Worked example
A $300,000 home with $60,000 down leaves a $240,000 mortgage before fees.
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Estimate a home loan's monthly principal and interest payment.
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Calculated locally- Mortgage amount
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- Monthly principal and interest
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- Total interest paid
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Loan amortization by year
Every monthly installment includes interest on the remaining balance and a portion that pays down principal. This breakdown shows how the share changes over the life of the loan. Values update when you change the inputs above.
| Year | Principal paid | Interest paid | Balance remaining |
|---|---|---|---|
| 1 | $2,682.54 | $15,521.02 | $237,317.46 |
| 2 | $2,862.20 | $15,341.36 | $234,455.26 |
| 3 | $3,053.88 | $15,149.68 | $231,401.38 |
| 4 | $3,258.41 | $14,945.15 | $228,142.97 |
| 5 | $3,476.63 | $14,726.93 | $224,666.35 |
| 6 | $3,709.46 | $14,494.09 | $220,956.88 |
| 7 | $3,957.89 | $14,245.67 | $216,998.99 |
| 8 | $4,222.96 | $13,980.60 | $212,776.03 |
| 9 | $4,505.78 | $13,697.78 | $208,270.24 |
| 10 | $4,807.54 | $13,396.02 | $203,462.70 |
| 11 | $5,129.51 | $13,074.05 | $198,333.19 |
| 12 | $5,473.04 | $12,730.51 | $192,860.15 |
| 13 | $5,839.58 | $12,363.97 | $187,020.56 |
| 14 | $6,230.67 | $11,972.89 | $180,789.89 |
| 15 | $6,647.95 | $11,555.61 | $174,141.94 |
| 16 | $7,093.18 | $11,110.38 | $167,048.76 |
| 17 | $7,568.22 | $10,635.34 | $159,480.54 |
| 18 | $8,075.08 | $10,128.48 | $151,405.46 |
| 19 | $8,615.88 | $9,587.68 | $142,789.58 |
| 20 | $9,192.90 | $9,010.66 | $133,596.68 |
| 21 | $9,808.57 | $8,394.99 | $123,788.11 |
| 22 | $10,465.47 | $7,738.09 | $113,322.64 |
| 23 | $11,166.36 | $7,037.20 | $102,156.28 |
| 24 | $11,914.19 | $6,289.37 | $90,242.09 |
| 25 | $12,712.11 | $5,491.45 | $77,529.99 |
| 26 | $13,563.46 | $4,640.10 | $63,966.53 |
| 27 | $14,471.83 | $3,731.73 | $49,494.70 |
| 28 | $15,441.03 | $2,762.53 | $34,053.67 |
| 29 | $16,475.15 | $1,728.41 | $17,578.52 |
| 30 | $17,578.52 | $625.04 | $0.00 |
Annual totals use unrounded monthly calculations. Displayed amounts are rounded to cents; they can differ slightly from lender statements.
Important assumptions
Does not include property taxes, insurance, PMI, HOA dues or closing costs.
How to use your results
Mortgage amortization spreads repayment of principal and interest over the selected term. Principal-and-interest is only part of the cost of owning a home.
Start with the example values, then replace them with amounts for the same transaction or time period. Double-check rates and units. The results are estimates intended to help you explore possible outcomes, not financial or tax advice.
Principal and interest are not your full housing payment
A mortgage calculation typically excludes property tax, homeowners insurance, mortgage insurance and association dues. Lenders may collect some of these through escrow. Budget separately for closing costs, maintenance and repairs.
How the down payment changes the loan
A larger down payment lowers the amount financed and generally reduces the interest you pay over the life of the loan. The repayment breakdown below shows how each payment contributes to principal and interest.
Why does the balance decline slowly at first?
With a fixed payment, interest is charged on the amount still owed. At the beginning, the balance is highest, so a larger portion of each payment covers interest.
How to calculate mortgage
Borrowed amount = home price − down payment; use the standard monthly loan-payment formula
Mortgage amortization spreads repayment of principal and interest over the selected term. Principal-and-interest is only part of the cost of owning a home.