Mortgage Calculator
Estimate your monthly mortgage payment, the total you'll repay, and the total interest you'll pay over the life of the loan. Enter the loan amount, annual interest rate and term to see results instantly.
How it works
M is the monthly payment, P the loan principal, r the monthly interest rate (annual rate ÷ 12), and n the number of monthly payments (years × 12). This standard amortization formula spreads principal and interest evenly across the term.
M = P · r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)Worked examples
Typical 30-year loan
A 300,000 mortgage at 6.5% for 30 years gives a monthly payment of about 1,896.20, with roughly 382,633 paid in interest.
Shorter term
The same 300,000 at 6.5% over 15 years raises the monthly payment but cuts total interest dramatically.
Frequently asked questions
What is included in a mortgage payment?
This calculator shows principal and interest only. Your actual payment may also include property taxes, homeowners insurance and, if applicable, mortgage insurance.
How does the loan term affect interest?
Longer terms lower the monthly payment but greatly increase total interest, because you pay interest for more years.
What is amortization?
Amortization is the gradual repayment of a loan through scheduled payments that cover both principal and interest.
Results are estimates provided for information only and do not constitute financial, legal or tax advice. Consult a qualified professional before making financial decisions.
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