Mortgage Calculator
Your monthly payment, what the loan really costs, and what a little extra each month does to both.
The home
20% of the price
The loan
Paying extra
On top of the normal payment. Leave 0 to see the plain loan.
Your mortgage
$2,023 a month for 30 years.
What you still owe over time
The balance each year. With an extra payment the line reaches zero sooner.
How it's calculated
The monthly payment is the standard level-payment formula: the same amount every month, part interest and part principal, sized so the loan is gone exactly at the end of the term. Early on most of it is interest; later most of it is principal.
Total interest is everything you pay beyond the amount borrowed. Taxes, insurance and fees are not included, so your real monthly bill will be higher.
An extra payment goes straight to principal. Because next month's interest is charged on a smaller balance, a modest extra amount removes years from the end of the loan, which is where the interest-heavy payments would have been.