Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and view a full amortization schedule.
$
$
5%
0.5%15%
30 yrs
5 yrs30 yrs
Monthly Payment
$2,147
Total Interest
$373,023
Total Paid
$773,023
Loan Balance Over Time
Frequently Asked Questions
How is a mortgage payment calculated?
Monthly mortgage payments are calculated using the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate, and n is the number of payments. This calculator handles the math for you — just enter your loan amount, interest rate, and term.
What is an amortization schedule?
An amortization schedule shows how each monthly payment is split between principal and interest over the life of the loan. Early payments go mostly toward interest, while later payments pay down more principal.
How much house can I afford?
A common guideline is that your monthly housing costs (mortgage, insurance, taxes) should not exceed 28-30% of your gross monthly income. Use our Home Affordability Calculator for a detailed estimate.
Track your mortgage payments automatically in Wealthi
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