Mortgage Calculator

Enter home price, down payment, interest rate, and loan term. See monthly payments, total interest, and a full amortization schedule. Model extra payment scenarios to see how much you save.

Mortgage Calculator

Calculate monthly payments, total interest, and see a full amortization schedule. Model extra payment scenarios to see how much you can save.

Home Price

Down Payment: 20% ($80,000.00)

Interest Rate (%)

Loan Term (years)

Extra Monthly Payment

Monthly Payment

$2,022.62

$320,000.00

Loan Amount

$408,142.36

Total Interest

$808,142.36

Total Cost

30y 0m

Payoff Time

Principal$320,000.00

Interest$408,142.36

Down Payment$80,000.00

Amortization Schedule (360 payments)

How to Calculate a Mortgage Payment

Estimate monthly payments, total interest, and payoff time with The IT Hustle's free Mortgage Calculator.

1
Enter the home priceType the price or use the slider — anywhere from $50k to $2M.
2
Set your down paymentSlide from 0–50% and see both the percentage and dollar amount update live.
3
Enter rate and termSet your quoted interest rate and choose a 10, 15, 20, 25, or 30-year term.
4
Try extra paymentsAdd an optional extra monthly payment and see how much interest it saves and how many years it cuts from the loan.
5
Review the resultsRead your monthly payment, total interest, total cost, and payoff duration, with a visual principal-vs-interest breakdown.
6
Open the amortization scheduleClick Show to see the month-by-month table of payment, principal, interest, and remaining balance.

Frequently Asked Questions

No — it's the principal-and-interest payment on the loan itself. Property taxes, homeowners insurance, PMI, and HOA fees vary by location and lender, so budget for those separately on top of the calculated payment.

More than most people expect: every extra dollar goes straight to principal, which shrinks the balance all future interest is computed on. Even $100–200 extra per month on a 30-year loan typically saves tens of thousands in interest and years of payments — the calculator shows your exact numbers.

A 15-year term carries a higher monthly payment but dramatically less total interest; a 30-year term maximizes flexibility with a lower required payment. A popular middle path is taking the 30-year and paying extra when you can — the extra-payment slider lets you model exactly that.

A month-by-month table showing how each payment splits between interest and principal. Early payments are mostly interest; the balance shifts toward principal over time — the schedule makes that crossover visible for your exact loan.

Mortgage Calculator