Start here
Model principal, interest, taxes, insurance, fees, and payment frequency. Change any assumption and the full plan recalculates instantly.
Private browser workspace
No sign-up. Your assumptions stay in this browser unless you choose to share a link.
The chart updates immediately from the assumptions in this browser.
The balance reaches $0 after 25 years, with $365,231 of cumulative interest in this model.
| Period | Remaining balance | Cumulative interest |
|---|---|---|
| Year 1 | $508,811 | $24,220 |
| Year 2 | $497,084 | $47,902 |
| Year 3 | $484,793 | $71,020 |
| Year 4 | $471,911 | $93,548 |
| Year 5 | $458,410 | $115,457 |
| Year 6 | $444,261 | $136,716 |
| Year 7 | $429,431 | $157,296 |
| Year 8 | $413,889 | $177,163 |
| Year 9 | $397,599 | $196,282 |
| Year 10 | $380,527 | $214,619 |
| Year 11 | $362,634 | $232,135 |
| Year 12 | $343,881 | $248,792 |
| Year 13 | $324,226 | $264,546 |
| Year 14 | $303,627 | $279,357 |
| Year 15 | $282,038 | $293,177 |
| Year 16 | $259,412 | $305,959 |
| Year 17 | $235,697 | $317,654 |
| Year 18 | $210,843 | $328,209 |
| Year 19 | $184,795 | $337,570 |
| Year 20 | $157,494 | $345,678 |
| Year 21 | $128,881 | $352,475 |
| Year 22 | $98,893 | $357,896 |
| Year 23 | $67,463 | $361,876 |
| Year 24 | $34,523 | $364,345 |
| Year 25 | $0 | $365,231 |
Planning estimate only. Lenders use their own qualification, compounding, rounding, insurance, fee, tax, and contract rules.
Calculator guide
A mortgage payment is determined by the amount borrowed, periodic interest rate, number of payments, and payment frequency. The calculator also keeps property tax, insurance, and condo or association fees separate so you can see both principal-and-interest and the broader monthly housing cost.
Canadian mortgages commonly quote a nominal annual rate compounded twice per year, while U.S. examples commonly divide a nominal rate across monthly payments. Select the country convention that matches the loan, then compare the result with the lender's disclosure.
The regular payment covers principal and interest. Total monthly housing adds the entered tax, insurance, and recurring fees. It does not include every possible ownership cost, qualification rule, mortgage-insurance premium, or lender fee.
A longer amortization usually lowers the scheduled payment but increases total interest. Test a higher rate as well as the quoted rate before treating the payment as affordable.
Questions answered
For a fixed payment loan, payment equals principal times r(1+r)^n divided by ((1+r)^n minus 1), where r is the periodic interest rate and n is the number of payments.
The regular payment is principal and interest. Enter property tax, insurance, and fees separately to see the broader monthly housing estimate.
Compounding convention, exact dates, insurance, fees, rounding, rate type, and contract terms can all change the lender's result.
Rules and tax programs can change. Confirm the current requirements before acting.
Use the estimate well
It can model transparent assumptions, compare scenarios, and expose tradeoffs. It cannot approve a loan, quote a lender, predict markets, interpret your contract, or replace licensed advice.
Run the base case, a higher rate, a lower home value, and a cash-buffer case.
Confirm compounding, prepayment, fees, insurance, dates, and lender rounding.
A feasible payment is not the same as a resilient household budget.
Related field notes
Learn what belongs in a useful mortgage quote and how to compare rate, APR, fees, penalties, and cash required.
Mortgage basicsLearn the fixed-payment formula, compounding conventions, total housing costs, and the assumptions behind a mortgage calculator.
BorrowingAn independent overview of Rocket Mortgage and a neutral checklist for comparing an online mortgage option with other lenders.