Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and full amortization schedule instantly.
With a loan of $320,000, the estimated monthly payment is $2,022.62, with a total interest cost of $408,142.36 over the life of the loan.
Enter Values
Monthly Payment Breakdown
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,022.62 | $289.28 | $1,733.33 | $319,710.72 |
| 2 | $2,022.62 | $290.85 | $1,731.77 | $319,419.86 |
| 3 | $2,022.62 | $292.43 | $1,730.19 | $319,127.44 |
| 4 | $2,022.62 | $294.01 | $1,728.61 | $318,833.43 |
| 5 | $2,022.62 | $295.60 | $1,727.01 | $318,537.82 |
| 6 | $2,022.62 | $297.20 | $1,725.41 | $318,240.62 |
| 7 | $2,022.62 | $298.81 | $1,723.80 | $317,941.80 |
| 8 | $2,022.62 | $300.43 | $1,722.18 | $317,641.37 |
| 9 | $2,022.62 | $302.06 | $1,720.56 | $317,339.31 |
| 10 | $2,022.62 | $303.70 | $1,718.92 | $317,035.62 |
| 11 | $2,022.62 | $305.34 | $1,717.28 | $316,730.27 |
| 12 | $2,022.62 | $307.00 | $1,715.62 | $316,423.28 |
| 13 | $2,022.62 | $308.66 | $1,713.96 | $316,114.62 |
| 14 | $2,022.62 | $310.33 | $1,712.29 | $315,804.29 |
| 15 | $2,022.62 | $312.01 | $1,710.61 | $315,492.28 |
| 16 | $2,022.62 | $313.70 | $1,708.92 | $315,178.58 |
| 17 | $2,022.62 | $315.40 | $1,707.22 | $314,863.18 |
| 18 | $2,022.62 | $317.11 | $1,705.51 | $314,546.07 |
| 19 | $2,022.62 | $318.83 | $1,703.79 | $314,227.24 |
| 20 | $2,022.62 | $320.55 | $1,702.06 | $313,906.69 |
| 21 | $2,022.62 | $322.29 | $1,700.33 | $313,584.40 |
| 22 | $2,022.62 | $324.04 | $1,698.58 | $313,260.36 |
| 23 | $2,022.62 | $325.79 | $1,696.83 | $312,934.57 |
| 24 | $2,022.62 | $327.56 | $1,695.06 | $312,607.02 |
What is Mortgage Calculator?
A mortgage is a loan used to purchase real estate, where the property itself serves as collateral. The monthly payment is determined by the loan amount (principal), the interest rate, and the loan term. Understanding your mortgage payment helps you budget for homeownership and compare different loan options. Most fixed-rate mortgages use an amortization schedule where early payments go primarily toward interest, with an increasing portion going toward the principal over time.
How to Interpret Your Results
Lower interest rates and shorter loan terms result in less total interest paid, though monthly payments will be higher with shorter terms. A 15-year mortgage typically saves tens of thousands in interest compared to a 30-year mortgage, but requires higher monthly payments. Making extra payments toward principal can significantly reduce total interest costs.
How to Use This Mortgage Calculator
Simply adjust the input fields on the left using sliders or by typing values directly. Results update instantly in real-time — no button required. You can share your exact calculation by clicking Share Link.
Formula
Where M = monthly payment, P = principal, r = monthly interest rate, n = number of payments.
Frequently Asked Questions
How is the monthly mortgage payment calculated?
Using the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly rate, and n is months.
What is included in a mortgage payment?
Our calculator shows the principal + interest (P&I) portion. Your actual payment may also include property taxes, homeowner insurance, and PMI.
What is a good interest rate for a mortgage?
Rates vary by market conditions. As of 2025, 6–7% is typical for a 30-year fixed rate. Compare offers from multiple lenders.