Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and see a full amortization schedule. Enter your loan details to get started.
Mortgage Payment Calculator
Home loan payment breakdown
How Your Mortgage Payment Is Calculated
Your monthly mortgage payment is based on your loan amount, interest rate, and loan term. The standard formula is:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
M = Monthly Payment · P = Principal Loan Amount · r = Monthly Interest Rate (Annual Rate / 12) · n = Total Number of Payments (years × 12)
Example Calculation
For a $280,000 loan at 6.5% for 30 years:
- Monthly rate: 6.5% / 12 = 0.5417%
- Total payments: 30 × 12 = 360
- Monthly payment ≈ $1,770
- Total paid: $637,200 — meaning $357,200 in interest
Choosing a 15-year term typically saves tens of thousands in interest but has higher monthly payments. Use the term selector above to compare.
Frequently Asked Questions
A basic mortgage payment covers principal (paying down the loan balance) and interest. With PITI, it also includes property taxes and homeowner's insurance, often collected through an escrow account. Some loans also include PMI (Private Mortgage Insurance) if you put less than 20% down.
Conventional loans typically require 3–20% down. FHA loans allow 3.5% down. VA and USDA loans may allow 0% down for qualifying borrowers. Putting less than 20% usually requires PMI, which adds to your monthly cost.
An amortization schedule shows every payment for the life of your loan, broken into how much goes toward principal and how much goes toward interest. Early payments are heavily interest-weighted; this shifts over time as your balance decreases.