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Loan payment calculator
$300,000.00 loan at 6.5%/yr over 30 years (amortization schedule)
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $1,859.66 | $1,578.51 | $281.16 | $299,718.84 |
| 60 | $1,859.66 | $1,476.47 | $383.19 | $280,224.66 |
| 120 | $1,859.66 | $1,334.66 | $525.00 | $253,130.73 |
| 180 | $1,859.66 | $1,140.36 | $719.30 | $216,009.70 |
| 240 | $1,859.66 | $874.16 | $985.51 | $165,150.67 |
| 300 | $1,859.66 | $509.44 | $1,350.23 | $95,469.39 |
| 360 | $1,859.66 | $9.73 | $1,849.93 | $0.00 |
Formula
PMT = P·i / (1 − (1+i)−n)
In the example above the fixed monthly payment is $1,859.66; over 30 years you pay $669,478.86 in total, of which $369,478.86 is interest. Early payments are mostly interest: by month 60 you still owe $280,224.66.
What to consider
US mortgages quote an annual rate compounded monthly; the payment above excludes property taxes, homeowners insurance and PMI (usually required below 20% down payment), which escrow adds to the real monthly bill. Compare offers by APR, which folds points and fees into the rate. Extra principal payments early in the schedule shorten the loan dramatically, because early payments are mostly interest, as the table shows.
Last updated: · Methodology and sources