This mortgage calculator gives the fixed monthly principal-and-interest payment, the total paid and the total interest for a loan amount, rate and term. The payment is P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r the monthly rate and n the number of payments. A $320,000 loan at 6.5% for 30 years costs $2,022.62 a month, and about $408,143 in interest over the full term.
The CFPB’s own example: $100,000 for 30 years at 4% is about $477 a month.
On this page
How to use the mortgage calculator
- Enter the loan amount: the price minus your down payment.
- Enter the interest rate from your Loan Estimate or quote.
- Enter the term in years, usually 15 or 30.
- Read the monthly principal and interest. Add property tax, homeowners insurance, mortgage insurance and HOA dues for the full payment.
What is the mortgage payment formula?
- Monthly rate: r = annual rate ÷ 100 ÷ 12 (6.5% → 0.0054167)
- Number of payments: n = years × 12 (30 years → 360)
- Payment = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- Total interest = payment × n − P
Monthly payment by loan amount
Principal and interest, 30-year fixed unless noted:
| Loan amount | 6.0% | 6.5% | 7.0% | 15 years at 6.5% |
|---|---|---|---|---|
| $100,000 | $599.55 | $632.07 | $665.30 | $871.11 |
| $200,000 | $1,199.10 | $1,264.14 | $1,330.60 | $1,742.21 |
| $250,000 | $1,498.88 | $1,580.17 | $1,663.26 | $2,177.77 |
| $300,000 | $1,798.65 | $1,896.20 | $1,995.91 | $2,613.32 |
| $400,000 | $2,398.20 | $2,528.27 | $2,661.21 | $3,484.43 |
| $500,000 | $2,997.75 | $3,160.34 | $3,326.51 | $4,355.54 |
Each 0.5 percentage point adds roughly $65 a month per $200,000 borrowed at these rates. Rates are examples, not quotes.
15-year vs 30-year mortgage
On $320,000 at 6.25%:
| Term | Monthly payment | Total interest |
|---|---|---|
| 15 years | $2,743.75 | $173,876 |
| 30 years | $1,970.30 | $389,306 |
The 15-year loan costs about $773 more a month but saves about $215,000 in interest. In practice, 15-year loans often have lower rates too, which widens the gap.
From principal and interest to your full payment (PITI)
| Add | Typical way to estimate it |
|---|---|
| Property tax | Annual tax bill ÷ 12, from the county assessor or listing |
| Homeowners insurance | Annual premium ÷ 12, from an insurance quote |
| Mortgage insurance (PMI) | Usually required on conventional loans with less than 20% down |
| HOA dues | From the listing or HOA |
Your lender’s Loan Estimate shows all of these on page 1. If your escrow payment rises after the annual review, see the escrow shortage calculator.
Ways to lower your mortgage payment
- Larger down payment. Each $10,000 less borrowed at 6.5% for 30 years saves about $63 a month.
- Better rate. Compare Loan Estimates from several lenders on the same day; improving your credit score can lower the rate offered.
- Longer term. A 30-year loan has a lower payment than a 15-year loan but costs far more interest.
- Remove PMI once you reach the equity your loan allows.
- Recast after a lump-sum payment, if your servicer offers it; see the mortgage recast calculator.
Why your payment can change
A fixed-rate principal-and-interest payment never changes, but the total payment can rise or fall when property taxes or insurance premiums change. Adjustable-rate mortgages also change when the rate resets.
Balloon loans and adjustable rates
The formula assumes a fixed rate paid over the full term. The CFPB explains that a balloon loan uses the same 30-year payment for a short term, typically five years, then the balance is due: on $100,000 at 4% that is $477 a month for five years and then $90,448. With an adjustable-rate mortgage, the payment is usually recalculated at each adjustment using the new rate and the remaining term.
Estimates for education only, not financial advice. Your lender’s figures are final.
Extra payments and the mortgage calculator
Paying a little more than the scheduled amount each month is one of the simplest ways to cut the total cost of a home loan. A mortgage calculator shows the scheduled payment; working out the effect of extra principal takes a second step, and the same mortgage calculator inputs are the place to start.
Take a $300,000 loan at 6.5% for 30 years. The mortgage calculator gives a principal and interest payment of $1,896.20, and total interest over 360 payments comes to about $382,633. Adding $200 to every payment, sent as extra principal, pays the loan off in 277 months, a little over 23 years, and total interest falls to about $279,185. That is roughly $103,000 saved for $200 a month.
A few points before you start:
- Ask the servicer to apply the extra money to principal, not to next month’s payment.
- Check the note for a prepayment penalty. Most conventional and government-backed loans made today do not have one.
- Keep an emergency fund first, whatever the mortgage calculator says you could save. Extra principal is hard to get back out of a house without a sale or a new loan.
- Compare the mortgage rate with what the money could earn elsewhere. Paying off a 6.5% loan early is a guaranteed 6.5% return; paying off a 3% loan is less compelling.
A mortgage calculator also helps you size the extra amount. Once you have a figure in mind, rerun the mortgage calculator with the shorter term to see the payment a 20- or 25-year loan would need.
Related converters and calculators
Related tools and guides:
- House affordability calculator: price that fits your income
- Mortgage amortization calculator: payment-by-payment schedule
- Mortgage payoff calculator: extra payments
- Closing costs calculator: cash to close
- Refinance calculator: new rate or term
Run a lending, real-estate or property site? This mortgage calculator is part of the Calcenzo calculator plugin for WordPress, so you can add it to your own pages with a shortcode.
Comparing ways to lower the rate? Try the mortgage points calculator or the 2-1 buydown calculator.
Sources
CFPB: How do mortgage lenders calculate monthly payments?; CFPB: Loan Estimate explainer.
Questions about this calculator
How is a monthly mortgage payment calculated?
Divide the annual rate by 12 to get the monthly rate r, multiply the years by 12 to get n, then use Payment = P × r × (1 + r)^n / ((1 + r)^n − 1).
What is the mortgage payment on $300,000?
About $1,896 a month for principal and interest at 6.5% over 30 years, or $1,799 at 6.0%. Taxes and insurance are extra.
Does this mortgage calculator include taxes and insurance?
No. It shows principal and interest only. Add property tax, insurance, PMI and HOA dues for the full payment.
Can my mortgage payment go up on a fixed-rate loan?
The principal-and-interest part cannot, but the escrow part for taxes and insurance can rise after the annual escrow analysis.
Is a 15-year mortgage cheaper?
It costs far less interest in total but has a higher monthly payment.
Check the assumptions and units before relying on a result. Financial, tax and health estimates do not replace advice for your individual circumstances.
Report a calculation issue