Yearly amortization schedule

How each year of payments splits between interest and principal, and the balance left at the end of the year. The table updates live from your numbers above, including any extra monthly payment.

How your payment is calculated

A fixed-rate mortgage payment uses the standard formula: M = P x r(1+r)^n / ((1+r)^n - 1), where M is the monthly principal and interest payment, P is the loan amount, r is the monthly interest rate (the yearly rate divided by 12), and n is the total number of payments.

Worked example: a home price of $350,000 with a $70,000 down payment leaves a loan amount of $280,000. At 6.5% over 30 years (360 payments), the monthly rate is 6.5% ÷ 12 and the formula gives $1,770 per month in principal and interest. Over the full term you pay $357,125 in total interest on top of the $280,000 borrowed.

What each input means

• Home price — the purchase price of the home.
• Down payment — the cash you pay upfront. The loan amount is the home price minus the down payment.
• Interest rate — the yearly rate on the loan, as a percentage. Your credit, lender, and loan type all affect the rate you are offered.
• Loan term — how many years you have to repay, most commonly 30 or 15 years.
• Property tax ($ per year) — the yearly property tax on the home. Enter the annual figure; the calculator adds one-twelfth of it to the total monthly payment.
• Home insurance ($ per year) — the yearly homeowners insurance premium, also added to the total as one-twelfth per month.
• PMI ($ per year) — private mortgage insurance, charged on most conventional loans when the down payment is below 20% of the home price. Enter the yearly cost, or 0 if you do not pay it.
• HOA dues ($ per month) — monthly homeowners association dues, added to the total exactly as entered.
• Extra payment ($ per month) — an optional amount paid toward principal every month on top of the regular payment. It shortens the payoff time and reduces total interest.

Worked example: the true monthly cost

Principal and interest are only part of what homeownership costs each month. On the default loan — $1,770 per month in principal and interest — add property tax of $3,600 a year ($300 a month) and home insurance of $1,800 a year ($150 a month) and the true monthly cost is $1,770 + $300 + $150 = $2,220 per month total. There is no PMI in this example because the 20% down payment ($70,000 on $350,000) avoids it. Try it above: enter 3600 for property tax and 1800 for home insurance and the total monthly payment shows $2,220.

15-year vs 30-year

On a $280,000 loan at 6.5%, a 15-year term costs $2,439 per month with $159,038 in total interest, versus $1,770 per month with $357,125 in total interest over 30 years. The shorter term saves $198,086 in interest, but costs $669 more per month. A 15-year loan builds equity much faster; a 30-year loan keeps the required payment lower, and you can still pay extra toward principal in the months you can afford it.

Why extra payments work

Early in a mortgage, most of each payment is interest and very little is principal. Adding $200 per month to the default 30-year loan pays it off in 22 years 9 months instead of 30 years and saves $101,283 in interest — because every extra dollar goes straight to principal, so there is less balance for next month's interest to be charged on. The amortization table shows the same shift over time even with no extra payment: in Year 1 you pay $18,108 in interest against only $3,130 in principal, while in the final year you pay $729 in interest against $20,508 in principal.

Keep planning

Before you shop, work through How Much House Can I Afford? for the 28/36 rule and the costs nobody mentions. Then fit the payment into your month with the Budget Planner, clear other debts faster with the Debt Payoff Calculator, and protect the purchase with a safety net from the Emergency Fund Calculator.

Estimates only — not a loan offer and not financial advice. Your actual payment depends on your lender, credit, property taxes, insurance, and HOA dues.

Frequently asked questions

Frequently asked questions

Frequently asked questions

Frequently asked questions

Frequently asked questions

Frequently asked questions

Every January, readers ask the same questions: What are this year's tax brackets? How much can I put in my IRA? DollarBrook checks these numbers against the IRS releases that set them and keeps them on this page. When the IRS publishes the 2027 figures, this page rolls forward — the date at the top always shows when it was last verified.

2026 standard deductions

Source: IRS Revenue Procedure 2025-32. Additional amounts apply for taxpayers who are 65 or older or blind. See what the deduction does to your bill in the Federal Tax Estimator.

2026 federal income tax brackets

Brackets are marginal: each rate applies only to the income inside that slice, not to your whole income. The tables below show the top of each bracket (taxable income after deductions).

Single

Married filing jointly

Head of household

Source: IRS Revenue Procedure 2025-32. Run your own income through these brackets with the Paycheck Calculator.

2026 IRA contribution limits

Source: IRS 2026 retirement-plan limit announcements (IRS.gov). You also cannot contribute more than your earned income. Which IRA fits you? Roth IRA vs. Traditional IRA.

2026 Roth IRA income phase-outs

Source: IRS 2026 IRA guidance (IRS.gov). Below the range you can contribute the full amount; inside it, a reduced amount; above it, no direct contribution.

2026 401(k) contribution limits

Source: IRS 2026 retirement-plan limit announcements (IRS.gov). Employer contributions are on top of these employee limits. The strategy behind the numbers is in 401(k) Basics and the Employer Match — and you can project what maxing out becomes in the Retirement Calculator.

Deposit insurance: FDIC & NCUA coverage

Source: FDIC (FDIC.gov) and NCUA (NCUA.gov) deposit/share insurance rules. This is the protection behind the savings accounts in High-Yield Savings Accounts Explained and your emergency fund.

Frequently asked questions

Sources: Internal Revenue Service, Revenue Procedure 2025-32 (2026 tax brackets and standard deductions); IRS 2026 retirement-plan and IRA limit announcements (IRS.gov); FDIC deposit insurance coverage (FDIC.gov); NCUA share insurance (NCUA.gov). Figures are for the 2026 tax year and are educational, not tax advice.

Budgeting

Give every dollar a job and know where you stand.

• The 50/30/20 Budget Rule, Explained — split take-home pay into needs, wants, and savings, with a full worked budget.
• The Yearly Personal Finance Checklist — 12 things to review once a year to keep your whole money life on track.
• Budget Planner — turn your take-home pay into dollar targets for each 50/30/20 bucket.
• Paycheck Calculator — estimate the take-home pay your budget starts from, after federal tax and FICA.
• Net Worth Calculator — total what you own and what you owe into the one number worth tracking yearly.

Debt

Understand what borrowing costs and pay it off with a plan.

• Fed Holds Rates at 3.75%–4%: What the October 2026 Decision Means for Your Money — the 28 October 2026 hold, and what it means for mortgages, car loans, credit cards and savings.
• How to Pay Off Credit Card Debt — the step-by-step plan, avalanche vs. snowball, with real math.
• How Credit Scores Work — FICO ranges, the five factors, and the habits that move your score.
• Credit Card Interest Calculator — months to payoff and total interest for any balance, APR, and payment.
• Debt Payoff Calculator — compare avalanche and snowball across up to three debts.
• Car Loan Calculator — the real monthly payment and total interest on a car loan, before you sign.
• How Much House Can I Afford? — the 28/36 rule lenders use, plus the ownership costs nobody mentions.
• Mortgage Calculator — monthly principal and interest, and total interest over the loan.

Retirement

Use tax-advantaged accounts and time to build future income.

• 401(k) Basics and the Employer Match — how a 401(k) works, 2026 limits, vesting, and never leaving match money behind.
• Roth IRA vs. Traditional IRA — tax now or tax later, 2026 limits and phase-outs, and a simple way to choose.
• Saving for Retirement in Your 20s and 30s — why starting early beats saving more, and the order to use your accounts.
• Retirement Calculator — project your savings at retirement, in future and today's dollars.
• 2027 Social Security COLA: 3.6% — what the 2027 increase means in dollars, what Medicare may take back, and when your notice arrives.
• 2027 COLA Calculator — work out your own 2027 benefit at +3.6%, with the projected Part B premium.
• 2026 Money Numbers — this year's official IRA and 401(k) limits, straight from IRS releases.

Taxes

Know the brackets and limits that decide what you owe.

• Federal Tax Estimator (2026) — estimate your federal income tax bracket by bracket, with refund or amount owed.
• Paycheck Calculator — see federal tax and FICA taken out of each paycheck, for any pay schedule.
• 2026 Money Numbers — brackets, standard deductions, and retirement limits for 2026, each with its IRS source.

Investing

Start small, diversify, and let compounding do the heavy lifting.

• How to Start Investing With $100 — fractional shares, the right first account, and the beginner mistakes that cost most.
• Index Funds vs. Individual Stocks — an honest comparison of diversification, fees, and effort.
• Compound Interest Calculator — watch savings and investments grow with monthly contributions.

Banking

Keep everyday money safe, insured, and earning its keep.

• High-Yield Savings Accounts Explained — APY, FDIC/NCUA insurance, fees to watch, and how to choose.
• How to Build an Emergency Fund — how much to save, where to keep it, and a staged plan from zero.
• Emergency Fund Calculator — turn monthly essentials into a target fund and a savings timeline.

Frequently asked questions

DollarBrook exists for one reason: most money advice online is either selling something or written for people who already have plenty. We write for everyone else — the teacher setting up a first budget, the parent comparing savings accounts, the new graduate staring at a first 401(k) enrollment form.

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