Mortgage Calculator (with Amortization)

A mortgage is repaid in equal monthly payments, but the split inside each payment shifts over time. At the start, most of your money goes to interest; near the end, almost all of it pays down the balance. This calculator shows your real monthly payment — property tax, insurance, and PMI included, not just principal and interest — plus the full year-by-year breakdown.

What's actually in your monthly payment

Lenders quote "principal and interest," but the check you write each month is usually bigger. The industry shorthand is PITI, and it has four parts:

Principal and interest — the loan itself. On a $240,000 loan at 6% over 30 years, that's about $1,439 a month.
Property tax — set by your county, often near 0.9% of the home's value a year nationally. On a $300,000 home that's roughly $225 a month.
Homeowners insurance — required by the lender, commonly $1,500–$3,000 a year depending on where you live.
PMI — private mortgage insurance, charged when your down payment is under 20%. It typically runs about 0.5% of the loan a year and drops off once you've built 20% equity.

Most lenders bundle the tax and insurance into an escrow account: you pay one-twelfth each month and they settle the bills when they come due. That's why the real payment can sit a few hundred dollars above the principal-and-interest figure other calculators stop at.

15-year vs 30-year, in real numbers

The term is the single biggest lever on total cost. Take the same $240,000 loan at 6%:

30-year: about $1,439 a month, roughly $278,000 in total interest.
15-year: about $2,025 a month, roughly $124,500 in total interest.

The 15-year payment is about $586 higher, but it saves more than $150,000 in interest over the life of the loan. The trade-off is cash flow: a lower monthly payment leaves room for emergencies and investing, which is why many buyers still pick 30 years and simply pay a little extra when they can.

Is a 50-year mortgage worth it?

A 50-year mortgage stretches the same loan over 600 monthly payments instead of 360. It lowers the monthly payment a little, but the cost shows up everywhere else. Take the same $240,000 loan at 6% and compare it with the standard 30-year term:

30-year: about $1,439 a month, roughly $278,000 in total interest.
50-year: about $1,263 a month, roughly $518,000 in total interest.

The 50-year payment is only about $176 lower each month, yet it adds roughly $240,000 in extra interest — you end up paying for the house more than three times over. The bigger problem is equity. In the first full year, a 30-year loan pays down about $2,947 of principal; the 50-year loan pays down only about $782, so the balance barely moves from $240,000 to $239,218. For two decades you own very little of the home you live in.

So should you get a 50-year mortgage? For most buyers, no. The small monthly saving rarely justifies the slow equity and the enormous interest bill. If the goal is a lower payment, a larger down payment, a cheaper home, or shopping for a lower rate usually does more good with far less long-term cost. A 50-year term mainly helps in a narrow case: when a buyer needs the lowest possible payment today and plans to refinance or sell before the long tail of interest piles up. Use the term slider above to set it to 50 years and watch the total interest and the amortization chart change for your own numbers.

How to read the chart

Each bar is one year of payments. The shaded top is interest; the solid part below is principal. Watch interest shrink and principal grow as the years pass — that shift is amortization, and it's why paying a little extra early saves so much. A single $100 added to the principal in year one is $100 you never pay interest on again.

Good to know

The tax and insurance figures default to US averages — edit them to match your county and your own quote for a realistic number.
This estimate assumes a fixed rate for the whole term.
Closing costs (typically 2–5% of the loan) aren't part of the monthly payment, but they're real money due at signing.
Extra payments and refinancing can change the picture a lot.

Frequently asked questions

How much should I put down on a house?

Twenty percent is the common benchmark because it lets you skip private mortgage insurance, but many loans allow far less. A smaller down payment means a larger loan and more interest over time.

Should I pick a 15-year or 30-year term?

A 15-year term has higher monthly payments but a lower rate and far less total interest. A 30-year term keeps payments low and frees up cash flow, at the cost of paying much more interest overall.

Is a 50-year mortgage a good idea?

For most buyers, no. On a $240,000 loan at 6%, a 50-year term lowers the payment by only about $176 a month versus 30 years, but it roughly doubles the total interest — from about $278,000 to about $518,000. It also builds equity very slowly, so you own little of the home for a long time.

How much do you save monthly with a 50-year mortgage?

Not much. Stretching a $240,000 loan at 6% from 30 to 50 years drops the principal-and-interest payment from about $1,439 to about $1,263 a month — around $176. You pay that small saving back many times over in extra interest across the longer term.

Does the monthly payment include taxes and insurance?

No. This calculator shows principal and interest only. Lenders often collect property tax and homeowners insurance in an escrow account, which can add several hundred dollars to your actual monthly bill.

How does paying extra each month help?

Any extra amount goes straight to the principal, so you owe interest on a smaller balance every month after that. Even a modest extra payment early on can shorten the loan by years.

Last reviewed June 2026. This tool is for education, not financial advice.