Mortgage Calculator with Amortization Schedule
A comprehensive home loan and mortgage calculator that computes principal, interest, property taxes, homeowner's insurance, and private mortgage insurance (PMI). Features full breakdown tables and loan balance projections.
| Period | Total Payments | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|---|
| Year 1 | $24,271.41 | $3,576.72 | $20,694.69 | $316,423.28 |
| Year 2 | $24,271.41 | $3,816.26 | $20,455.15 | $312,607.02 |
| Year 3 | $24,271.41 | $4,071.84 | $20,199.57 | $308,535.17 |
| Year 4 | $24,271.41 | $4,344.54 | $19,926.87 | $304,190.63 |
| Year 5 | $24,271.41 | $4,635.50 | $19,635.91 | $299,555.13 |
| Year 6 | $24,271.41 | $4,945.95 | $19,325.46 | $294,609.18 |
| Year 7 | $24,271.41 | $5,277.19 | $18,994.22 | $289,331.98 |
| Year 8 | $24,271.41 | $5,630.62 | $18,640.80 | $283,701.37 |
| Year 9 | $24,271.41 | $6,007.71 | $18,263.70 | $277,693.66 |
| Year 10 | $24,271.41 | $6,410.06 | $17,861.36 | $271,283.60 |
| Year 11 | $24,271.41 | $6,839.35 | $17,432.06 | $264,444.26 |
| Year 12 | $24,271.41 | $7,297.39 | $16,974.02 | $257,146.86 |
| Year 13 | $24,271.41 | $7,786.11 | $16,485.30 | $249,360.75 |
| Year 14 | $24,271.41 | $8,307.56 | $15,963.85 | $241,053.19 |
| Year 15 | $24,271.41 | $8,863.94 | $15,407.48 | $232,189.25 |
| Year 16 | $24,271.41 | $9,457.57 | $14,813.84 | $222,731.68 |
| Year 17 | $24,271.41 | $10,090.96 | $14,180.45 | $212,640.72 |
| Year 18 | $24,271.41 | $10,766.77 | $13,504.64 | $201,873.95 |
| Year 19 | $24,271.41 | $11,487.84 | $12,783.57 | $190,386.11 |
| Year 20 | $24,271.41 | $12,257.20 | $12,014.21 | $178,128.90 |
| Year 21 | $24,271.41 | $13,078.09 | $11,193.32 | $165,050.81 |
| Year 22 | $24,271.41 | $13,953.96 | $10,317.46 | $151,096.86 |
| Year 23 | $24,271.41 | $14,888.48 | $9,382.93 | $136,208.38 |
| Year 24 | $24,271.41 | $15,885.59 | $8,385.83 | $120,322.79 |
| Year 25 | $24,271.41 | $16,949.47 | $7,321.94 | $103,373.32 |
| Year 26 | $24,271.41 | $18,084.61 | $6,186.80 | $85,288.71 |
| Year 27 | $24,271.41 | $19,295.77 | $4,975.64 | $65,992.94 |
| Year 28 | $24,271.41 | $20,588.05 | $3,683.37 | $45,404.89 |
| Year 29 | $24,271.41 | $21,966.86 | $2,304.55 | $23,438.03 |
| Year 30 | $24,271.41 | $23,438.03 | $833.39 | $0.00 |
How is a monthly mortgage payment calculated?
Monthly mortgage payments consist of principal and interest (calculated using the standard fixed amortization formula) plus escrow expenses including annual property taxes divided by 12, homeowner's insurance divided by 12, and PMI if your down payment is less than 20%.
What is PMI and when does it apply?
Private Mortgage Insurance (PMI) is required by conventional lenders when your down payment is less than 20% of the purchase price. PMI protects the lender if you default, typically costing between 0.5% and 1.5% of the original loan balance annually until your loan-to-value (LTV) ratio reaches 80%.
Does paying extra towards principal shorten the loan term?
Yes. Any additional amount paid directly to principal reduces the outstanding balance immediately, preventing future compound interest from accruing and significantly shortening the overall payoff timeline.