How to use the home loan calculator
Quick answer: To use the home loan calculator, enter the home price and down payment, add the rate and term, add the extras, try an extra payment and open the schedule.
- Enter the home price and down payment. As an amount or a percentage. The loan is the difference.
- Add the rate and term. For example 6.5% over 30 years.
- Add the extras. Property tax, insurance and HOA fees make the monthly figure realistic.
- Try an extra payment. See how many years and how much interest you'd save by paying a little more each month.
- Open the schedule. Expand any year to see each month, or download it as a spreadsheet (CSV).
What is amortization?
Each payment is the same, but early on most of it pays interest. Over time, more goes to the loan itself. The schedule shows this split for every month, so you can see your remaining balance at any date.
How extra payments help
Anything you pay above the required amount goes straight to the principal, so less interest builds up afterwards. Even a small extra payment each month can cut years off a 30-year loan.
Frequently asked questions
What is the mortgage payment formula?
Payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan, r the monthly rate and n the number of months.
Is the result exact?
It matches a standard fixed-rate loan. Your lender's figure can differ slightly due to fees, rounding or variable rates. Results are estimates for planning, not professional advice.
Can I export the schedule?
Yes. Download it as a CSV file and open it in Excel or Google Sheets.