Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and view detailed amortization schedule.
Loan Details
20.0% of home price
Monthly Payment Breakdown
Principal & Interest $1,216.04
Property Tax $300.00
Home Insurance $100.00
Total Monthly Payment $1,616.04
Loan Amount
$240,000.00
Total Interest
$197,776.11
Loan Summary
Total of 360 payments $437,776.11
Total interest paid $197,776.11
Loan-to-value ratio 80.0%
Amortization Schedule (First Year + Milestones)
| Payment # | Principal | Interest | Total Payment | Balance |
|---|---|---|---|---|
| 1 | $316.04 | $900.00 | $1,216.04 | $239,683.96 |
| 2 | $317.23 | $898.81 | $1,216.04 | $239,366.73 |
| 3 | $318.42 | $897.63 | $1,216.04 | $239,048.31 |
| 4 | $319.61 | $896.43 | $1,216.04 | $238,728.69 |
| 5 | $320.81 | $895.23 | $1,216.04 | $238,407.88 |
| 6 | $322.02 | $894.03 | $1,216.04 | $238,085.86 |
| 7 | $323.22 | $892.82 | $1,216.04 | $237,762.64 |
| 8 | $324.43 | $891.61 | $1,216.04 | $237,438.21 |
| 9 | $325.65 | $890.39 | $1,216.04 | $237,112.56 |
| 10 | $326.87 | $889.17 | $1,216.04 | $236,785.68 |
| 11 | $328.10 | $887.95 | $1,216.04 | $236,457.58 |
| 12 | $329.33 | $886.72 | $1,216.04 | $236,128.26 |
| 24 | $344.46 | $871.59 | $1,216.04 | $232,078.64 |
| 36 | $360.28 | $855.76 | $1,216.04 | $227,842.99 |
| 48 | $376.83 | $839.21 | $1,216.04 | $223,412.76 |
Mortgage Tips
Ways to Save
- • Make extra principal payments to reduce total interest
- • Consider a shorter loan term for lower total cost
- • Shop around for the best interest rates
- • Improve your credit score before applying
Understanding PMI
- • Required when down payment is less than 20%
- • Can be removed when you reach 20% equity
- • Typically costs 0.3% to 1.5% of loan amount annually
- • Consider piggyback loans to avoid PMI