Mortgage Calculator
Enter the loan amount, rate and term for the monthly principal and interest, then add yearly property tax and insurance for a fuller estimate.
Illustrative estimate, not financial advice.
- Total monthly payment
- $2,246.20
- Principal and interest
- $1,896.20
- Property tax (monthly)
- $250.00
- Insurance (monthly)
- $100.00
- Total interest over the term
- $382,633
Borrowing $300,000 at 6.5% a year over 30 years costs $1,896.20 a month in principal and interest, and $382,633 in total interest.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,896.20 | $271.20 | $1,625.00 | $299,728.80 |
| 2 | $1,896.20 | $272.67 | $1,623.53 | $299,456.12 |
| 3 | $1,896.20 | $274.15 | $1,622.05 | $299,181.97 |
| 4 | $1,896.20 | $275.64 | $1,620.57 | $298,906.34 |
| 5 | $1,896.20 | $277.13 | $1,619.08 | $298,629.21 |
| 6 | $1,896.20 | $278.63 | $1,617.57 | $298,350.58 |
| 7 | $1,896.20 | $280.14 | $1,616.07 | $298,070.44 |
| 8 | $1,896.20 | $281.66 | $1,614.55 | $297,788.79 |
| 9 | $1,896.20 | $283.18 | $1,613.02 | $297,505.60 |
| 10 | $1,896.20 | $284.72 | $1,611.49 | $297,220.89 |
| 11 | $1,896.20 | $286.26 | $1,609.95 | $296,934.63 |
| 12 | $1,896.20 | $287.81 | $1,608.40 | $296,646.82 |
| Year | Principal paid | Interest paid | Closing balance |
|---|---|---|---|
| 1 | $3,353 | $19,401 | $296,647 |
| 2 | $3,578 | $19,177 | $293,069 |
| 3 | $3,817 | $18,937 | $289,252 |
| 4 | $4,073 | $18,681 | $285,179 |
| 5 | $4,346 | $18,409 | $280,833 |
| 6 | $4,637 | $18,118 | $276,196 |
| 7 | $4,947 | $17,807 | $271,249 |
| 8 | $5,279 | $17,476 | $265,970 |
| 9 | $5,632 | $17,122 | $260,338 |
| 10 | $6,009 | $16,745 | $254,328 |
| 11 | $6,412 | $16,343 | $247,916 |
| 12 | $6,841 | $15,913 | $241,075 |
| 13 | $7,299 | $15,455 | $233,776 |
| 14 | $7,788 | $14,966 | $225,987 |
| 15 | $8,310 | $14,445 | $217,677 |
| 16 | $8,866 | $13,888 | $208,811 |
| 17 | $9,460 | $13,294 | $199,351 |
| 18 | $10,094 | $12,661 | $189,257 |
| 19 | $10,770 | $11,985 | $178,487 |
| 20 | $11,491 | $11,263 | $166,996 |
| 21 | $12,261 | $10,494 | $154,735 |
| 22 | $13,082 | $9,673 | $141,653 |
| 23 | $13,958 | $8,797 | $127,695 |
| 24 | $14,893 | $7,862 | $112,803 |
| 25 | $15,890 | $6,864 | $96,912 |
| 26 | $16,954 | $5,800 | $79,958 |
| 27 | $18,090 | $4,665 | $61,868 |
| 28 | $19,301 | $3,453 | $42,567 |
| 29 | $20,594 | $2,161 | $21,973 |
| 30 | $21,973 | $781 | $0 |
Illustrative estimate, not financial advice.
Assumptions
- Fixed rate for the whole term; adjustable-rate loans will differ.
- Payments at the end of each month.
- Tax and insurance are your own estimates and are assumed constant; they usually change over time.
- Excludes fees, mortgage insurance and any down-payment logic: enter the amount you borrow.
Illustrative estimate, not financial advice. Results are shown before tax and fees unless stated.
What the mortgage calculator does
A mortgage payment has up to three parts: principal and interest on the loan, plus an estimate of property tax and insurance if you add them. This calculator shows each part and the total monthly cost.
How it is calculated
Principal and interest = P x r x (1 + r)^n / ((1 + r)^n - 1), with P the loan, r the monthly rate and n the number of months. Monthly tax and insurance are the yearly amounts divided by 12.
Worked example
Borrowing $300,000 at 6.5% a year over 30 years costs $1,896.20 a month in principal and interest, and $382,633 in total interest.
Questions and answers
How is a monthly mortgage payment calculated?
The loan amount, monthly interest rate and number of payments give a fixed principal-and-interest payment. Tax and insurance, if included, are added as one-twelfth of their yearly cost.
What does a shorter term do?
A 15-year mortgage has a higher payment than a 30-year one but costs much less interest overall. Try both terms and compare the totals.
Why is my lender's figure higher?
Lenders often add mortgage insurance, escrow cushions or fees. Use their official estimate for any decision.
Does this include a deposit?
No. Subtract your deposit from the price first and enter the amount you will borrow.