Mortgage Calculator
Monthly payment from home price, down payment and rate, split into principal and interest
Loading the tool…
Calculates the monthly mortgage payment from the home price, down payment, interest rate and loan term, split into principal and interest, with the total interest. Add property tax, insurance, PMI and HOA to see the full monthly cost, and test extra payments to see how much sooner the loan ends.
How to use
- Enter the "Home price" and the "Down payment" as an amount or as "Down payment (%)". The two fields update each other.
- Enter the "Interest rate (yearly)" and choose a "Loan term" of 10, 15, 20 or 30 years, or "Other".
- If you want, fill in "Taxes, insurance and fees (optional)" to see the "Total monthly payment".
- Under "Extra payments", enter extra principal every month or a one-time payment to see "Interest saved" and "Paid off sooner by".
- View the "Amortization schedule" as "Monthly" or "Yearly" and download it with "Save as CSV".
How it works
- Monthly payment = loan × r ÷ (1 − (1 + r)^−n), where r is the yearly rate ÷ 12 and n is the number of months. Each month's interest is the remaining balance × r.
- Property tax, insurance, PMI and HOA are only what you enter; nothing is estimated. The loan term can be from 1 to 50 years.
- Real loans can differ because of escrow, fees and adjustable rates.
Questions and answers
- What is the monthly payment on a 300,000 mortgage?
- At 6.5% fixed for 30 years, principal and interest come to about 1,896.20 a month. Property tax and insurance are added on top.
- Why do early mortgage payments go mostly to interest?
- Interest is charged on the remaining balance, which is largest at the start. The payment stays the same, but the principal share grows, as the "Principal and interest paid each year" chart shows.
- What happens if my down payment is under 20%?
- Lenders usually require PMI, and the page shows a note. PMI is usually dropped once the balance falls to 78–80% of the original home price.
- How much can I save by paying extra principal each month?
- Enter an amount under "Extra principal every month" to see the interest saved and the time cut compared with no extra payments. Extra payments made early have the largest effect.