See your monthly payment and total interest in seconds
Monthly Payment
$2,212.24
Principal + interest only — taxes & insurance not included
Total Payment
$796,405.71
Over 30 years
Total Interest
$446,405.71
56.1% of total
Payment breakdown
Loan
$350.0K
Rate
6.5%
Term
30 yr
See how your balance decreases year by year and how much goes to interest vs. principal each year.
Use our free mortgage calculator to find your monthly mortgage payment in seconds. Enter your loan amount, annual interest rate, and loan term to instantly see your monthly payment, total amount paid, total interest charged, and a complete year-by-year amortization schedule — no sign-up or download required.
The standard amortization formula is used: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This gives the fixed payment that fully repays the loan over the term.
No — this calculator computes principal and interest only, which is the core of your mortgage payment. Your actual monthly payment to your lender (often called PITI) will also include property taxes, homeowner's insurance, and possibly private mortgage insurance (PMI) if your down payment is under 20%.
In the early years of a mortgage the outstanding balance is high, so a larger share of each payment covers interest. As the balance decreases, more of each payment chips away at principal. This is called amortization — the amortization table in the calculator shows this shift year by year.
A 30-year term gives lower monthly payments but far more total interest paid. A 15-year term roughly doubles the monthly payment but typically carries a lower interest rate and cuts total interest by 50% or more. Use this calculator to compare scenarios side by side before deciding.