Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and amortization schedule
Loan Details
Enter your loan information to calculate monthly payments
Payment Summary
Your mortgage payment breakdown
About Mortgage Payments
How Mortgage Payments Work
Your monthly mortgage payment consists of principal and interest. In the early years of your loan, most of your payment goes toward interest. As you pay down the principal, more of your payment goes toward the principal balance.
Factors That Affect Your Payment
- • Loan Amount: The total amount you borrow
- • Interest Rate: The annual percentage rate (APR)
- • Loan Term: The length of time to repay the loan
- • Property Taxes: Usually included in escrow
- • Insurance: Homeowners and PMI if applicable
Frequently Asked Questions
How is a mortgage payment calculated?▾
A monthly mortgage payment is calculated using the loan principal, interest rate, and loan term via the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where r is the monthly rate and n is the number of payments.
What is included in a monthly mortgage payment?▾
A typical mortgage payment includes principal, interest, property taxes, and homeowners insurance (PITI). Some loans also include private mortgage insurance (PMI) and HOA fees.
How much house can I afford?▾
A common rule is to keep your total housing costs under 28% of your gross monthly income, and total debt payments under 36%. Our calculator helps you see how different loan amounts fit that budget.
Should I pay extra toward my mortgage principal?▾
Extra principal payments reduce the total interest paid and shorten the loan term. Even a small additional monthly payment can save thousands of dollars over a 30-year mortgage.