Mortgage Calculator
Monthly payment, total interest and a full amortization schedule, with taxes, insurance, PMI and extra payments if you want them.
Loan term
Extra payment, taxes & insuranceOff
Paid on top of the payment each month, straight to principal
Monthly payment
$2,023/mo
Principal and interest on a $320,000 loan at 6.5% for 30 years.
- Total of payments
- $728,142
- Down payment
- $80,000
- Paid off
- in 30 years
Amortization schedule360 monthly payments: how each splits between interest and principal
The $80,000 down payment is paid upfront, so neither is in these totals.
How it’s worked outThe standard fixed-rate mortgage formula
M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P = $320,000 loan, r = 6.5% ÷ 12 = 0.5417% a month, n = 360 payments.
M = $2,023 a month (exactly $2022.62). Each month the interest is the balance × r; the rest of the payment reduces the balance.
Estimates only, not financial advice. Real payments vary with escrow, rate changes and lender terms.
Frequently Asked Questions
How is my monthly mortgage payment calculated?
Your monthly payment is calculated using the loan amount (property price minus down payment), interest rate, and loan term. The formula accounts for compound interest to determine a fixed monthly payment that covers both principal and interest over the loan period.
What is an amortization schedule?
An amortization schedule is a table showing how each monthly payment is split between principal and interest over the life of your loan. Early payments go mostly toward interest, while later payments reduce more principal. Our calculator provides both monthly and yearly breakdowns.
How does the down payment affect my mortgage?
A larger down payment reduces your loan amount, resulting in lower monthly payments and less total interest paid. It may also help you avoid PMI (Private Mortgage Insurance) if you put down 20% or more, and could qualify you for better interest rates.
What's included in the total interest paid?
Total interest paid represents all interest charges over the entire loan term. This amount can be substantial - often 50-100% of the original loan amount for 30-year mortgages. Our calculator shows exactly how much interest you'll pay based on your specific loan terms.
Can I see how extra payments affect my loan?
Yes. Enter an extra monthly payment and the calculator shows how much interest it saves, how much sooner the loan is paid off, and the new amortization schedule. Extra payments go straight to principal, so every dollar early in the loan saves several dollars of interest later.
What is PITI?
PITI stands for principal, interest, taxes and insurance: the full monthly cost of owning a home with a mortgage. Tick "Taxes, insurance, PMI, HOA" to add property tax, homeowners insurance, private mortgage insurance (charged when you put down less than 20%) and any HOA dues to the monthly payment.