Calculate your monthly mortgage payment, total interest paid, and view a full amortization schedule.
Enter your total loan amount (the price of the home minus your down payment), the annual interest rate offered by your lender, and the loan term in years (typically 15 or 30).
Click Calculate to see your fixed monthly payment, the total amount you will pay over the life of the loan, and how much of that total goes toward interest.
Use this to compare different loan scenarios and find the most affordable option for your budget.
Monthly mortgage payment formula:
M = P × r(1 + r)^n / ((1 + r)^n − 1)Where P = loan principal, r = monthly interest rate (annual rate ÷ 12), and n = total number of monthly payments (years × 12).
Example: A $300,000 mortgage at 6.5% annual interest for 30 years:
Example 2: The same $300,000 loan at 6.5% for 15 years:
Mortgage rates depend on market conditions, your credit score, and loan type. As of 2024, rates between 6–7% are common for 30-year fixed mortgages. Borrowers with excellent credit may qualify for lower rates.
A widely used guideline is that your monthly mortgage payment should not exceed 28% of your gross monthly income. For example, if you earn $6,000/month, aim for a payment under $1,680.
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage offers lower payments but costs more over time. Choose based on your monthly budget and long-term goals.
This calculator estimates principal and interest only. Your actual monthly payment may also include property taxes, homeowner’s insurance, and PMI (private mortgage insurance) if your down payment is less than 20%.