Finance
Mortgage Calculator – Monthly Payment and Amortization
Estimate mortgage payments in your preferred currency, including total housing cost, total interest, payoff date, taxes, insurance, PMI, HOA fees, and extra payments.
Mortgage Calculator
Estimate your monthly mortgage payment, full monthly housing cost, total interest, payoff date, and amortization schedule.
All amounts are treated as United States Dollar. Changing the currency changes the denomination only. It does not automatically convert the numbers already entered.
Direct answer
$2,547.62/mo
Principal, interest, tax, insurance, HOA, and PMI if applicable.
Monthly payment
$2,022.62
Principal and interest
Monthly total
$2,547.62
Including tax, insurance, HOA, and PMI
Total interest
$408,142.36
Over the life of the loan
Payoff date
Sep 2056
Estimated
Down payment
$80,000.00 (20.00%)
Loan amount
$320,000.00
Save and compare multiple mortgage scenarios
Save different home prices, down payments, currencies, interest rates, loan terms, and extra-payment scenarios. Select the results you need and export them together as a CSV or TXT file.
Page guide
On this page
Jump to the payment breakdown, amortization schedule, mortgage formula, repayment examples, extra payments, or common questions.
Monthly payment breakdown
Recommended Personal Finance Book
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Amortization schedule
See how each payment is divided between principal and interest and how the remaining mortgage balance changes over time.
| # | Date | Payment | Principal | Interest | Extra | Balance |
|---|---|---|---|---|---|---|
| 1 | Oct 2026 | $2,022.62 | $289.28 | $1,733.33 | $0.00 | $319,710.72 |
| 2 | Nov 2026 | $2,022.62 | $290.85 | $1,731.77 | $0.00 | $319,419.86 |
| 3 | Dec 2026 | $2,022.62 | $292.43 | $1,730.19 | $0.00 | $319,127.44 |
| 4 | Jan 2027 | $2,022.62 | $294.01 | $1,728.61 | $0.00 | $318,833.43 |
| 5 | Feb 2027 | $2,022.62 | $295.60 | $1,727.01 | $0.00 | $318,537.82 |
| 6 | Mar 2027 | $2,022.62 | $297.20 | $1,725.41 | $0.00 | $318,240.62 |
| 7 | Apr 2027 | $2,022.62 | $298.81 | $1,723.80 | $0.00 | $317,941.80 |
| 8 | May 2027 | $2,022.62 | $300.43 | $1,722.18 | $0.00 | $317,641.37 |
| 9 | Jun 2027 | $2,022.62 | $302.06 | $1,720.56 | $0.00 | $317,339.31 |
| 10 | Jul 2027 | $2,022.62 | $303.70 | $1,718.92 | $0.00 | $317,035.62 |
| 11 | Aug 2027 | $2,022.62 | $305.34 | $1,717.28 | $0.00 | $316,730.27 |
| 12 | Sep 2027 | $2,022.62 | $307.00 | $1,715.62 | $0.00 | $316,423.28 |
| 13 | Oct 2027 | $2,022.62 | $308.66 | $1,713.96 | $0.00 | $316,114.62 |
| 14 | Nov 2027 | $2,022.62 | $310.33 | $1,712.29 | $0.00 | $315,804.29 |
| 15 | Dec 2027 | $2,022.62 | $312.01 | $1,710.61 | $0.00 | $315,492.28 |
| 16 | Jan 2028 | $2,022.62 | $313.70 | $1,708.92 | $0.00 | $315,178.58 |
| 17 | Feb 2028 | $2,022.62 | $315.40 | $1,707.22 | $0.00 | $314,863.18 |
| 18 | Mar 2028 | $2,022.62 | $317.11 | $1,705.51 | $0.00 | $314,546.07 |
| 19 | Apr 2028 | $2,022.62 | $318.83 | $1,703.79 | $0.00 | $314,227.24 |
| 20 | May 2028 | $2,022.62 | $320.55 | $1,702.06 | $0.00 | $313,906.69 |
| 21 | Jun 2028 | $2,022.62 | $322.29 | $1,700.33 | $0.00 | $313,584.40 |
| 22 | Jul 2028 | $2,022.62 | $324.04 | $1,698.58 | $0.00 | $313,260.36 |
| 23 | Aug 2028 | $2,022.62 | $325.79 | $1,696.83 | $0.00 | $312,934.57 |
| 24 | Sep 2028 | $2,022.62 | $327.56 | $1,695.06 | $0.00 | $312,607.02 |
| 25 | Oct 2028 | $2,022.62 | $329.33 | $1,693.29 | $0.00 | $312,277.69 |
| 26 | Nov 2028 | $2,022.62 | $331.11 | $1,691.50 | $0.00 | $311,946.57 |
| 27 | Dec 2028 | $2,022.62 | $332.91 | $1,689.71 | $0.00 | $311,613.67 |
| 28 | Jan 2029 | $2,022.62 | $334.71 | $1,687.91 | $0.00 | $311,278.96 |
| 29 | Feb 2029 | $2,022.62 | $336.52 | $1,686.09 | $0.00 | $310,942.43 |
| 30 | Mar 2029 | $2,022.62 | $338.35 | $1,684.27 | $0.00 | $310,604.09 |
| 31 | Apr 2029 | $2,022.62 | $340.18 | $1,682.44 | $0.00 | $310,263.91 |
| 32 | May 2029 | $2,022.62 | $342.02 | $1,680.60 | $0.00 | $309,921.89 |
| 33 | Jun 2029 | $2,022.62 | $343.87 | $1,678.74 | $0.00 | $309,578.01 |
| 34 | Jul 2029 | $2,022.62 | $345.74 | $1,676.88 | $0.00 | $309,232.28 |
| 35 | Aug 2029 | $2,022.62 | $347.61 | $1,675.01 | $0.00 | $308,884.67 |
| 36 | Sep 2029 | $2,022.62 | $349.49 | $1,673.13 | $0.00 | $308,535.17 |
| 37 | Oct 2029 | $2,022.62 | $351.39 | $1,671.23 | $0.00 | $308,183.79 |
| 38 | Nov 2029 | $2,022.62 | $353.29 | $1,669.33 | $0.00 | $307,830.50 |
| 39 | Dec 2029 | $2,022.62 | $355.20 | $1,667.42 | $0.00 | $307,475.30 |
| 40 | Jan 2030 | $2,022.62 | $357.13 | $1,665.49 | $0.00 | $307,118.17 |
| 41 | Feb 2030 | $2,022.62 | $359.06 | $1,663.56 | $0.00 | $306,759.11 |
| 42 | Mar 2030 | $2,022.62 | $361.01 | $1,661.61 | $0.00 | $306,398.10 |
| 43 | Apr 2030 | $2,022.62 | $362.96 | $1,659.66 | $0.00 | $306,035.14 |
| 44 | May 2030 | $2,022.62 | $364.93 | $1,657.69 | $0.00 | $305,670.22 |
| 45 | Jun 2030 | $2,022.62 | $366.90 | $1,655.71 | $0.00 | $305,303.31 |
| 46 | Jul 2030 | $2,022.62 | $368.89 | $1,653.73 | $0.00 | $304,934.42 |
| 47 | Aug 2030 | $2,022.62 | $370.89 | $1,651.73 | $0.00 | $304,563.53 |
| 48 | Sep 2030 | $2,022.62 | $372.90 | $1,649.72 | $0.00 | $304,190.63 |
| 49 | Oct 2030 | $2,022.62 | $374.92 | $1,647.70 | $0.00 | $303,815.71 |
| 50 | Nov 2030 | $2,022.62 | $376.95 | $1,645.67 | $0.00 | $303,438.76 |
| 51 | Dec 2030 | $2,022.62 | $378.99 | $1,643.63 | $0.00 | $303,059.77 |
| 52 | Jan 2031 | $2,022.62 | $381.04 | $1,641.57 | $0.00 | $302,678.73 |
| 53 | Feb 2031 | $2,022.62 | $383.11 | $1,639.51 | $0.00 | $302,295.62 |
| 54 | Mar 2031 | $2,022.62 | $385.18 | $1,637.43 | $0.00 | $301,910.44 |
| 55 | Apr 2031 | $2,022.62 | $387.27 | $1,635.35 | $0.00 | $301,523.17 |
| 56 | May 2031 | $2,022.62 | $389.37 | $1,633.25 | $0.00 | $301,133.80 |
| 57 | Jun 2031 | $2,022.62 | $391.48 | $1,631.14 | $0.00 | $300,742.33 |
| 58 | Jul 2031 | $2,022.62 | $393.60 | $1,629.02 | $0.00 | $300,348.73 |
| 59 | Aug 2031 | $2,022.62 | $395.73 | $1,626.89 | $0.00 | $299,953.00 |
| 60 | Sep 2031 | $2,022.62 | $397.87 | $1,624.75 | $0.00 | $299,555.13 |
| 61 | Oct 2031 | $2,022.62 | $400.03 | $1,622.59 | $0.00 | $299,155.10 |
| 62 | Nov 2031 | $2,022.62 | $402.19 | $1,620.42 | $0.00 | $298,752.91 |
| 63 | Dec 2031 | $2,022.62 | $404.37 | $1,618.24 | $0.00 | $298,348.53 |
| 64 | Jan 2032 | $2,022.62 | $406.56 | $1,616.05 | $0.00 | $297,941.97 |
| 65 | Feb 2032 | $2,022.62 | $408.77 | $1,613.85 | $0.00 | $297,533.20 |
| 66 | Mar 2032 | $2,022.62 | $410.98 | $1,611.64 | $0.00 | $297,122.23 |
| 67 | Apr 2032 | $2,022.62 | $413.21 | $1,609.41 | $0.00 | $296,709.02 |
| 68 | May 2032 | $2,022.62 | $415.44 | $1,607.17 | $0.00 | $296,293.58 |
| 69 | Jun 2032 | $2,022.62 | $417.69 | $1,604.92 | $0.00 | $295,875.88 |
| 70 | Jul 2032 | $2,022.62 | $419.96 | $1,602.66 | $0.00 | $295,455.93 |
| 71 | Aug 2032 | $2,022.62 | $422.23 | $1,600.39 | $0.00 | $295,033.69 |
| 72 | Sep 2032 | $2,022.62 | $424.52 | $1,598.10 | $0.00 | $294,609.18 |
| 73 | Oct 2032 | $2,022.62 | $426.82 | $1,595.80 | $0.00 | $294,182.36 |
| 74 | Nov 2032 | $2,022.62 | $429.13 | $1,593.49 | $0.00 | $293,753.23 |
| 75 | Dec 2032 | $2,022.62 | $431.45 | $1,591.16 | $0.00 | $293,321.77 |
| 76 | Jan 2033 | $2,022.62 | $433.79 | $1,588.83 | $0.00 | $292,887.98 |
| 77 | Feb 2033 | $2,022.62 | $436.14 | $1,586.48 | $0.00 | $292,451.84 |
| 78 | Mar 2033 | $2,022.62 | $438.50 | $1,584.11 | $0.00 | $292,013.34 |
| 79 | Apr 2033 | $2,022.62 | $440.88 | $1,581.74 | $0.00 | $291,572.46 |
| 80 | May 2033 | $2,022.62 | $443.27 | $1,579.35 | $0.00 | $291,129.19 |
| 81 | Jun 2033 | $2,022.62 | $445.67 | $1,576.95 | $0.00 | $290,683.52 |
| 82 | Jul 2033 | $2,022.62 | $448.08 | $1,574.54 | $0.00 | $290,235.44 |
| 83 | Aug 2033 | $2,022.62 | $450.51 | $1,572.11 | $0.00 | $289,784.93 |
| 84 | Sep 2033 | $2,022.62 | $452.95 | $1,569.67 | $0.00 | $289,331.98 |
| 85 | Oct 2033 | $2,022.62 | $455.40 | $1,567.21 | $0.00 | $288,876.58 |
| 86 | Nov 2033 | $2,022.62 | $457.87 | $1,564.75 | $0.00 | $288,418.71 |
| 87 | Dec 2033 | $2,022.62 | $460.35 | $1,562.27 | $0.00 | $287,958.36 |
| 88 | Jan 2034 | $2,022.62 | $462.84 | $1,559.77 | $0.00 | $287,495.52 |
| 89 | Feb 2034 | $2,022.62 | $465.35 | $1,557.27 | $0.00 | $287,030.17 |
| 90 | Mar 2034 | $2,022.62 | $467.87 | $1,554.75 | $0.00 | $286,562.30 |
| 91 | Apr 2034 | $2,022.62 | $470.41 | $1,552.21 | $0.00 | $286,091.89 |
| 92 | May 2034 | $2,022.62 | $472.95 | $1,549.66 | $0.00 | $285,618.94 |
| 93 | Jun 2034 | $2,022.62 | $475.52 | $1,547.10 | $0.00 | $285,143.42 |
| 94 | Jul 2034 | $2,022.62 | $478.09 | $1,544.53 | $0.00 | $284,665.33 |
| 95 | Aug 2034 | $2,022.62 | $480.68 | $1,541.94 | $0.00 | $284,184.65 |
| 96 | Sep 2034 | $2,022.62 | $483.28 | $1,539.33 | $0.00 | $283,701.37 |
| 97 | Oct 2034 | $2,022.62 | $485.90 | $1,536.72 | $0.00 | $283,215.47 |
| 98 | Nov 2034 | $2,022.62 | $488.53 | $1,534.08 | $0.00 | $282,726.93 |
| 99 | Dec 2034 | $2,022.62 | $491.18 | $1,531.44 | $0.00 | $282,235.75 |
| 100 | Jan 2035 | $2,022.62 | $493.84 | $1,528.78 | $0.00 | $281,741.91 |
| 101 | Feb 2035 | $2,022.62 | $496.52 | $1,526.10 | $0.00 | $281,245.40 |
| 102 | Mar 2035 | $2,022.62 | $499.21 | $1,523.41 | $0.00 | $280,746.19 |
| 103 | Apr 2035 | $2,022.62 | $501.91 | $1,520.71 | $0.00 | $280,244.28 |
| 104 | May 2035 | $2,022.62 | $504.63 | $1,517.99 | $0.00 | $279,739.65 |
| 105 | Jun 2035 | $2,022.62 | $507.36 | $1,515.26 | $0.00 | $279,232.29 |
| 106 | Jul 2035 | $2,022.62 | $510.11 | $1,512.51 | $0.00 | $278,722.18 |
| 107 | Aug 2035 | $2,022.62 | $512.87 | $1,509.75 | $0.00 | $278,209.31 |
| 108 | Sep 2035 | $2,022.62 | $515.65 | $1,506.97 | $0.00 | $277,693.66 |
| 109 | Oct 2035 | $2,022.62 | $518.44 | $1,504.17 | $0.00 | $277,175.22 |
| 110 | Nov 2035 | $2,022.62 | $521.25 | $1,501.37 | $0.00 | $276,653.96 |
| 111 | Dec 2035 | $2,022.62 | $524.08 | $1,498.54 | $0.00 | $276,129.89 |
| 112 | Jan 2036 | $2,022.62 | $526.91 | $1,495.70 | $0.00 | $275,602.97 |
| 113 | Feb 2036 | $2,022.62 | $529.77 | $1,492.85 | $0.00 | $275,073.21 |
| 114 | Mar 2036 | $2,022.62 | $532.64 | $1,489.98 | $0.00 | $274,540.57 |
| 115 | Apr 2036 | $2,022.62 | $535.52 | $1,487.09 | $0.00 | $274,005.05 |
| 116 | May 2036 | $2,022.62 | $538.42 | $1,484.19 | $0.00 | $273,466.62 |
| 117 | Jun 2036 | $2,022.62 | $541.34 | $1,481.28 | $0.00 | $272,925.28 |
| 118 | Jul 2036 | $2,022.62 | $544.27 | $1,478.35 | $0.00 | $272,381.01 |
| 119 | Aug 2036 | $2,022.62 | $547.22 | $1,475.40 | $0.00 | $271,833.79 |
| 120 | Sep 2036 | $2,022.62 | $550.18 | $1,472.43 | $0.00 | $271,283.60 |
Showing 120 of 360 scheduled payments.
How this mortgage calculator works
The calculator starts with your home price and down payment to determine the mortgage loan amount. It then uses the loan term and annual interest rate to estimate the monthly principal-and-interest payment.
Optional housing costs such as property tax, homeowners insurance, HOA fees, and private mortgage insurance are added to estimate the full monthly housing payment.
You can select the currency that applies to your mortgage. The selected currency is used to format all entered amounts, calculated results, saved scenarios, downloads, and amortization values.
When you enter an extra monthly payment, the calculator applies it toward principal, reducing the loan balance faster and potentially lowering total interest and shortening the payoff period.
How to calculate a mortgage payment
A mortgage payment is usually calculated from the loan amount, interest rate, and loan term. The loan amount is generally the home price minus the down payment.
The interest rate determines the borrowing cost, while the loan term determines the number of monthly payments. A longer term generally lowers the required monthly payment but can increase total interest.
Property tax, homeowners insurance, HOA charges, and PMI can materially increase the total monthly housing cost beyond principal and interest.
Mortgage payment formula
Fixed-rate mortgages commonly use an amortization formula based on the original loan amount, monthly interest rate, and total number of monthly payments.
Formula
M = P [r(1 + r)^n] / [(1 + r)^n - 1]
M = monthly principal-and-interest payment
P = original loan amount
r = monthly interest rate
n = total number of monthly payments
Property taxes, insurance, HOA fees, and PMI may then be added to determine the broader monthly housing cost.
Mortgage payment example
Suppose a home costs 400,000 in the selected currency and the buyer makes a down payment of 80,000. The resulting mortgage loan amount is 320,000.
With a 30-year term and a 6.5% annual interest rate, the required principal-and-interest payment is calculated using the loan balance, monthly interest rate, and 360 scheduled payments.
The total monthly housing payment may be higher after adding property tax, homeowners insurance, HOA fees, and PMI.
What affects your monthly mortgage payment?
Home price
A higher home price normally increases the required loan amount and monthly payment unless the down payment also rises.
Down payment
A larger down payment reduces the loan amount and may reduce or eliminate private mortgage insurance in some situations.
Interest rate
Even a relatively small rate difference can significantly affect both the monthly payment and total lifetime interest.
Loan term
Longer terms usually reduce the required monthly payment but can increase the total interest paid over the loan.
Taxes and insurance
Property taxes and homeowners insurance can materially increase the total monthly housing cost.
PMI and HOA
PMI and homeowners association fees can affect affordability, particularly when the down payment is relatively small.
30-year vs 15-year mortgage comparison
A 30-year mortgage normally has a lower required monthly payment because repayment is spread over more months. A 15-year mortgage normally has a higher monthly payment but can reduce lifetime interest and build equity faster.
| Loan term | Monthly payment | Total interest | Often chosen for |
|---|---|---|---|
| 15 years | Usually higher | Usually lower | Faster payoff and lower lifetime interest |
| 30 years | Usually lower | Usually higher | Lower required monthly payment and greater flexibility |
How extra mortgage payments can help
Extra monthly payments reduce the remaining principal faster. Because interest is generally calculated from the outstanding balance, reducing that balance sooner can lower total interest.
Consistent extra payments may also shorten the estimated payoff period. Borrowers should check their mortgage agreement for prepayment rules or restrictions before making additional payments.
How to use this calculator before buying a home
Compare several realistic purchase scenarios rather than relying on a single estimate. Change the home price, currency, down payment, loan term, interest rate, property tax, insurance, HOA, and PMI assumptions.
Testing several scenarios can help you see which variables have the strongest effect on your estimated monthly housing payment and lifetime borrowing cost.
About this mortgage calculator
This mortgage calculator estimates fixed-rate home loan payments using the purchase price, down payment, loan term, interest rate, selected currency, and optional housing costs entered by the user.
Changing the selected currency does not perform an exchange-rate conversion. The calculator assumes every monetary input is already entered in the selected currency.
Results are provided for planning and comparison purposes. Actual lender payments, escrow amounts, closing costs, taxes, insurance, PMI requirements, interest calculations, and loan terms may differ.
Calculator Tools provides free finance calculators for comparing borrowing costs, repayment schedules, savings plans, investments, and other common financial scenarios.
Mortgage calculator FAQ
How do I calculate my monthly mortgage payment?
A monthly mortgage payment is calculated using the loan amount, monthly interest rate, and total number of payments. The full monthly housing cost may also include property taxes, homeowners insurance, HOA fees, and PMI.
Can I calculate a mortgage in different currencies?
Yes. Select the currency that applies to your mortgage. The calculator will use that currency for input labels, results, saved scenarios, downloads, and the amortization schedule.
Does changing the currency convert my amounts?
No. Changing the currency changes the denomination and formatting only. It does not convert your existing amounts using an exchange rate.
Does this mortgage calculator include property taxes and insurance?
Yes. You can include annual property taxes, annual homeowners insurance, monthly HOA fees, and a PMI rate when estimating the total monthly housing payment.
What is PMI?
PMI means private mortgage insurance. It may be required on some conventional mortgages when the down payment is below 20 percent of the home's purchase price.
Do extra mortgage payments reduce interest?
Extra mortgage payments reduce the outstanding principal faster. This can lower total interest and shorten the estimated payoff period, although borrowers should check their loan terms for any restrictions.
What is an amortization schedule?
An amortization schedule shows each mortgage payment, the amount applied to principal and interest, any extra payment, and the remaining loan balance.
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