Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization schedule.
$80,000 down
Estimated monthly payment
$2,523/mo
$2,023 principal & interest
Loan amount
$320,000
Total interest
$408,142
Total cost
$908,142
A 15-year loan saves $226,385 in interest
Monthly P&I would be $2,788 ($765 more per month)
Amortization schedule
Yearly summary| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
How it works
This calculator uses the standard fixed-rate amortization formula to compute your monthly principal and interest payment. The formula is: M = P × [r(1+r)n] / [(1+r)n – 1], where P is the loan principal, r is the monthly interest rate, and n is the total number of payments.
On top of principal and interest, the calculator adds estimated property taxes (based on state averages), homeowners insurance, and PMI if your down payment is below 20%. The amortization schedule shows how each payment splits between principal and interest over the life of the loan.
Example: $400,000 home with 20% down
Loan amount: $400,000 − $80,000 down = $320,000
Rate: 6.5% APR → 0.5417% monthly
Term: 30 years → 360 payments
Monthly P&I: $2,023
Property tax: ~$333/mo (1% of home value)
Insurance: ~$133/mo
Total PITI: ~$2,489/mo
Over 30 years you'd pay $728,280 in total — meaning $408,280 in interest alone. A 15-year term at the same rate drops total interest to roughly $178,000, but the monthly payment jumps to ~$2,787.
Monthly payment reference table
Principal + interest only, 30-year fixed.
| Loan amount | 5.5% | 6.0% | 6.5% | 7.0% | 7.5% |
|---|---|---|---|---|---|
| $200,000 | $1,136 | $1,199 | $1,264 | $1,331 | $1,399 |
| $300,000 | $1,703 | $1,799 | $1,896 | $1,996 | $2,098 |
| $400,000 | $2,271 | $2,398 | $2,528 | $2,661 | $2,797 |
| $500,000 | $2,839 | $2,998 | $3,160 | $3,327 | $3,497 |
| $750,000 | $4,258 | $4,497 | $4,740 | $4,990 | $5,245 |
FAQ
How is a monthly mortgage payment calculated?
Monthly payment uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12). Property tax, insurance, and PMI are added separately.
What is included in a mortgage payment?
A typical mortgage payment (PITI) includes Principal, Interest, property Taxes, and homeowners Insurance. If your down payment is under 20%, PMI is also added.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest — often less than half. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility. Choose based on how much monthly payment you can comfortably afford.
How much house can I afford?
Lenders typically use the 28/36 rule: housing costs should not exceed 28% of gross monthly income. Use our House Affordability Calculator for a personalized estimate.
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- Take-Home Pay by State — Compare take-home pay across all 50 states
Estimates based on inputs you provide. Does not account for HOA, PMI variations, or local taxes. Consult a lender for official loan terms.