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Mortgage Payment Calculator
Calculate your monthly mortgage payment, total interest paid, and see a detailed amortization schedule with principal vs interest breakdowns for any home loan.
Total purchase price of the home
Amount paid upfront. 20% or more avoids PMI.
Length of the mortgage loan
Annual fixed interest rate
Monthly Payment
$1,769.79
Loan Amount
$280,000.00
Total Interest
$357,124.57
Total Cost
$637,124.57
Payment Breakdown
Monthly Breakdown (First 12 Months)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,769.79 | $253.12 | $1,516.67 | $279,746.88 |
| 2 | $1,769.79 | $254.49 | $1,515.30 | $279,492.38 |
| 3 | $1,769.79 | $255.87 | $1,513.92 | $279,236.51 |
| 4 | $1,769.79 | $257.26 | $1,512.53 | $278,979.25 |
| 5 | $1,769.79 | $258.65 | $1,511.14 | $278,720.60 |
| 6 | $1,769.79 | $260.05 | $1,509.74 | $278,460.54 |
| 7 | $1,769.79 | $261.46 | $1,508.33 | $278,199.08 |
| 8 | $1,769.79 | $262.88 | $1,506.91 | $277,936.20 |
| 9 | $1,769.79 | $264.30 | $1,505.49 | $277,671.90 |
| 10 | $1,769.79 | $265.73 | $1,504.06 | $277,406.16 |
| 11 | $1,769.79 | $267.17 | $1,502.62 | $277,138.99 |
| 12 | $1,769.79 | $268.62 | $1,501.17 | $276,870.37 |
Yearly Summary
| Year | Total Paid | Principal | Interest | Remaining |
|---|---|---|---|---|
| 1 | $21,237.48 | $3,129.60 | $18,107.88 | $276,870.37 |
| 2 | $21,237.48 | $3,339.23 | $17,898.26 | $273,531.14 |
| 3 | $21,237.48 | $3,562.86 | $17,674.62 | $269,968.28 |
| 4 | $21,237.48 | $3,801.48 | $17,436.00 | $266,166.80 |
| 5 | $21,237.48 | $4,056.07 | $17,181.42 | $262,110.74 |
| 6 | $21,237.48 | $4,327.69 | $16,909.79 | $257,783.03 |
| 7 | $21,237.48 | $4,617.55 | $16,619.94 | $253,165.49 |
| 8 | $21,237.48 | $4,926.80 | $16,310.69 | $248,238.70 |
| 9 | $21,237.48 | $5,256.73 | $15,980.75 | $242,981.95 |
| 10 | $21,237.48 | $5,608.81 | $15,628.68 | $237,373.15 |
| 11 | $21,237.48 | $5,984.43 | $15,253.07 | $231,388.72 |
| 12 | $21,237.48 | $6,385.20 | $14,852.28 | $225,003.51 |
| 13 | $21,237.48 | $6,812.86 | $14,424.62 | $218,190.66 |
| 14 | $21,237.48 | $7,269.11 | $13,968.37 | $210,921.54 |
| 15 | $21,237.48 | $7,755.93 | $13,481.55 | $203,165.60 |
| 16 | $21,237.48 | $8,275.37 | $12,962.11 | $194,890.22 |
| 17 | $21,237.48 | $8,829.58 | $12,407.91 | $186,060.63 |
| 18 | $21,237.48 | $9,420.92 | $11,816.56 | $176,639.71 |
| 19 | $21,237.48 | $10,051.86 | $11,185.63 | $166,587.84 |
| 20 | $21,237.48 | $10,725.07 | $10,512.42 | $155,862.79 |
| 21 | $21,237.48 | $11,443.33 | $9,794.16 | $144,419.46 |
| 22 | $21,237.48 | $12,209.72 | $9,027.76 | $132,209.75 |
| 23 | $21,237.48 | $13,027.42 | $8,210.07 | $119,182.33 |
| 24 | $21,237.48 | $13,899.90 | $7,337.59 | $105,282.44 |
| 25 | $21,237.48 | $14,830.80 | $6,406.68 | $90,451.65 |
| 26 | $21,237.48 | $15,824.04 | $5,413.45 | $74,627.62 |
| 27 | $21,237.48 | $16,883.79 | $4,353.69 | $57,743.82 |
| 28 | $21,237.48 | $18,014.53 | $3,222.95 | $39,729.28 |
| 29 | $21,237.48 | $19,221.01 | $2,016.47 | $20,508.27 |
| 30 | $21,237.48 | $20,508.28 | $729.20 | $0.00 |
How to Use
- 1Enter the home price or total loan amount you plan to borrow.
- 2Set the annual interest rate from your lender's quote.
- 3Choose the loan term in years (common options are 15 or 30 years).
- 4View your monthly payment breakdown showing principal and interest portions.
- 5Review the total amount paid over the life of the loan and total interest cost.
About This Tool
The Mortgage Payment Calculator breaks down your monthly payment into principal and interest so you can see exactly where your money goes each month. Enter a loan amount, interest rate, and term to get an instant payment estimate.
Most homebuyers focus on the monthly payment, but the total interest paid over the loan's life is equally important. On a $300,000 mortgage at 6.5% for 30 years, you will pay approximately $382,000 in interest alone — more than the original loan amount. Choosing a 15-year term at the same rate cuts total interest to roughly $145,000, though the monthly payment increases significantly.
This tool helps you compare scenarios before speaking with lenders. Try different down payment amounts to see how they affect your monthly obligation, or compare 15-year versus 30-year terms to find the right balance between monthly cash flow and long-term cost.
The calculator uses standard amortization formulas used by banks and mortgage companies. Results are estimates — your actual payment may include property taxes, homeowner's insurance, and PMI, which are not included here.
Tips & Best Practices
- ✓Even small rate differences matter: on a $300,000 loan, the difference between 6.0% and 6.5% is about $100/month and over $35,000 in total interest over 30 years.
- ✓Consider a 15-year mortgage if you can handle higher payments — you will typically get a lower rate and pay less than half the total interest of a 30-year loan.
- ✓Your actual monthly housing cost includes property taxes, insurance, and possibly PMI — budget 25-35% above the principal and interest payment shown here.
Frequently Asked Questions
How is a monthly mortgage payment calculated?▼
How much should I put as a down payment?▼
What is PMI and when is it required?▼
What is the difference between a fixed-rate and adjustable-rate mortgage?▼
Should I choose a 15-year or 30-year mortgage?▼
When should I consider refinancing my mortgage?▼
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