Mortgage Calculator
Monthly principal-and-interest payment on a fixed-rate mortgage from the loan amount, or home price and down payment, plus the total paid and total interest. How it works
Use the Mortgage Calculator
About the Mortgage Calculator
A $200,000 mortgage at 5% over 30 years costs $1,073.64 a month in principal and interest. You pay $386,513.24 in total, of which $186,513.24 is interest. The mortgage calculator takes the loan amount, or a home price and a down payment, uses the standard level-payment formula and leaves out property tax, insurance, PMI and fees.
Monthly payment per $100,000 borrowed
| Interest rate | 15 years | 20 years | 30 years |
|---|---|---|---|
| 4% | $739.69 | $605.98 | $477.42 |
| 5% | $790.79 | $659.96 | $536.82 |
| 6% | $843.86 | $716.43 | $599.55 |
| 7% | $898.83 | $775.30 | $665.30 |
| 8% | $955.65 | $836.44 | $733.76 |
Principal and interest only, fixed rate. For another amount, scale the payment: $250,000 costs about 2.5 times as much a month, give or take a few cents of rounding.
Total interest per $100,000 borrowed
| Interest rate | 15 years | 20 years | 30 years |
|---|---|---|---|
| 4% | $33,143.79 | $45,435.21 | $71,868.00 |
| 5% | $42,343.24 | $58,388.59 | $93,256.52 |
| 6% | $51,893.80 | $71,943.81 | $115,838.45 |
| 7% | $61,788.73 | $86,071.47 | $139,510.98 |
| 8% | $72,017.71 | $100,745.53 | $164,160.47 |
Interest over the whole term when every payment is made on schedule, with each month’s interest rounded to the cent.
Frequently asked questions
- How do I calculate a monthly mortgage payment?
- Divide the annual rate by 12 to get r, count the monthly payments n, and use payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed. For $200,000 at 5% over 360 months that gives $1,073.64.
- What is the monthly payment on a $250,000 mortgage?
- At 6.5% over 30 years it is $1,580.17 a month, with $318,861.58 of interest over the term. A $350,000 loan on the same terms is $2,212.24 a month.
- Does this include property tax, insurance and PMI?
- No. The figure is principal and interest only. Property tax, homeowners insurance, mortgage insurance, HOA dues and lender fees come on top, so the amount you pay each month can be higher.
- How does a down payment change the payment?
- It lowers the loan amount. Choose Home price and down payment and enter the down payment as a percent of the price or in dollars; the calculator subtracts it and shows the loan it used. On a $250,000 home at 6.5% over 30 years, 20% down leaves a $200,000 loan at $1,264.14 a month, and 10% down a $225,000 loan at $1,422.15. A $400,000 home with $100,000 down at 5% over 30 years is a $300,000 loan at $1,610.46.
- What is the payment on a loan with a 0% rate?
- The amount divided by the number of months. $200,000 over 10 years at 0% is $1,666.67 a month and no interest.
- How is this different from the amortization schedule?
- This page gives one payment and the totals. The mortgage amortization schedule calculator lists every payment with its interest, principal and balance, and takes an extra monthly payment; the mortgage payoff calculator shows the interest and time an extra payment saves. Links under the result open both with the same amount, rate and term, the loan amount being the price less the down payment when you start from the home price.
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