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Mortgage Payment Calculator 2026 | Amortization Schedule | GEM Mortgage

Free Mortgage Tool · 2026

Mortgage Payment
Calculator

Calculate your exact monthly payment and explore a complete amortization schedule for any term from 10 to 40 years.

Loan Details

Adjust any slider — results update instantly

Home Purchase Price$500,000

$50K$3M

Down Payment$100,000 (20%)

0%50%

Loan Amount$400,000

Interest Rate (APR)6.750%

2%12%

Loan Term30 Years

Property Tax Rate1.10%

0.2%3%

Homeowner's Insurance$150/mo

$30$800

HOA / Monthly Fees$0/mo

$0$2,000

Include Extra Monthly Payment

Total Monthly Payment (PITI)

^$0

Principal & Interest · Tax · Insurance

--P&I

Principal & Interest$0

Property Taxes$0

Homeowner's Insurance$0

Loan Amount

$0

Total Interest

$0

Total Cost

$0

✓ Extra Payment Savings$0

Interest saved:$0

Paid off:—

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Payment Breakdown

Full Amortization Schedule

Click any year row to expand monthly detail

Total Payments

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Total Principal

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Total Interest

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Interest Ratio

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Payoff Date

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Year / Period	Payment	Principal	Interest	Cumul. Interest	Balance	Equity

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Understanding Your Mortgage

What Your Results Mean

Use these insights to make the most of your amortization data.

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How Amortization Works

Every fixed-rate payment is the same amount, but what it buys changes monthly. Early payments are mostly interest because interest is calculated on the full remaining balance. As the balance falls, more of each payment reduces principal. In the final years, nearly every dollar is pure equity.

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Power of Extra Payments

Every extra dollar paid today eliminates interest on that balance for every remaining month. Even $200/month extra on a $400,000 loan can save $70,000+ in interest and cut years off your payoff. Toggle extra payments above to see your personalized savings instantly.

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Comparing Loan Terms

A shorter term means a higher payment but dramatically lower total interest. The difference between a 15-year and 30-year mortgage on the same loan can exceed $150,000 in interest. Use the term buttons to compare any option from 10 to 40 years.

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Your True Monthly Cost

PITI — Principal, Interest, Taxes, and Insurance — represents your real monthly obligation. Property taxes add 10–20% on top of P&I and insurance adds another 3–6%. Lenders qualify you on PITI, so budgeting on P&I alone will leave you short.

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Choosing the Right Term

Most buyers default to 30 years. A 25-year term is an underused middle path — lower interest than 30 years with a more manageable payment than 20 years. A 40-year loan offers the lowest payment but at the highest long-term cost. Try them all above.

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Reading the Table

The schedule shows every payment split into principal, interest, cumulative interest, and remaining balance. Click the arrow on any year row to expand that year's full monthly detail. Switch between Annual and Monthly views, or export the full schedule to a spreadsheet with one click.

Questions

Mortgage Calculator FAQs

Your monthly principal and interest payment uses the amortization formula: M = P × [r(1+r)⊃n] / [(1+r)⊃n − 1], where P = loan amount, r = monthly interest rate (annual rate ÷ 12), and n = total payments (term × 12). Your full PITI payment adds property taxes, homeowner's insurance, PMI if your down payment is below 20%, and any HOA fees — all included in this calculator.

An amortization schedule is a complete table showing every mortgage payment split between principal (which reduces your loan balance) and interest (the cost of borrowing), plus cumulative interest paid and remaining balance. In the early years of a 30-year loan, roughly 80–85% of each payment is interest. That ratio gradually reverses over time. Click any year row in the table above to see the full monthly breakdown.

Extra payments have an outsized effect because each dollar paid today eliminates interest on that balance for every remaining month. An extra $200/month on a $400,000 loan at 6.75% saves approximately $75,000–$85,000 in total interest and shortens the payoff by 5–6 years. Toggle the extra payment switch in the calculator above to see your personalized numbers in real time.

PMI (Private Mortgage Insurance) is required on conventional loans when the down payment is below 20%. It protects the lender if you default, and is automatically estimated in this calculator when your down payment slider is below 20%. PMI typically costs 0.3%–1.5% of the loan annually. It cancels automatically when your balance reaches 78% of the original purchase price — you can see exactly when that happens in your amortization schedule.

A 40-year mortgage gives you the lowest possible monthly payment, which can be helpful in high-cost markets. However, total interest paid over 40 years is significantly higher — often 60–80% more than a 30-year loan. It's best suited for buyers who need maximum payment flexibility and plan to refinance or make extra payments later. Use the term selector above to compare 30 vs. 40-year total costs side by side.

Yes — click “Export CSV” above the table to download your complete amortization schedule. The file opens in Excel or Google Sheets and includes every payment: number, date, payment amount, principal, interest, cumulative interest, balance, and equity. Useful for financial planning, tax prep, and payoff tracking.