Monthly payment, total interest, and full amortization schedule.
This free mortgage calculator estimates your monthly payment and total interest. Enter the loan amount, annual interest rate, term in years, and down payment — results update instantly, including a year-by-year amortization schedule (tap “Show amortization schedule”). Change the down payment or term to see how it moves your payment. It runs entirely in your browser; nothing is saved and there's no sign-up.
It's the standard amortization formula: the loan amount (price minus down payment), the monthly rate (annual rate ÷ 12), and the number of months (years × 12) combine so you pay the same amount each month while the split shifts from mostly interest early to mostly principal later. This calculator shows principal + interest only — your real bill also includes property tax, insurance, and possibly PMI/HOA.
Two ways: it shrinks the loan (so a lower monthly payment and less total interest), and once you reach 20% down (an 80% loan-to-value) most US lenders drop private mortgage insurance (PMI), which alone can save $100–$300+ a month. Try 10% vs 20% in the down-payment field to see the swing.
A 15-year term means a noticeably higher monthly payment but far less interest over the life of the loan — often less than half the total interest of a 30-year. A 30-year keeps payments low and flexible but costs much more in interest. Put both terms into the calculator with the same loan to compare the “total interest” figure side by side.
No — it calculates principal and interest only. Your actual monthly payment (often called PITI) adds property taxes, homeowners insurance, and PMI if you put down under 20%, which can add several hundred dollars. Treat this number as the floor and budget above it.
Use a real quote if you have one; otherwise check current average rates for your loan type and credit tier and enter that. Rates vary by credit score, term, loan size, and the day — Wikishopline doesn't set or promise a rate. The smart move is to compare quotes from several lenders, then run each through this calculator.
Add extra to principal each month, switch to biweekly payments (26 half-payments ≈ one extra full payment a year), or choose a shorter term. Even a small recurring extra payment cuts years and tens of thousands in interest — open the amortization schedule and watch the balance fall faster.