Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and full amortization schedule — instantly and free.
To calculate a mortgage payment, use 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 number of payments (years × 12). For a $360,000 loan at 6.5% over 30 years, the monthly principal and interest is about $2,275. Add property tax, insurance, and HOA for your full payment.
Estimated monthly payment
$2,875.44
Principal vs. interest paid per year
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,024 | $23,282 | $355,976 |
| 2 | $4,293 | $23,012 | $351,683 |
| 3 | $4,581 | $22,725 | $347,102 |
| 4 | $4,888 | $22,418 | $342,214 |
| 5 | $5,215 | $22,090 | $337,000 |
| 6 | $5,564 | $21,741 | $331,435 |
| 7 | $5,937 | $21,369 | $325,498 |
| 8 | $6,334 | $20,971 | $319,164 |
| 9 | $6,759 | $20,547 | $312,405 |
| 10 | $7,211 | $20,094 | $305,194 |
| 11 | $7,694 | $19,611 | $297,500 |
| 12 | $8,210 | $19,096 | $289,290 |
| 13 | $8,759 | $18,546 | $280,531 |
| 14 | $9,346 | $17,959 | $271,185 |
| 15 | $9,972 | $17,333 | $261,213 |
| 16 | $10,640 | $16,666 | $250,573 |
| 17 | $11,352 | $15,953 | $239,221 |
| 18 | $12,113 | $15,193 | $227,108 |
| 19 | $12,924 | $14,382 | $214,184 |
| 20 | $13,789 | $13,516 | $200,395 |
| 21 | $14,713 | $12,592 | $185,682 |
| 22 | $15,698 | $11,607 | $169,984 |
| 23 | $16,750 | $10,556 | $153,234 |
| 24 | $17,871 | $9,434 | $135,363 |
| 25 | $19,068 | $8,237 | $116,295 |
| 26 | $20,345 | $6,960 | $95,950 |
| 27 | $21,708 | $5,598 | $74,242 |
| 28 | $23,162 | $4,144 | $51,081 |
| 29 | $24,713 | $2,593 | $26,368 |
| 30 | $26,368 | $938 | $0 |
About the Mortgage Calculator
This mortgage calculator estimates your monthly home loan payment using the standard fixed-rate amortization formula. Enter your home price, down payment, interest rate, and loan term, and it instantly returns your principal-and-interest payment, total interest paid over the life of the loan, and your payoff date. Optional fields for property tax, homeowners insurance, and HOA dues roll into a complete monthly housing cost so you see the real number, not just principal and interest. The full amortization schedule shows how each payment splits between principal and interest, and how your balance falls month by month. Early on, most of each payment goes toward interest; over time the balance tips toward principal. Adjust any input to compare scenarios — a larger down payment, a shorter 15-year term, or a lower rate — and watch total interest change in real time. All calculations run in your browser; nothing is stored.
Frequently asked questions
How is my monthly mortgage payment calculated?+
Your principal-and-interest payment uses the formula M = P × r(1+r)ⁿ ÷ [(1+r)ⁿ − 1], where P is the financed loan amount (home price minus down payment), r is your annual rate divided by 12, and n is the term in months. Property tax, insurance, and HOA are added on top to get your total monthly payment.
What is an amortization schedule?+
An amortization schedule lists every monthly payment over the life of your loan, showing how much goes to interest, how much goes to principal, and your remaining balance after each payment. Early payments are mostly interest; later payments are mostly principal, even though the total payment stays the same.
Does a larger down payment lower my payment?+
Yes. A larger down payment reduces the amount you finance, which lowers both your monthly principal-and-interest payment and the total interest you pay. Putting 20% down also typically lets you avoid private mortgage insurance (PMI), reducing your monthly cost further.
Should I choose a 15-year or 30-year mortgage?+
A 15-year mortgage has higher monthly payments but a much lower total interest cost and faster payoff. A 30-year mortgage has lower monthly payments but you pay far more interest over time. Use the term field above to compare both side by side for your loan amount and rate.
Does this calculator include taxes and insurance?+
It can. The home price, down payment, rate, and term fields calculate principal and interest. The optional property tax, home insurance, and HOA fields add those costs to show your full monthly housing payment, often called PITI (principal, interest, taxes, and insurance).