Mortgage Repayment Calculator
Calculate your estimated monthly mortgage payments, including principal and interest.
Repayment Timeline
Year-by-year summary of your loan repayment journey with extra payments applied.
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 1 Year 1 | $3,353 | $19,401 | $296,647 |
| 2 Year 2 | $6,931 | $38,578 | $293,069 |
| 3 Year 3 | $10,748 | $57,515 | $289,252 |
| 4 Year 4 | $14,821 | $76,197 | $285,179 |
| 5 Year 5 | $19,167 | $94,605 | $280,833 |
| 6 Year 6 | $23,804 | $112,723 | $276,196 |
| 7 Year 7 | $28,751 | $130,530 | $271,249 |
| 8 Year 8 | $34,030 | $148,006 | $265,970 |
| 9 Year 9 | $39,662 | $165,128 | $260,338 |
| 10 Year 10 | $45,672 | $181,873 | $254,328 |
| 11 Year 11 | $52,084 | $198,215 | $247,916 |
| 12 Year 12 | $58,925 | $214,129 | $241,075 |
| 13 Year 13 | $66,224 | $229,584 | $233,776 |
| 14 Year 14 | $74,013 | $244,550 | $225,987 |
| 15 Year 15 | $82,323 | $258,994 | $217,677 |
| 16 Year 16 | $91,189 | $272,882 | $208,811 |
| 17 Year 17 | $100,649 | $286,176 | $199,351 |
| 18 Year 18 | $110,743 | $298,837 | $189,257 |
| 19 Year 19 | $121,513 | $310,822 | $178,487 |
| 20 Year 20 | $133,004 | $322,085 | $166,996 |
| 21 Year 21 | $145,265 | $332,579 | $154,735 |
| 22 Year 22 | $158,347 | $342,251 | $141,653 |
| 23 Year 23 | $172,305 | $351,048 | $127,695 |
| 24 Year 24 | $187,197 | $358,909 | $112,803 |
| 25 Year 25 | $203,088 | $365,774 | $96,912 |
| 26 Year 26 | $220,042 | $371,574 | $79,958 |
| 27 Year 27 | $238,132 | $376,238 | $61,868 |
| 28 Year 28 | $257,433 | $379,692 | $42,567 |
| 29 Year 29 | $278,027 | $381,852 | $21,973 |
| 30 Year 30 | $300,000 | $382,633 | $0 |
Popular Variations (1)
Understanding Your Mortgage
A mortgage payment typically consists of two main parts: 1. Principal: The money you borrowed to buy the house. 2. Interest: The cost of borrowing that money.π Amortization Explained
In the early years of a 30-year mortgage, the majority of your payment goes toward interest**. As time passes, the balance shifts, and you pay off more **principal. * Year 1: ~80% Interest / 20% Principal * Year 15: ~50% Interest / 50% Principal * Year 30: ~1% Interest / 99% PrincipalFactors Affecting Your Payment
* Down Payment: Putting 20% down avoids Private Mortgage Insurance (PMI), which can add 0.5-1% to your costs. * Interest Rate: Even a 0.5% difference can save (or cost) you tens of thousands of dollars over the life of the loan. * Term (15 vs 30 Years): * 30-Year: Lower monthly payments, but you pay *much* more interest total. * 15-Year: Higher monthly payments, but you build equity twice as fast and save huge on interest.Frequently Asked Questions
Q: Does this include taxes and insurance? A:** This calculator focuses on **Principal & Interest (P&I). Property taxes and homeowners insurance vary wildly by location (typically adding $300-$800/month).Q: How much house can I afford? A:** A common rule is the **28/36 Rule: Your housing costs shouldn't exceed 28% of your gross monthly income, and total debts shouldn't exceed 36%.
Results Mortgage Repayment Calculator
This is a powerful online tool designed to help you calculate your Finance metrics instantly. We are dedicated to providing accurate and easy-to-use financial and life tools.
Community Feedback
"Helped me decide between 15 and 30-year terms. The interest savings on a 15-year loan are eye-opening!"
"The amortization explanation is great. It is scary how much interest you pay in the first few years."
"Simple, fast, and gives me exactly what I need for my budget planning."
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