How the monthly payment is calculated
This is a standard fixed-rate loan (equal monthly payments, also called an annuity or amortizing loan). Early payments are mostly interest; later payments are mostly principal. The schedule shows this shift year by year.
How to pay less interest
- A shorter term means higher payments but much less interest.
- Even a small rate difference adds up over 20–30 years.
- Extra payments toward principal shorten the loan.
For estimates only. Your lender's fees, insurance and taxes are not included.
FAQ
Does this include taxes and insurance?
No. It shows principal and interest only.
Is this for fixed or variable rates?
Fixed. For a variable rate, try a few different rates to see the range.