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Mortgage Payment Calculator

$
$
%
Monthly payment (P&I)
$2,123.75
Loan amount
$336,000.00
Total interest
$428,549.48
Total of payments
$764,549.48
Balance over Year
0100k200k300k01530Year
Remaining balance

Estimate your monthly principal and interest payment from the home price, down payment, rate, and term.

By Maya R. · Reviewed by David K., CFA · Updated

This is an educational estimate, not financial advice. Figures exclude taxes, fees, and individual circumstances. Verify with a licensed professional before making money decisions.

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How to use this calculator

  1. Enter the home price and your down payment.
  2. Set the interest rate and choose a term.
  3. Read the monthly principal-and-interest payment.
  4. Note this excludes property tax, insurance, and HOA.

Formula

M = P × [ i(1+i)^n ] ÷ [ (1+i)^n − 1 ]
  • M — monthly payment
  • P — loan amount
  • i — monthly rate (annual ÷ 12)
  • n — number of payments

Worked example

A $420,000 home with $84,000 down leaves a $336,000 loan. At 6.5% over 30 years, principal and interest are about $2,124/month and total interest is roughly $428,000.

Frequently asked questions

Does this include taxes and insurance?

No — this shows principal and interest only. Property tax, homeowners insurance, PMI, and HOA dues are added on top and vary by location and lender.

What is PMI?

Private mortgage insurance is usually required when your down payment is under 20%. It protects the lender, adds to your monthly cost, and can often be removed once you reach 20% equity.

How does the term affect the payment?

A shorter term (like 15 years) has a higher monthly payment but far less total interest. A longer term lowers the monthly payment but costs more over the life of the loan.

What rate should I use?

Use a quote from a lender if you have one. Otherwise, current national average rates are a reasonable starting estimate — your actual rate depends on credit, down payment, and loan type.

Can I pay off a mortgage early?

Yes. Extra payments toward principal reduce the balance faster and cut total interest. Check that your loan has no prepayment penalty first.

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MR
Maya R. · Author
Reviewed by David K., CFA · Updated 2026-06-03
Sources
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Embed this calculator
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View answer.json (AI feed) 
{
  "tool": "mortgage-payment",
  "question": "How does the Mortgage Payment Calculator work?",
  "answer": "Estimate your monthly principal and interest payment from the home price, down payment, rate, and term.",
  "formula": "M = P × [ i(1+i)^n ] ÷ [ (1+i)^n − 1 ]",
  "inputs": [
    {
      "id": "price",
      "label": "Home price",
      "unit": "$"
    },
    {
      "id": "down",
      "label": "Down payment",
      "unit": "$"
    },
    {
      "id": "rate",
      "label": "Interest rate",
      "unit": "%"
    },
    {
      "id": "term",
      "label": "Loan term",
      "unit": null
    }
  ],
  "sources": [
    {
      "name": "Consumer Financial Protection Bureau — Loan Estimate",
      "url": "https://www.consumerfinance.gov/",
      "note": "Mortgage cost components."
    }
  ],
  "updated": "2026-06-03"
}