Mortgage Payment Calculator
Calculate your monthly mortgage payment with a full amortization schedule.
Amortization Schedule (Yearly Summary)
| Year | Principal | Interest | Balance |
|---|
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Request a ToolHow to Use the Mortgage Payment Calculator
Using this mortgage calculator takes less than a minute:
- Enter the home price. This is the total purchase price of the property you're considering. If you're not sure, start with a round number and adjust.
- Set your down payment. Enter either a dollar amount or a percentage. The two fields stay in sync. Most conventional loans require at least 3-5% down, though 20% avoids private mortgage insurance (PMI).
- Enter the interest rate. Check current rates from your lender or mortgage broker. The default is 6.5%, which reflects a typical 2024-2026 rate for a 30-year fixed mortgage.
- Choose your loan term. 30 years gives the lowest monthly payment. 15 years costs more monthly but saves significantly on total interest.
Your monthly payment appears instantly as you type. The amortization table below shows a yearly breakdown of how much goes to principal vs. interest.
Use the Share button to send a pre-filled link to your partner or real estate agent. The Export CSV button downloads the full month-by-month amortization schedule for use in a spreadsheet.
About Mortgage Payment Calculations
This calculator uses the standard fixed-rate mortgage amortization formula. Your monthly payment stays the same for the entire loan term, but the split between principal and interest changes over time. In the early years, most of your payment goes toward interest. As the loan matures, a larger share goes toward building equity.
The calculation does not include property taxes, homeowner's insurance, or PMI. For a complete housing cost estimate, use our PITI Calculator which adds those components.
All calculations run entirely in your browser. We never see or store your financial information.
Frequently Asked Questions
How is the monthly mortgage payment calculated?
The formula is M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (years times 12). This is the standard amortization formula used by all lenders.
Does this calculator include taxes and insurance?
No. This calculator shows the principal and interest (P&I) portion of your payment only. Property taxes, homeowner's insurance, and PMI are additional costs that vary by location and policy. For a complete estimate, try our PITI Calculator.
How much should I put down on a house?
The standard advice is 20% to avoid private mortgage insurance (PMI). However, many loan programs accept as little as 3% (conventional) or 3.5% (FHA). A larger down payment means a smaller loan, lower monthly payments, and less interest paid over time. Use this calculator to compare different down payment amounts and see the impact on your monthly cost.
Should I choose a 15-year or 30-year mortgage?
A 30-year mortgage has lower monthly payments, giving you more flexibility. A 15-year mortgage has higher monthly payments but significantly lower total interest cost. For example, on a $280,000 loan at 6.5%, the 30-year payment is about $1,770/month with $357,000 total interest, while the 15-year payment is about $2,440/month with only $159,000 total interest. That's almost $200,000 saved.