Mortgage Payment Calculator
Estimate your monthly principal and interest payment, total interest paid, and full amortization schedule for any fixed-rate mortgage.
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Free Mortgage Payment Calculator
Our free mortgage payment calculator helps you estimate your monthly principal and interest payment on a fixed-rate home loan. Just enter your loan amount, interest rate, and term to see your monthly payment, total interest paid, and a full year-by-year amortization schedule.
How to Use the Mortgage Payment Calculator
- Loan amount: Enter the amount you plan to borrow (home price minus your down payment).
- Interest rate: Enter the annual interest rate your lender quoted (for example, 6.5 for 6.5%).
- Term: Choose the length of the loan, from 10 to 30 years.
- Calculate: See your monthly payment, total interest, and amortization schedule instantly.
What's Included in a Mortgage Payment?
This calculator shows the principal and interest (P&I) portion of your mortgage payment. Your full monthly housing payment may also include:
- Property taxes — often escrowed by your lender.
- Homeowners insurance — protects your home and is usually required by the lender.
- PMI — private mortgage insurance if your down payment is under 20%.
- HOA dues — if your home is in a homeowners association.
Why Your Interest Rate Matters
Even a small change in your mortgage rate has a big impact. On a $300,000 30-year fixed loan, dropping your rate from 7% to 6% saves about $200 per month and more than $70,000 in total interest. That is why many borrowers consider a mortgage buydown or paying discount points to lower their rate.
Frequently Asked Questions
How is my monthly mortgage payment calculated?
Your monthly principal and interest payment is calculated using the standard amortizing loan formula: P = (principal × r × (1+r)^n) / ((1+r)^n - 1), where r is the monthly interest rate and n is the number of monthly payments.
Does this calculator include taxes and insurance?
No. This calculator computes principal and interest only. Property taxes, homeowners insurance, PMI, and HOA dues are typically added to your monthly payment separately.
What mortgage term should I choose?
Shorter terms (15 years) mean higher monthly payments but much less total interest. Longer terms (30 years) lower your monthly payment but cost more in interest over the life of the loan.
Does the interest rate affect my payment that much?
Yes. On a $300,000 30-year loan, the difference between a 6% and 7% rate is about $200/month and over $70,000 in total interest. Even small rate changes have a large impact.
Can I see my full amortization schedule?
Yes. After calculating, tap 'Show schedule' to see every monthly payment broken down into principal, interest, and remaining balance for the entire loan term.
What is amortization?
Amortization is the process of paying off a loan through fixed monthly payments. Early in the loan most of each payment goes to interest; over time more goes to principal until the balance is zero.
Disclaimer
This calculator is an educational tool for estimating mortgage payments and savings. Results are approximations and exclude taxes, insurance, HOA, or other fees, which may increase actual payments. This is not an offer or guarantee of credit. For accurate quotes, consult a licensed loan officer.
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