Finance
Mortgage calculator
Estimate the monthly payment, total amount paid, and total interest on a fixed-rate mortgage using the standard amortization formula.
Formula
A fixed-rate mortgage spreads a loan over equal monthly payments. Early payments are mostly interest; later payments are mostly principal. The split shifts gradually because each payment slightly reduces the balance the interest is computed on.
The formula assumes a constant interest rate and identical monthly payments. It does not include property taxes, homeowner's insurance, PMI, HOA fees, or closing costs — those are typically escrowed separately and can add 1.5–3% per year to the headline payment.
All math runs in your browser. Use this calculator to compare scenarios (different terms, rates, down payments) before talking to a lender.
Examples
- 01$250,000 loan at 6.5% for 30 years→ Monthly: $1,580.17 · Total: $568,861.20 · Interest: $318,861.20
- 02Same loan but 15-year term→ Monthly: $2,178.36 · Total: $392,104.80 · Interest: $142,104.80 (saves $176,756 in interest)
- 03$400,000 loan at 5.0% for 30 years→ Monthly: $2,147.29 · Total: $773,022.86 · Interest: $373,022.86
FAQ
- No. This calculator shows principal + interest only (P&I). Your real monthly bill (PITI) also includes property taxes (T), homeowner's insurance (I), and often PMI if your down payment is under 20%. Budget an extra 25–40% on top of P&I for a realistic figure.