Free Online Mortgage Calculator
Estimate your monthly mortgage payment, see how extra payments cut interest, and view a year-by-year amortization schedule. Free, with no sign-up. Results are estimates, not financial advice.
Amortization schedule
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $ 3,577 | $ 20,695 | $ 316,423 |
| 2 | $ 3,816 | $ 20,455 | $ 312,607 |
| 3 | $ 4,072 | $ 20,200 | $ 308,535 |
| 4 | $ 4,345 | $ 19,927 | $ 304,191 |
| 5 | $ 4,636 | $ 19,636 | $ 299,555 |
| 6 | $ 4,946 | $ 19,325 | $ 294,609 |
| 7 | $ 5,277 | $ 18,994 | $ 289,332 |
| 8 | $ 5,631 | $ 18,641 | $ 283,701 |
| 9 | $ 6,008 | $ 18,264 | $ 277,694 |
| 10 | $ 6,410 | $ 17,861 | $ 271,284 |
| 11 | $ 6,839 | $ 17,432 | $ 264,444 |
| 12 | $ 7,297 | $ 16,974 | $ 257,147 |
| 13 | $ 7,786 | $ 16,485 | $ 249,361 |
| 14 | $ 8,308 | $ 15,964 | $ 241,053 |
| 15 | $ 8,864 | $ 15,407 | $ 232,189 |
| 16 | $ 9,458 | $ 14,814 | $ 222,732 |
| 17 | $ 10,091 | $ 14,180 | $ 212,641 |
| 18 | $ 10,767 | $ 13,505 | $ 201,874 |
| 19 | $ 11,488 | $ 12,784 | $ 190,386 |
| 20 | $ 12,257 | $ 12,014 | $ 178,129 |
| 21 | $ 13,078 | $ 11,193 | $ 165,051 |
| 22 | $ 13,954 | $ 10,317 | $ 151,097 |
| 23 | $ 14,888 | $ 9,383 | $ 136,208 |
| 24 | $ 15,886 | $ 8,386 | $ 120,323 |
| 25 | $ 16,949 | $ 7,322 | $ 103,373 |
| 26 | $ 18,085 | $ 6,187 | $ 85,289 |
| 27 | $ 19,296 | $ 4,976 | $ 65,993 |
| 28 | $ 20,588 | $ 3,683 | $ 45,405 |
| 29 | $ 21,967 | $ 2,305 | $ 23,438 |
| 30 | $ 23,438 | $ 833 | $ 0 |
Mortgage calculator FAQ
How is a monthly mortgage payment calculated?
The payment is based on the loan amount, interest rate and term using the standard amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan, r is the monthly rate and n is the number of monthly payments. Property tax and insurance are added on top if you include them.
Is this mortgage calculator free?
Yes. It is free to use, needs no sign-up and does not ask for personal details.
How do extra payments reduce my mortgage?
Extra payments go straight to the principal, so less interest accrues each month. Enter an extra monthly amount above to see the interest saved and how much sooner the loan is paid off.
What is mortgage insurance and is it included?
Mortgage insurance is a lender requirement in some markets when the down payment is small. It is not calculated here. Add its yearly cost to the home insurance field to include it in your monthly estimate.
How accurate is the result?
It is an estimate for planning. Lender rates, fees, fixed or variable terms and local taxes will change the real figure, so confirm with your lender.
Buying in the UAE? Try the Dubai mortgage calculator, or browse properties and city guides.