Mortgage Calculator
Estimate the monthly principal-and-interest payment on a home loan. Enter the mortgage amount, rate, and term to compare possible payment scenarios.
Calculate mortgage payment
Enter principal, rate, and term to see payment.
How it works
What this result means
The monthly P&I is your base mortgage payment — principal and interest only. It does not include property taxes, insurance, or PMI. Total interest shows the full borrowing cost over the life of the loan.
Formula:
M = P × [ r × (1 + r)^n ] / [ (1 + r)^n − 1 ]
Where:
M = monthly P&I payment
P = loan amount (after down payment)
r = monthly interest rate (annual rate ÷ 12)
n = term in months (years × 12)
- Divide the annual rate by 12 to get the monthly rate (r)
- Multiply the loan term in years by 12 to get (n)
- Plug P, r, and n into the formula
- Add taxes, insurance, and PMI separately for total monthly cost
Example
$300,000 at 6.5% for 30 years: r = 0.065 ÷ 12 ≈ 0.00542, n = 360. Monthly P&I ≈ $1,896. Total interest ≈ $382,600.
Use this tool for
- Comparing mortgage options with different rates or terms
- Estimating a payment before talking to a lender
- Seeing how loan size affects monthly cost and interest
Common questions
- What is included in the mortgage payment shown here? Only principal and interest (P&I). Property taxes, insurance, HOA fees, and PMI are not included"add those separately for a full picture.
- How does a larger down payment affect the result? A larger down payment reduces the loan amount (principal), so the monthly P&I and total interest both go down. Enter the loan amount after your down payment.
- Is this calculator suitable for adjustable-rate mortgages? No. It assumes a fixed rate for the entire term. For ARM products, use it only to compare the initial fixed period.