Utilz
Mortgage Calculator
Calculate your monthly mortgage payment and view the full amortization schedule
Want to learn more? Read our guide: Mortgage & Loan Interest Explained
Why Use This Tool?
- Compare different loan scenarios before committing
- See exactly how much interest you will pay over the loan term
- Full amortization schedule shows monthly principal vs interest breakdown
Calculation Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1], where M = monthly payment, P = principal, r = monthly interest rate, n = total payments.
How to Use
- Enter your home loan amount (principal)
- Enter the annual interest rate
- Select the loan term in years
- Optionally enter your down payment amount
- View your monthly payment, total interest, and amortization schedule
FAQ
How is the monthly mortgage payment calculated?
The monthly payment is calculated using the formula M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments.
What is an amortization schedule?
An amortization schedule is a table showing each monthly payment broken down into principal and interest portions, along with the remaining loan balance after each payment.
How does a down payment affect my mortgage?
A larger down payment reduces your loan principal, which lowers your monthly payment and the total interest paid over the life of the loan.
What is a good mortgage interest rate?
Mortgage rates vary by market conditions, loan type, and credit score. Generally, rates between 3% and 7% are common. Compare multiple lenders to find the best rate for your situation.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but lower total interest. A 30-year mortgage offers lower monthly payments but costs more in interest over time. Choose based on your budget and financial goals.
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