Mortgage Calculator
Enter the home price, down payment, interest rate and term to see your estimated monthly payment and total interest.
Result
- Principal and interest
- $2,022.62
- Property tax
- $366.67
- Home insurance
- $125.00
- Loan amount
- $320,000
- Total interest over the loan
- $408,142
- Interest is worked out monthly on the reducing balance. Tax, insurance and fees vary by home and lender, so treat this as an estimate and ask your lender for a Loan Estimate.
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833 | $0 |
How to use Mortgage Calculator
- Enter the home price and down payment percentage.
- Enter the interest rate and loan term.
- Add property tax, home insurance, mortgage insurance and any HOA fees.
- Read the monthly payment and the year-by-year table.
About this tool
Your monthly mortgage payment is principal and interest, plus property tax, home insurance and, if you put down less than 20%, mortgage insurance (PMI). Many buyers call this PITI: principal, interest, taxes and insurance.
Interest is worked out each month on the remaining balance, so early payments are mostly interest and later payments are mostly principal. A shorter term costs less interest overall but has a higher monthly payment.
How it is calculated
Payment = L × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where L is the loan, r the monthly rate and n the number of months.
Monthly total = payment + property tax ÷ 12 + insurance ÷ 12 + PMI ÷ 12 + HOA.
Worked examples
- $400,000 home, 20% down, 6.5% for 30 years: principal and interest $2,022.62, total interest $408,142.
- The same loan over 15 years: $2,787.54 a month, total interest $181,758.
Tips for better results
- A larger down payment lowers the payment and can remove mortgage insurance.
- Compare the total interest, not only the monthly payment, when choosing a term.
- Ask your lender for a Loan Estimate for exact numbers.
Frequently asked questions
How is a mortgage payment calculated?
With the loan amount, monthly interest rate and number of payments in the standard amortization formula, then taxes and insurance are added.
What is PMI?
Private mortgage insurance, which lenders usually require when your down payment is under 20%.
Does this include closing costs?
No. Closing costs, points and lender fees are not included.
Are my numbers saved or sent anywhere?
No. The calculation runs in your browser on your own device. Nothing you type is sent to Paul Digital or any other server.
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- UK Mortgage Calculator
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- Amortization Calculator (with Extra Payments)
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Privacy
The calculation runs in your browser on your own device. The numbers you type are not sent to Paul Digital or any other server. Results are estimates from the numbers you enter and are not financial, tax or legal advice.