Mortgage Calculator
Get a real monthly payment - principal and interest only, plus optional taxes and insurance - and see how much of each early payment is interest vs principal.
Balance over time
| End of year | Remaining balance | Interest paid | Principal paid |
|---|
Reading the numbers
In the first years of a 30-year mortgage, the vast majority of every payment is interest. That is not a bug - it is how amortization works. Each month, the lender takes their interest off the top first, and only the rest pays down your balance. As the balance shrinks, the interest cut shrinks with it, and you start making real progress on principal somewhere around year 10 to 15.
What this calculator does not include
- PMI. If your down payment is less than 20% of the price on a conventional loan, you will pay private mortgage insurance until you reach 20% equity. Budget another 0.5-1% of the loan annually.
- HOA. Condo and townhouse fees are not in here.
- Closing costs. Usually 2-5% of the loan amount, due at closing.