How to Use the Mortgage & Amortization Calculator
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1
Enter Home Price and Down Payment (amount or %).
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2
Set Loan Term (e.g. 15, 20, or 30 years) and Annual Interest Rate (%).
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3
Optional: Enter an Extra Monthly Payment to observe how quickly you can pay off the balance and save interest.
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4
Review Monthly Principal & Interest breakdown, Total Interest Paid, and full yearly amortization schedule.
Practical Example & Use Case
Common Real-World Scenario
Evaluating how adding $200 extra per month to a 30-year $350,000 mortgage at 6.5% knocks 5+ years off the loan term and saves over $80,000 in interest.
Technical Notes & Limitations
Browser Engine Architecture
Calculates standard fixed-rate amortized mortgages. Escrow for property taxes and homeowner insurance can be tracked alongside.
Frequently Asked Questions
How does extra principal payment shorten my mortgage?
Extra payments reduce the remaining principal directly, which permanently lowers the interest charged in all subsequent months.