finance
Mortgage Calculator
Full mortgage calculator with monthly payment breakdown, amortization chart, extra payment simulator and scenario comparison. Saves up to 5 scenarios locally.
Monthly payment
$1,516.96
Loan amount
$240,000
Total interest
$306,107
Total cost
$546,107
Payoff time
360 mo
Principal 44%Interest 56%
Scenarios saved locally
How mortgage payments are calculated
Monthly payment = P × r(1+r)^n / ((1+r)^n - 1) where P is loan amount, r is monthly interest rate, and n is total payments. Extra monthly payments reduce your principal faster, dramatically cutting total interest and loan duration.