Mortgage Calculator
Estimate monthly loan payments, simulate extra payment savings, and view full amortization schedules in 50+ currencies.
Loan Parameters
Fixed RateStandard Monthly Payment
Loan Principal
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Down Payment
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Total Interest
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Total Loan Cost
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⚠️ Principal & Interest (P&I) Only:
- Excludes Escrow Costs: Does not include local property taxes, homeowners insurance, or HOA dues.
- Excludes PMI: If down payment is under 20%, private mortgage insurance typically adds 0.3%–1.5% annually.
- Informational Benchmark: Based on CFPB / standard actuarial formulas. Official lender APR and closing costs vary.
Trust & Calculation Standards: Fixed-Rate Amortization
Actuarial formulas, banking regulatory standards, and review schedule.
🏛️ Benchmark Data Source & Standards
Follows official fixed-rate amortization standards established by the Consumer Financial Protection Bureau (CFPB) and Fannie Mae / Freddie Mac lending criteria.
📐 Monthly Payment Formula (P&I)
M = P × [r(1 + r)^n] / [(1 + r)^n - 1]
Where P = loan principal, r = monthly interest rate (annual rate / 12), and n = total monthly payment periods (term × 12).
⚡ Extra Principal Acceleration
Balance_t = Balance_(t-1) × (1 + r) - (M + Extra)
Extra payments are applied directly to principal reduction each month, cutting future compounding interest and shortening payoff years.
Important Mortgage & Loan Disclaimer
This mortgage calculator is provided for informational and planning purposes only. Calculations assume a fixed interest rate and standard monthly compounding amortization. Figures do not include local property taxes, homeowners insurance, private mortgage insurance (PMI), HOA fees, closing costs, or lender origination fees unless explicitly factored into your inputs. This calculator does not constitute a loan offer, pre-approval, commitment to lend, or official financial advice. Contact a licensed mortgage lender, broker, or financial advisor for personalized loan options and official Loan Estimates (LE).
Loan Amortization Schedule
Year-by-year and monthly payment progression with remaining balance payoff.
| Period | Starting Balance | Principal Paid | Interest Paid | Extra Paid | Ending Balance | Loan Remaining |
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How Mortgage Amortization & Extra Payments Work
A standard mortgage is structured as an amortizing loan. Every monthly payment you make is divided into two parts: interest (the bank's fee for lending money) and principal (the actual amount borrowed). During the early years of a 30-year fixed loan, the vast majority of each payment covers interest charges. As the principal balance decreases over time, less interest accrues, allowing a greater portion of each payment to reduce the loan balance.
⚡ The Power of Extra Principal Payments
Because interest is calculated based on your remaining principal balance, every extra dollar you pay goes 100% toward principal reduction. Adding just $100 to $200 extra per month to your mortgage payment dramatically cuts total compound interest and can shave 4 to 8 years off a 30-year loan without refinancing.
📊 15-Year vs. 30-Year Mortgage Comparison
A 15-year fixed mortgage requires approximately 35% to 45% higher monthly payments, but you pay over 55% less total interest over the life of the loan. A 30-year mortgage offers lower required monthly payments, giving you financial flexibility to make extra payments whenever your budget permits.
Multi-Currency Global Property Planning
Advance Converter provides full multi-currency support across 50+ world currencies including USD ($), EUR (€), GBP (£), CAD (C$), AUD (A$), INR (₹), JPY (¥), and AED (د.إ). Property buyers, expatriates, and real estate investors worldwide can calculate accurate repayment schedules with proper regional currency formatting.
Frequently Asked Questions
Everything you need to know about mortgage payments and amortization.
How does paying extra principal shorten my mortgage?
Every extra dollar paid toward principal directly reduces your outstanding loan balance. Because monthly interest is calculated based on the remaining balance, paying extra principal reduces future interest charges and accelerates your payoff timeline by years.
How is a mortgage payment calculated?
A fixed-rate mortgage payment is calculated using the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments.
What is an amortization schedule and how do I read it?
An amortization schedule is a complete chronological table showing every scheduled loan payment over the life of your mortgage. For each period, it shows your starting balance, principal paid, interest paid, and remaining balance. In the first few years, the interest column is higher; toward the end of the loan, the principal column dominates.
How much can I save by making extra monthly payments?
On a typical $300,000, 30-year fixed mortgage at 6.5%, adding just $100 extra per month saves over $38,000 in interest and pays off your mortgage more than 4.5 years early. Use the Extra Payments simulator above to see your exact savings.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage features higher monthly payments but saves over 50% in total interest compared to a 30-year term. A 30-year loan keeps monthly payments lower and more manageable, though total interest paid is substantially higher.
Does this calculator include property taxes and insurance?
Our calculator focuses on core Principal & Interest (P&I) amortization. Property taxes, homeowner's insurance, PMI (private mortgage insurance), and HOA dues vary significantly by location and are not included in the baseline calculation.
What interest rate should I use?
Use the interest rate quoted by your lender or the current average market mortgage rate. As of 2026, average 30-year fixed rates in the US typically range between 5.5% and 7.2% depending on credit scores and down payment size.