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Mortgage Payment Calculator

Calculate your monthly mortgage payment, total interest, and full amortization. Free, accurate, and works in any currency.

Monthly payment (P&I)
$1,896.20
Total interest
$382,633.47
Total paid
$682,633.47
Principal & interest only. Excludes property tax, insurance, PMI, and HOA fees.

What this calculates

A mortgage payment combines principal and interest on a fixed-rate home loan. This calculator returns the monthly payment, the total interest you'll pay over the loan, and the total of all payments. It works for any currency — change the amount and the math is the same. Property tax, insurance, and HOA fees are paid on top of this figure and vary by location.

Formula & how it works

The standard fixed-rate mortgage formula is M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12). Each payment is split between interest (charged on the remaining balance) and principal (the rest), so early payments are mostly interest and later payments are mostly principal.

Worked example

Borrow $300,000 at 6.5 % for 30 years. Monthly rate r = 0.065 ÷ 12 ≈ 0.005417. Number of payments n = 360. Plugging in: M = 300 000 × 0.005417 × (1.005417)^360 ÷ ((1.005417)^360 − 1) ≈ $1,896.20. Over the full 30 years you pay 360 × $1,896.20 = $682,632, of which $382,632 is interest — more than the original loan.

Frequently asked questions

Does this include taxes and insurance?

No. This is principal and interest only (P&I). Your full PITI payment also includes property taxes, homeowner's insurance, and possibly PMI or HOA fees. Those vary widely by location and lender.

How does extra principal affect my mortgage?

Paying extra principal directly reduces the balance, which cuts the interest charged in every subsequent payment. Even small monthly extras can shorten a 30-year loan by several years and save tens of thousands in interest.

What's the difference between fixed and adjustable rate?

A fixed-rate mortgage keeps the same interest rate for the entire term. An adjustable-rate mortgage (ARM) has a fixed period (e.g., 5 years), then resets periodically against a market index. This calculator models fixed rates.

Why is most of my early payment going to interest?

Interest is charged on the remaining balance, which is highest at the start. The same payment amount therefore covers more interest and less principal early on, and the ratio flips as the balance shrinks. This is called amortization.

Sources

Disclaimer: This calculator is for informational use only and is not financial advice. Talk to a licensed mortgage broker or financial advisor before committing to a loan.

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