Calculate your estimated monthly mortgage payment based on loan amount, interest rate and term, with a full amortization schedule.
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This mortgage calculator uses the same standard loan amortization formula as our EMI and Loan calculators: Monthly Payment = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate, and n is the total number of monthly payments over your mortgage term.
This tool estimates principal and interest only. It doesn't include property taxes, homeowner's insurance, PMI (private mortgage insurance), or HOA fees, all of which typically add to your actual monthly housing payment beyond this estimate.
For example, a $350,000 loan at 6.5% over a 30-year (360-month) term produces a monthly principal-and-interest payment of $2,212.24, with total interest over the full term reaching $446,404.09, more than the original loan amount itself, illustrating just how much a 30-year term compounds interest over time.
Forgetting property tax, homeowner's insurance, PMI and HOA fees, this estimate covers principal and interest only, so your real monthly housing payment will typically be higher.
Entering the home's purchase price instead of the loan amount, subtract your down payment first, the loan amount is what actually gets amortized.
Comparing a 15-year and 30-year term by monthly payment alone, as the worked example shows, the 30-year term's total interest can exceed the loan amount itself, a comparison worth running for both terms.
No, this calculator estimates principal and interest only. Your actual monthly payment may be higher once taxes, insurance, PMI, and HOA fees are included.
15-year and 30-year fixed terms are the most common in many markets, with 30-year terms offering lower monthly payments but more total interest paid over the loan's life.
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