Mortgage & Full Amortization Calculator
Calculate monthly PITI payment, total interest, and a printable amortization schedule.
Your mortgage details appear here
Enter home details and click Calculate.
Mortgage Payment Formula
P&I = L × [r(1+r)ⁿ] ÷ [(1+r)ⁿ−1]
L = loan amount, r = monthly rate (annual% ÷ 12 ÷ 100), n = total months
PITI = P&I + (Annual Tax ÷ 12) + (Annual Insurance ÷ 12)
Frequently Asked Questions
What down payment do I need?
Most lenders require 3–20%. Under 20% typically requires Private Mortgage Insurance (PMI), adding $50–200/month. A 20% down payment avoids PMI and reduces your monthly payment significantly.
15 vs 30 year mortgage — which is better?
A 15-year mortgage saves enormous interest (often $100,000+) and builds equity faster, but monthly payments are 30–50% higher. Choose 30 years for cash flow; 15 years if you can afford it.
What does amortization mean?
Amortization is the process of paying off a loan over time with regular payments. In early years, most of your payment goes to interest; in later years, more goes to principal. This calculator shows the full schedule year by year.
Last reviewed: October 2024
Sources:
Mortgage amortization formula
Estimates principal & interest only. Taxes, insurance, and fees vary by lender.