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Mortgage Calculator
Enter the loan amount, the annual interest rate, and the years. The calculator returns the monthly principal-and-interest payment, the total interest, and a year-by-year balance. An optional extra payment shows how much sooner the loan shrinks.
$1,896.20
principal and interest per month · paid off in 30 years 0 months · interest $382,633.47
| Year | Interest so far | Balance |
|---|---|---|
| 1 | $19,401.27 | $296,646.82 |
| 2 | $38,577.98 | $293,069.08 |
| 3 | $57,515.07 | $289,251.73 |
| 4 | $76,196.51 | $285,178.72 |
| 5 | $94,605.18 | $280,832.93 |
| 6 | $112,722.79 | $276,196.10 |
| 7 | $130,529.88 | $271,248.73 |
| 8 | $148,005.62 | $265,970.03 |
| 9 | $165,127.85 | $260,337.81 |
| 10 | $181,872.87 | $254,328.38 |
| 11 | $198,215.43 | $247,916.49 |
| 12 | $214,128.57 | $241,075.18 |
| 13 | $229,583.54 | $233,775.70 |
| 14 | $244,549.65 | $225,987.36 |
| 15 | $258,994.16 | $217,677.42 |
| 16 | $272,882.13 | $208,810.95 |
| 17 | $286,176.31 | $199,350.68 |
| 18 | $298,836.91 | $189,256.83 |
| 19 | $310,821.50 | $178,486.98 |
| 20 | $322,084.82 | $166,995.85 |
| 21 | $332,578.56 | $154,735.14 |
| 22 | $342,251.18 | $141,653.30 |
| 23 | $351,047.68 | $127,695.36 |
| 24 | $358,909.39 | $112,802.62 |
| 25 | $365,773.71 | $96,912.49 |
| 26 | $371,573.83 | $79,958.16 |
| 27 | $376,238.50 | $61,868.38 |
| 28 | $379,691.65 | $42,567.08 |
| 29 | $381,852.17 | $21,973.15 |
| 30 | $382,633.47 | $0.00 |
How to use it
- Type the amount you would borrow, not the home price, unless they are the same.
- Enter the annual rate and the term in years.
- Optionally add an extra amount paid every month.
- Read the payment, the interest, and the yearly table.
Formula
M = P × r(1+r)^n / ((1+r)^n − 1), where r is the monthly rate and n is the number of months.
If the rate is 0, the payment is simply the principal divided by the number of months. Extra payments are applied to principal after each month’s interest.
$300,000 at 6.5% for 30 years
The monthly principal and interest is $1,896.20. Total paid is about $682,633, and total interest is about $382,633. Adding even $100 a month cuts interest and shortens the term. The yearly table shows the balance after each year.
The payment is the standard fixed-rate amortization. For a $300,000 loan at 6.5% for 30 years, the monthly principal and interest is $1,896.20. Over 360 payments that is about $682,633, of which about $382,633 is interest. Taxes, insurance, and mortgage insurance are not included, so a lender’s “monthly housing cost” will be higher. Extra payments in this model go entirely to principal and shorten the loan. Lenders round each month to the cent, so a real payoff can differ by a few dollars. This is an estimate, not a loan offer.
Questions
How is a mortgage payment calculated?
It is the fixed payment that pays the loan to zero over the term at a constant monthly rate. The rate used each month is the annual rate divided by 12.
Does this include taxes and insurance?
No. It is principal and interest only. Add taxes and insurance yourself if you want a full housing payment.
What does an extra payment do?
The extra amount reduces principal every month, so later months charge interest on a smaller balance. The table shows the new path.
Is this a loan offer?
No. It is a calculator. A lender’s rate, fees, and rounding decide the real payment.