Utilities Center

Mortgage / Amortization Calculator

Mortgage payment & full amortization schedule

Enter the home loan amount, rate and term to see the monthly payment and a full month-by-month amortization schedule of principal, interest and balance.

Loan amount
Annual rate (%)
Term (years)
Enter a loan amount, annual rate and term to calculate your mortgage.

About the mortgage / amortization calculator

A mortgage is an amortizing loan, meaning each fixed monthly payment covers that month's interest plus a portion of the principal. Early in the loan most of the payment is interest; later, most of it is principal. An amortization schedule shows this shift month by month.

Enter the loan amount, the annual interest rate and the term in years. The calculator shows the monthly payment, total interest and total payable, plus an optional month-by-month schedule with the principal paid, interest paid and remaining balance for each installment.

The formula

  • Monthly payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
  • P = principal, r = monthly rate, n = number of months
  • Interest in month m = remaining balance × r

How to use the mortgage / amortization calculator

  1. Enter the loan amount

    Type the home loan principal you are borrowing.

  2. Enter the annual interest rate

    Use the yearly rate from your lender (e.g. 6.5 for 6.5%).

  3. Enter the term in years

    Type how many years you will take to repay (e.g. 30).

  4. Show the schedule

    Toggle the amortization schedule to see every monthly breakdown.

Frequently asked questions

What is an amortization schedule?
It is a table showing, for each monthly payment, how much goes to principal, how much to interest, and the remaining loan balance — so you can see the loan being paid down over time.
How is the monthly mortgage payment calculated?
Using the standard amortizing-loan formula: 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 monthly payments.
Does this include property tax or insurance?
No. This calculator covers principal and interest only. Real monthly housing costs also include property tax, home insurance and possibly PMI or HOA fees.
Why does the interest portion shrink over time?
Because each payment reduces the principal, the next month's interest is calculated on a smaller balance. As interest shrinks, more of the fixed payment goes to principal.
Is the mortgage calculator free?
Yes, it is completely free and requires no sign-up.

I want to…

Common reasons people reach for the mortgage / amortization calculator — see if it matches your task.

  • Calculate my monthly mortgage payment
  • See a full amortization schedule for my loan
  • Track principal vs interest per month
  • Work out the remaining balance over time

Related free tools

More free online utilities that pair well with this one — same-category tools for the same task, plus handy extras from other categories.