Leahy Lending professional can review your scenario and help identify the options that fit your goals.
A scenario review is informational and does not constitute a loan application, credit decision, approval, commitment to lend, or guarantee of any loan term.