Finance
Mortgage Payment Calculator
Calculate your monthly mortgage payment from loan amount, interest rate, and term. Shows principal and interest plus total interest paid.
Loan details
Monthly payment
$2,140
Principal and interest only. Taxes, insurance, and HOA are not included.
Total interest
$440,535
Total paid
$770,535
Number of payments
360
Loan Payment Examples
Monthly payment for a $300,000 loan over 30 years
| APR | Monthly Payment | Total Repayment | Total Interest |
|---|---|---|---|
| 5% | $1,610.46 | $579,767.35 | $279,767.35 |
| 6% | $1,798.65 | $647,514.57 | $347,514.57 |
| 7% | $1,995.91 | $718,526.69 | $418,526.69 |
| 8% | $2,201.29 | $792,465.74 | $492,465.74 |
| 9% | $2,413.87 | $868,992.43 | $568,992.43 |
Frequently Asked Questions about the Mortgage Payment Calculator
What is the mortgage payment formula?
The formula is P = L x (r x (1+r)^n) / ((1+r)^n - 1), where L is the loan amount, r is the monthly interest rate (annual rate / 12), and n is the total number of monthly payments. The result covers principal and interest only.
Can you walk me through a concrete example?
On a $400,000 loan at 6.75% for 30 years, the monthly principal-and-interest payment comes to $2,594. Over the full term you repay about $934,000, meaning roughly $534,000 goes to interest.
Does this include property tax, insurance, or PMI?
No. The calculator returns principal and interest only. Most US lenders collect property tax, homeowners insurance, and PMI through an escrow account on top of that figure. Depending on your state, loan-to-value ratio, and coverage amounts, those costs typically add $300-700 per month.
How much does a small rate change actually matter?
More than most buyers expect. On a $400,000 30-year mortgage, going from 7% down to 6.5% cuts the monthly payment by about $133 and saves roughly $48,000 in total interest over the life of the loan. Getting quotes from at least three lenders is worth the effort.
Should I pick a 15-year or 30-year term?
A 15-year loan costs significantly less in total interest and typically carries a lower rate, but the payment on the same $400,000 at 6.75% is about $3,540 per month versus $2,594 on a 30-year (roughly 36% higher). The 30-year frees up monthly cash flow; the 15-year builds equity faster. Choose based on your budget and goals, not just the rate.