Mortgage Payment Calculator
Work out your monthly mortgage payment from the loan amount, interest rate and term, with total interest and a full amortization schedule.
A mortgage payment is mostly two things: interest on what you still owe, and a slice of the loan itself (principal). This calculator uses the standard amortization formula lenders use, so the monthly figure matches what a bank quote shows for principal and interest. Add property tax and insurance to see the full monthly cost.
How to use this tool
- Enter the home price and your down payment.
- Enter the yearly interest rate from your loan offer.
- Pick the loan term.
- Optionally add yearly property tax and home insurance to see the full monthly cost.
Formula
M = P × r / (1 − (1 + r)^−n)
P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of monthly payments.
Example
A $400,000 home with $80,000 down leaves a $320,000 loan. At 6.5% for 30 years, r = 0.065 / 12 ≈ 0.005417 and n = 360, so the payment is about $2,022.62 a month. Over 30 years you pay about $408,143 in interest.
Frequently asked questions
Does this include PMI?
No. Private mortgage insurance usually applies when the down payment is under 20%. Ask your lender for the PMI rate and add it to the insurance field as a yearly amount.
Why is my lender quote slightly different?
Lenders may round the rate, add fees, or start interest mid-month. The principal-and-interest figure here uses the exact amortization formula.
How much do I save with a 15-year loan?
Switch the term to 15 years: the monthly payment rises, but the total interest usually falls by more than half.
This tool gives an estimate for general information only. It is not financial, tax, legal or medical advice — check with a qualified professional before you rely on the result.
Last updated: 2026-10-30