Mortgage Calculator
Calculate your monthly payments and visualize your mortgage payoff strategy
Loan Parameters
What-If Analysis
Mortgage Payment Formula Explained
Monthly payment formula: M = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is principal, r is the monthly rate (annual rate ÷ 12), and n is the total number of payments. Rates and terms update automatically, and extra payments regenerate the amortization schedule to highlight principal versus interest.
Fixed Payment Strategy
Maintain predictable monthly payments—ideal for stable budgets and long-term planning.
Extra Payment Tactics
Add monthly or lump-sum payments to shorten the term and reduce total interest.
Refinance Evaluation
Compare revised payments and lifetime interest to quantify refinance savings.
Frequently Asked Questions
How does the down payment affect payments?
Higher down payments reduce principal, lowering both monthly payments and total interest. Adjust the loan amount slider to compare.
How can I model variable rates?
The calculator currently focuses on fixed rates. Run multiple rate scenarios today—variable-rate timelines are coming soon.
Can I export the amortization schedule?
Yes. Copy the table or export it to CSV for loan application packages and lender conversations.