Mortgage Calculator
Enter the home price, your down payment, the interest rate and the term to estimate the principal and interest part of a fixed-rate mortgage payment.
Results
Monthly payment
$2,022.62
This is principal and interest only. Property tax, homeowners insurance, mortgage insurance (PMI) and HOA dues are extra.
- Amount borrowed
- $320,000.00
- Total interest
- $408,142.36
- Total of payments
- $728,142.36
- Paid off in
- 30 years
- Down payment
- 20% of price
Principal 44%Interest 56%
How this was calculated
Monthly rate r = 6.5% ÷ 12 = 0.005417. Number of payments n = 360.
Payment = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $320,000.00. Each month, interest is charged on the remaining balance and the rest of the payment reduces the balance.
Lenders round to the cent and some accrue interest daily, so your statement may differ slightly.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,576.72 | $20,694.69 | $316,423.28 |
| 2 | $3,816.26 | $20,455.15 | $312,607.02 |
| 3 | $4,071.84 | $20,199.57 | $308,535.17 |
| 4 | $4,344.54 | $19,926.87 | $304,190.63 |
| 5 | $4,635.50 | $19,635.91 | $299,555.13 |
| 6 | $4,945.95 | $19,325.46 | $294,609.18 |
| 7 | $5,277.19 | $18,994.22 | $289,331.98 |
| 8 | $5,630.62 | $18,640.80 | $283,701.37 |
| 9 | $6,007.71 | $18,263.70 | $277,693.66 |
| 10 | $6,410.06 | $17,861.36 | $271,283.60 |
| 11 | $6,839.35 | $17,432.06 | $264,444.26 |
| 12 | $7,297.39 | $16,974.02 | $257,146.86 |
| 13 | $7,786.11 | $16,485.30 | $249,360.75 |
| 14 | $8,307.56 | $15,963.85 | $241,053.19 |
| 15 | $8,863.94 | $15,407.48 | $232,189.25 |
| 16 | $9,457.57 | $14,813.84 | $222,731.68 |
| 17 | $10,090.96 | $14,180.45 | $212,640.72 |
| 18 | $10,766.77 | $13,504.64 | $201,873.95 |
| 19 | $11,487.84 | $12,783.57 | $190,386.11 |
| 20 | $12,257.20 | $12,014.21 | $178,128.90 |
| 21 | $13,078.09 | $11,193.32 | $165,050.81 |
| 22 | $13,953.96 | $10,317.46 | $151,096.86 |
| 23 | $14,888.48 | $9,382.93 | $136,208.38 |
| 24 | $15,885.59 | $8,385.83 | $120,322.79 |
| 25 | $16,949.47 | $7,321.94 | $103,373.32 |
| 26 | $18,084.61 | $6,186.80 | $85,288.71 |
| 27 | $19,295.77 | $4,975.64 | $65,992.94 |
| 28 | $20,588.05 | $3,683.37 | $45,404.89 |
| 29 | $21,966.86 | $2,304.55 | $23,438.03 |
| 30 | $23,438.03 | $833.39 | $0.00 |
The starting values are examples only, not current rates. Replace them with your own figures.
What this mortgage calculator includes — and what it leaves out
The result is the principal and interest payment on a fixed-rate mortgage: the part of your payment that repays the loan and pays the lender’s interest. It is what your loan documents call the monthly principal and interest.
Most homeowners pay more than that each month. Lenders often collect property taxes and homeowners insurance through an escrow account, and the full payment is sometimes called PITI (principal, interest, taxes and insurance). Those amounts depend on where you live and the property itself, so ask for local figures and add them to the result.
- Property tax — set by your local taxing authority and usually paid through escrow.
- Homeowners insurance — required by lenders. Flood or windstorm cover may also be needed in some areas.
- Mortgage insurance — conventional loans with less than 20% down usually require private mortgage insurance (PMI). FHA loans have their own mortgage insurance premiums.
- HOA or condo dues — paid separately to the association, not to the lender.
How the down payment changes your loan
The calculator subtracts your down payment from the home price to get the amount you borrow. A larger down payment lowers the loan amount, the monthly payment and the total interest. On many conventional loans, putting down 20% or more also avoids PMI.
A bigger down payment is not automatically the right choice. Money tied up in a house is hard to get back quickly, so many buyers keep an emergency fund and money for closing costs, moving and repairs rather than putting every dollar down.
Fixed-rate and adjustable-rate mortgages
This calculator assumes a fixed rate, so the principal and interest payment stays the same for the whole term. An adjustable-rate mortgage (ARM) keeps its starting rate for a set period and then resets at set intervals, so its payment can rise or fall. To see a worst case for an ARM, run the calculator a second time using the highest rate the loan’s caps allow.
Closing costs and points
Closing costs such as lender fees, the appraisal, title insurance and prepaid items are usually paid at closing and are not part of the monthly payment shown here. If you roll some of them into the loan, add them to the home price or lower your down payment by the same amount.
Discount points are an upfront fee paid to get a lower rate. To judge whether points pay off, compare the monthly saving from the lower rate with what the points cost, and think about how long you expect to keep the loan. Your Loan Estimate shows the rate, points and APR side by side.
15-year vs. 30-year mortgage: a worked example
A $320,000 loan (a $400,000 home with 20% down) at the same example rate for both terms. Fifteen-year loans are often offered at lower rates than 30-year loans, which would widen the gap shown here.
| Scenario | Borrowed | Rate | Term | Paid off in | Monthly payment | Total interest |
|---|---|---|---|---|---|---|
| 30-year fixed | $320,000 | 6.5% | 30 years | 30 years | $2,022.62 | $408,142 |
| 15-year fixed | $320,000 | 6.5% | 15 years | 15 years | $2,787.54 | $181,758 |
| 30-year + $300/mo extra | $320,000 | 6.5% | 30 years | 21 years 2 months | $2,322.62 | $269,696 |
The 15-year loan costs much more each month but far less in total. Paying extra on a 30-year loan is a middle path: you keep the lower required payment and can stop paying extra if money gets tight.
How the calculation works
The mortgage calculator uses the same fixed-rate amortization formula as our main loan calculator. Interest is charged monthly on the remaining balance, and equal payments pay off the loan by the end of the term. For a step-by-step walkthrough, read how loan amortization works.
Mortgage loan questions
Does this mortgage calculator include taxes and insurance?
No. It calculates principal and interest only, because property tax, insurance and PMI vary widely by location and lender. Add your local estimates to the result to get the full monthly housing payment.
How much should I put down on a house?
There is no single right amount. Some loan programs allow 3.5% or even 0% down, while 20% down on a conventional loan usually avoids PMI. Weigh a lower payment against keeping savings for emergencies and closing costs.
Why is my lender’s payment slightly different?
Lenders round to the cent each month, and the first payment can include part-month interest. The full payment also includes escrow for taxes and insurance. Differences of a few dollars are normal.
Can I use this for a refinance?
Yes. Enter your current balance as the home price, leave the down payment blank, and enter the new rate and term. Remember that refinancing has closing costs, which this calculator does not include.
Sources and further reading
- Buying a House: tools and resources for homebuyers — Consumer Financial Protection Bureau
- Mortgages: tools and answers — Consumer Financial Protection Bureau
- Regulation Z (Truth in Lending), 12 CFR Part 1026 — Consumer Financial Protection Bureau
Related calculators
Have a different kind of loan? Use the general loan payment calculator.