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 does the mortgage payment formula look like?
P = L x (r x (1+r)^n) / ((1+r)^n - 1), where L is the loan, r is the monthly interest rate (annual / 12), and n is the number of monthly payments. Output is principal and interest only.
Can you give a concrete example?
A $400,000 mortgage at 6.75% over 30 years runs about $2,594 per month in principal and interest. Total repaid is roughly $934,000, of which about $534,000 is interest over the full term.
Does this include property tax, insurance, or PMI?
No. This calculator returns principal and interest only. Most US lenders escrow property tax, homeowners insurance, and PMI on top. Expect another $300-700 per month depending on your state and loan-to-value.
How much does a small rate change matter?
A lot. On a $400,000 30-year mortgage, dropping from 7% to 6.5% saves about $130 per month and roughly $47,000 in interest over the life of the loan. Shop at least three lenders.
Should I pick 15 or 30 years?
15-year loans have lower rates and far less total interest, but the monthly payment is about 40-50% higher. 30-year loans free up cash flow and let you invest the difference; pick what fits your budget and goals.