Mortgage Payment Calculator
Quickly estimate your monthly principal and interest payment for a given loan amount.
Your Details
Principal vs. Interest
Share of total amount paid over the loan term
- Principal$320.0K
- Interest$408.1K
Payment by Interest Rate
How your monthly payment changes with rate
Principal vs. Interest by Year
How your payments are split each year
Year-by-Year Schedule
Full breakdown of principal, interest, and balance
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | $3,577 | $20,695 | $316,423 |
| Year 2 | $3,816 | $20,455 | $312,607 |
| Year 3 | $4,072 | $20,200 | $308,535 |
| Year 4 | $4,345 | $19,927 | $304,191 |
| Year 5 | $4,636 | $19,636 | $299,555 |
| Year 6 | $4,946 | $19,325 | $294,609 |
| Year 7 | $5,277 | $18,994 | $289,332 |
| Year 8 | $5,631 | $18,641 | $283,701 |
| Year 9 | $6,008 | $18,264 | $277,694 |
| Year 10 | $6,410 | $17,861 | $271,284 |
| Year 11 | $6,839 | $17,432 | $264,444 |
| Year 12 | $7,297 | $16,974 | $257,147 |
| Year 13 | $7,786 | $16,485 | $249,361 |
| Year 14 | $8,308 | $15,964 | $241,053 |
| Year 15 | $8,864 | $15,407 | $232,189 |
| Year 16 | $9,458 | $14,814 | $222,732 |
| Year 17 | $10,091 | $14,180 | $212,641 |
| Year 18 | $10,767 | $13,505 | $201,874 |
| Year 19 | $11,488 | $12,784 | $190,386 |
| Year 20 | $12,257 | $12,014 | $178,129 |
| Year 21 | $13,078 | $11,193 | $165,051 |
| Year 22 | $13,954 | $10,317 | $151,097 |
| Year 23 | $14,888 | $9,383 | $136,208 |
| Year 24 | $15,886 | $8,386 | $120,323 |
| Year 25 | $16,949 | $7,322 | $103,373 |
| Year 26 | $18,085 | $6,187 | $85,289 |
| Year 27 | $19,296 | $4,976 | $65,993 |
| Year 28 | $20,588 | $3,683 | $45,405 |
| Year 29 | $21,967 | $2,305 | $23,438 |
| Year 30 | $23,438 | $833 | $0 |
How It Works
- Enter the loan amount you're financing.
- Enter the interest rate and loan term.
- Press Calculate to see your payment and full schedule.
- Use Reset any time to start over from the defaults.
Formula Used
P = loan amount, r = monthly interest rate, n = number of monthly payments.
Good to Know
- • A shorter term means a higher payment but less total interest.
- • Your actual rate depends on credit history and lender.
- • Paying extra toward principal shortens the payoff time.
Important Notes
- • Rates shown are for comparison, not a live quote.
- • Fees are not included in this estimate.
- • Consult a lender for a formal offer.
A Quick Payment Estimate
This calculator is a streamlined version focused purely on the loan amount, rate, and term — useful when you already know how much you'll be borrowing and just want the monthly payment quickly, without entering a separate home price and down payment.
What This Payment Doesn't Include
Like most mortgage payment calculators, this shows principal and interest only. Your actual monthly housing payment will typically be higher once property tax, homeowners insurance, and possibly PMI or HOA dues are added — worth checking the full mortgage calculator for a more complete picture of total monthly housing cost.
Terms Worth Understanding
- Principal & interest (P&I) — the two components this calculator computes; excludes taxes and insurance.
- Fixed-rate loan — a loan where the interest rate never changes for the full term.
A Real Example: Comparing Two Loan Amounts
At 6.5% over 30 years, comparing a $250,000 loan against a $350,000 loan:
$350,000 loan → payment ≈ $2,212/month
The payment scales almost exactly linearly with loan amount at a fixed rate and term — a 40% larger loan produces a payment about 40% higher. This makes it easy to estimate payments for nearby loan amounts by simple proportion, without recalculating the full formula each time.
Loan Amount Comparison Table
At 6.5% over 30 years:
| Loan Amount | Monthly Payment |
|---|---|
| $250,000 | $1,580 |
| $320,000 | $2,022 |
| $400,000 | $2,528 |
Terms Worth Understanding
- P&I (Principal & Interest) — the two components this quick calculator computes.
- PITI — Principal, Interest, Taxes, and Insurance — the fuller monthly housing cost figure.
Mistakes to Avoid When Estimating Payments
- Treating this as your full housing payment — taxes, insurance, and possibly PMI add on top.
- Not comparing multiple rate scenarios — even a 0.5% rate swing meaningfully changes the payment.