Mortgage Payment Calculator
Calculate your monthly mortgage payment from loan amount, interest rate and term.
Results
The mortgage payment calculator uses the standard amortization formula to compute your monthly principal and interest payment. Enter your loan amount, annual interest rate and term to see your exact payment, total interest over the life of the loan and the full cost of borrowing. Use it to compare 15-year vs 30-year terms or to see how a rate change affects your budget.
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Frequently asked questions
The formula is 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 monthly payments. This gives the fixed monthly principal and interest payment.
No, this calculates principal and interest (P&I) only. Your actual monthly payment will also include property taxes, homeowner's insurance and possibly PMI (private mortgage insurance) if your down payment is less than 20%.
A 15-year mortgage has higher monthly payments but much less total interest. For a $300,000 loan at 6.5%, the 30-year total interest is about $382,000 while a 15-year is about $170,000 - saving over $212,000.
On a $300,000 30-year mortgage, going from 6.5% to 7.5% increases the monthly payment by about $210 (from $1,896 to $2,098) and adds roughly $75,000 in total interest over the life of the loan.
Extra payments go directly to principal and can dramatically reduce total interest. Adding just $100/month to a $300,000 mortgage at 6.5% saves about $63,000 in interest and pays off the loan 4.5 years early.