Free Home Loan Calculator
Calculate your home loan payments and see how much you'll pay over the life of your loan. Get detailed amortization schedules and payment breakdowns.
Free Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and view your complete amortization schedule. No signup required - get instant results.
Loan Details
20.0% down payment
Monthly Payment
$1,878
Principal & Interest
$1,478
Total Interest
$291,980
Loan Amount
$240,000
Payment Breakdown
Loan Summary
Amortization Chart
This chart shows how your payments are split between principal and interest over the life of your loan.
Early payments are mostly interest, while later payments are mostly principal.
Amortization Schedule
Showing payments 1 to 12 of 360
| Payment # | Payment | Principal | Interest | Remaining Balance | Total Interest | Total Principal |
|---|---|---|---|---|---|---|
| 1 | $1,478 | $228 | $1,250 | $239,772 | $1,250 | $228 |
| 2 | $1,478 | $229 | $1,249 | $239,543 | $2,499 | $457 |
| 3 | $1,478 | $230 | $1,248 | $239,313 | $3,746 | $687 |
| 4 | $1,478 | $231 | $1,246 | $239,082 | $4,993 | $918 |
| 5 | $1,478 | $233 | $1,245 | $238,849 | $6,238 | $1,151 |
| 6 | $1,478 | $234 | $1,244 | $238,616 | $7,482 | $1,384 |
| 7 | $1,478 | $235 | $1,243 | $238,381 | $8,725 | $1,619 |
| 8 | $1,478 | $236 | $1,242 | $238,145 | $9,966 | $1,855 |
| 9 | $1,478 | $237 | $1,240 | $237,907 | $11,207 | $2,093 |
| 10 | $1,478 | $239 | $1,239 | $237,669 | $12,446 | $2,331 |
| 11 | $1,478 | $240 | $1,238 | $237,429 | $13,684 | $2,571 |
| 12 | $1,478 | $241 | $1,237 | $237,188 | $14,920 | $2,812 |
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Mortgage Tips
- • Aim for 20% down payment to avoid PMI
- • Compare rates from multiple lenders
- • Consider shorter loan terms for lower interest
Next Steps
- • Get pre-approved for a mortgage
- • Check your credit score
- • Gather required documentation
Understanding Home Loan Payments
A home loan payment consists of several components that work together to build your equity over time:
- Principal: The amount borrowed to purchase your home
- Interest: The cost of borrowing money from the lender
- Property Taxes: Annual taxes paid to your local government
- Insurance: Homeowners insurance to protect your investment
- PMI: Private Mortgage Insurance if down payment is less than 20%
Types of Home Loans
Different home loan types offer various benefits depending on your financial situation:
- Conventional Loans: Traditional loans with flexible terms
- FHA Loans: Government-backed loans with lower down payments
- VA Loans: Military and veteran benefits with no down payment
- USDA Loans: Rural development loans for eligible areas
- Jumbo Loans: Loans exceeding conforming loan limits
Fixed vs. Adjustable Rate Home Loans
Fixed-Rate Home Loans
Adjustable-Rate Home Loans (ARMs)
Frequently Asked Questions
What's the difference between a home loan and a mortgage?
A home loan is the money you borrow to buy a home, while a mortgage is the legal agreement that secures the loan with your property as collateral. In practice, these terms are often used interchangeably.
How much can I borrow for a home loan?
The amount you can borrow depends on your income, debt-to-income ratio, credit score, and the property value. Most lenders use a debt-to-income ratio of 28% for housing costs and 36% for total debt payments.
What's included in my home loan payment?
Your monthly payment typically includes principal, interest, property taxes, homeowners insurance, and PMI (if applicable). Some lenders offer escrow accounts to manage taxes and insurance payments.
How does my credit score affect my home loan?
Your credit score significantly impacts your interest rate and loan terms. Higher scores typically result in lower rates, while lower scores may require higher down payments or result in higher interest rates.
Should I make extra payments on my home loan?
Extra payments can significantly reduce your total interest costs and loan term. However, consider your overall financial situation, including emergency savings and other investment opportunities, before making extra payments.
Related Calculators
Home Loan Calculator FAQ
What is a home loan amortization schedule?
An amortization schedule shows how your monthly payments are split between principal and interest over the life of your loan. It helps you see how much you'll pay in total interest and when you'll build equity.
How does the loan term affect my payments?
Shorter loan terms (15-20 years) have higher monthly payments but lower total interest. Longer terms (30 years) have lower monthly payments but higher total interest over the life of the loan.
What factors affect my home loan interest rate?
Your credit score, down payment amount, loan type, loan term, and current market rates all affect your interest rate. Higher credit scores and larger down payments typically get better rates.
Should I choose a fixed or adjustable rate?
Fixed rates offer predictable payments but may be higher initially. Adjustable rates start lower but can increase over time. Choose based on how long you plan to stay in the home and your risk tolerance.
How much should I put down on a home loan?
While 20% down avoids PMI, you can buy with as little as 3-5% down. Consider your monthly payment comfort, PMI costs, and other financial goals when deciding on your down payment amount.