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Mortgage Payment Calculator

Use our instant, private mortgage calculator to uncover exactly what your monthly P&I (Principal and Interest) payments will look like, and see the true lifetime cost of your home loan.

$
%
Years
Estimated Monthly Payment$2,212.24
Total Principal$350,000
Total Interest Paid$446,405.71
Total Cost of Loan$796,405.71
Disclaimer: The results provided by this mortgage calculator are for educational and illustrative purposes only, and are based on the information you have inputted. These estimates do not constitute financial advice, a loan offer, or a guarantee of credit. Actual rates, payments, and costs may vary depending on your lender, credit score, and current market conditions. Please consult with a qualified financial advisor or mortgage broker before making any significant financial decisions.

How It Works

Our mortgage calculator uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n−1], where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. Total interest is calculated by multiplying the monthly payment by the number of payments and subtracting the principal.

When to Use This

Use this calculator before making an offer on a home to understand your monthly budget commitment. It is also useful when comparing a 15-year vs. 30-year loan, or when shopping for different interest rates from lenders.

Steps to Calculating Your Mortgage

  1. 1

    Input your loan amount

    Enter the total amount borrowing from the bank (Purchase Price minus Down Payment).

  2. 2

    Enter interest rate

    Provide your current or expected annual percentage rate (e.g. 6.5%).

  3. 3

    Select loan term

    Most conventional mortgages are 30 or 15 years.

  4. 4

    Analyze your payment

    The calculator will output your base monthly payment (P&I) and lifetime loan costs immediately.

Frequently Asked Questions

What is included in a monthly mortgage payment?
A standard monthly mortgage payment consists of Principal and Interest (P&I). Many homeowners also pay Property Taxes, Homeowners Insurance, and PMI in their single monthly bill.
How is mortgage interest calculated?
Interest is calculated daily based on your outstanding principle balance, usually paid in arrears with your monthly payment.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves you drastically on total interest paid. A 30-year mortgage is more affordable monthly but costs more over the lifetime of the loan.

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