Mortgage Payment Calculator

Calculate your monthly mortgage payment, total interest, and amortization schedule. Free online mortgage calculator for home loans.

Enter Your Mortgage Details

$
$
20.0% down payment
%
years

Total Monthly Payment Breakdown

Based on a $400,000 mortgage

$2,998
Mortgage Payment (P&I)
$2,398
Taxes & Other Fees
$500
Home Insurance
$100
Total Monthly Payment
$2,998
Total Interest Paid
$463,353
Total Amount Paid
$863,353

Compare Loan Terms

Loan Term
15-Year Fixed
30-Year Fixed
Monthly Payment
$3,375
$2,398
Total Interest
$207,577
$463,353
Total Amount Paid
$607,577
$863,353

How to Calculate Your Mortgage Payment

Our mortgage payment calculator helps you determine your monthly payment for a home loan. Simply enter your loan amount, interest rate, and loan term to get instant results.

Understanding Your Results

- Monthly Payment: The amount you'll pay each month, including principal and interest

- Total Payment: The total amount you'll pay over the life of the loan- Total Interest: The total interest you'll pay over the loan term

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Tips for Using This Calculator

1. Loan Amount: Enter the total amount you plan to borrow, not the home price

2. Interest Rate: Use current market rates or your pre-approved rate
3. Loan Term: Common terms are 15, 20, or 30 years

Remember, this calculator shows principal and interest only. Your actual monthly payment may include property taxes, homeowners insurance, and PMI (Private Mortgage Insurance) if applicable.

Frequently Asked Questions

Q: How is monthly mortgage payment calculated?
A: Monthly mortgage payment is calculated using the formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate, and n is the number of payments.
Q: What's included in a mortgage payment?
A: A mortgage payment typically includes principal and interest. Your actual payment may also include property taxes, homeowners insurance, and PMI if your down payment is less than 20%.
Q: How does interest rate affect my payment?
A: A higher interest rate increases your monthly payment and total interest paid. Even a 0.5% difference can significantly impact your total cost over the life of the loan.

Disclaimer

Financial Disclaimer: This calculator is for informational and educational purposes only. The results are estimates and should not be considered as financial, investment, tax, or legal advice. Actual results may vary based on individual circumstances, market conditions, and other factors. Always consult with qualified financial professionals before making financial decisions.

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Last updated: January 14, 2026