This calculator will compute a mortgage monthly payment amount based on the principal amount borrowed, the length of the loan, and the annual interest rate. This calculator will also compute your total mortgage payment which will include the property taxes, property insurance and PMI payments (if your loan requires Private Mortgage Insurance).
It will also create an amortization schedule which shows you exactly how much interest you will pay over the life of the loan. The amortization schedule breaks down each payment to show you how much is going towards interest, taxes, insurance, and paying down your principal balance.
One interesting thing you'll notice is how the portion of each payment dedicated to interest goes down over the course of the loan, and the principal portion of the payment goes up.