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Principal and interest
Principal $280,000.00 (44%) · Interest $357,124.57 (56%)
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,129.63 | $18,107.85 | $276,870.37 |
| 2 | $3,339.23 | $17,898.26 | $273,531.14 |
| 3 | $3,562.86 | $17,674.62 | $269,968.28 |
| 4 | $3,801.47 | $17,436.01 | $266,166.80 |
| 5 | $4,056.07 | $17,181.42 | $262,110.74 |
| 6 | $4,327.71 | $16,909.78 | $257,783.03 |
| 7 | $4,617.54 | $16,619.94 | $253,165.49 |
| 8 | $4,926.79 | $16,310.70 | $248,238.70 |
| 9 | $5,256.74 | $15,980.74 | $242,981.95 |
| 10 | $5,608.80 | $15,628.69 | $237,373.15 |
| 11 | $5,984.43 | $15,253.06 | $231,388.72 |
| 12 | $6,385.22 | $14,852.27 | $225,003.51 |
| 13 | $6,812.85 | $14,424.64 | $218,190.66 |
| 14 | $7,269.12 | $13,968.37 | $210,921.54 |
| 15 | $7,755.94 | $13,481.54 | $203,165.60 |
| 16 | $8,275.37 | $12,962.11 | $194,890.22 |
| 17 | $8,829.59 | $12,407.89 | $186,060.63 |
| 18 | $9,420.92 | $11,816.56 | $176,639.71 |
| 19 | $10,051.86 | $11,185.62 | $166,587.84 |
| 20 | $10,725.05 | $10,512.43 | $155,862.79 |
| 21 | $11,443.33 | $9,794.16 | $144,419.46 |
| 22 | $12,209.71 | $9,027.77 | $132,209.75 |
| 23 | $13,027.42 | $8,210.07 | $119,182.33 |
| 24 | $13,899.89 | $7,337.60 | $105,282.44 |
| 25 | $14,830.79 | $6,406.70 | $90,451.65 |
| 26 | $15,824.04 | $5,413.45 | $74,627.62 |
| 27 | $16,883.80 | $4,353.69 | $57,743.82 |
| 28 | $18,014.54 | $3,222.95 | $39,729.28 |
| 29 | $19,221.01 | $2,016.48 | $20,508.27 |
| 30 | $20,508.27 | $729.21 | $0.00 |
Payments by loan amount
Pre-computed monthly payments for common mortgage amounts, across a range of rates at 15 and 30 year terms.
Estimate Your Monthly Mortgage Payment
The Tools Kit's free Mortgage Calculator estimates the monthly payment on a fixed-rate home loan from four numbers: the home price, your down payment, the interest rate and the loan term. Add an optional monthly estimate for property tax and homeowners insurance and it shows the full monthly figure, alongside the loan amount, total interest and total paid over the life of the mortgage.
With the default inputs, a $350,000 home with $70,000 down borrows $280,000. At 6.5% over 30 years that is $1,769.79 a month in principal and interest, or $2,069.79 once $300 of monthly tax and insurance is added. Every result updates as you type, and all of the math runs in your browser.
How to Use the Mortgage Calculator
- 1
Enter the home price and down payment
Type the purchase price and your down payment as dollar amounts; commas and a $ sign are fine, negative amounts are rejected. The loan amount is the price minus the down payment.
- 2
Enter the interest rate
Enter the annual interest rate (APR) quoted by your lender, for example 6.5. A 0% rate is accepted for promotional financing.
- 3
Choose the loan term
Pick a 15, 20 or 30 year term from the dropdown.
- 4
Add monthly tax and insurance (optional)
Enter one combined monthly estimate for property tax and homeowners insurance, plus PMI or HOA dues if you want them counted. It starts at $300; set it to 0 to see principal and interest only.
- 5
Read the breakdown
The estimated monthly payment, principal and interest, loan amount, total interest and total paid update instantly as you change any input.
If the down payment equals or exceeds the home price, there is nothing to borrow and no result is shown. For a car rather than a house, the auto loan calculator uses the same amortization math with vehicle-specific inputs.
The Mortgage Payment Formula, With a Worked Example
The calculator uses the standard fixed-rate amortization formula:
M = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P — the loan amount: home price minus down payment.
- r — the monthly rate: the APR divided by 100 and by 12 (6.5% becomes 0.0054167).
- n — the number of monthly payments: years × 12 (360 for 30 years).
For $280,000 at 6.5% over 30 years, M works out to $1,769.79. Multiply by 360 payments and you repay $637,124.57, of which $357,124.57 is interest. At a 0% rate the formula simply divides the loan by the number of payments, so the same loan would cost $777.78 a month with no interest at all.
The payment stays the same every month, but its make-up changes. In month one, interest on the full $280,000 balance is $1,516.67, so only $253.12 goes to principal. As the balance shrinks, more of each payment reduces the loan. The same formula powers the general personal loan calculator and the EMI calculator, which expresses it as an equated monthly installment for home and car loans in India.
15 vs 20 vs 30 Year Mortgage: What Changes
The term is the biggest lever on total cost. For the same $280,000 loan at 6.5%:
| Term | Monthly P&I | Total interest | Total paid |
|---|---|---|---|
| 15 years | $2,439.10 | $159,038.11 | $439,038.11 |
| 20 years | $2,087.60 | $221,025.15 | $501,025.15 |
| 30 years | $1,769.79 | $357,124.57 | $637,124.57 |
A 15-year mortgage costs $669.31 more a month than a 30-year one but saves about $198,086 in interest. The rate matters too: at 6% the 30-year payment is $1,678.74 and at 7% it is $1,862.85, a gap of about $184 a month on the same loan. To see how much money that interest could have earned if invested instead, try the compound interest calculator.
Down Payment, Taxes, Insurance and PMI
The down payment is entered in dollars. On a $350,000 home at 6.5% over 30 years, 20% down ($70,000) gives a $1,769.79 payment, while 10% down ($35,000) borrows $315,000 and raises it to $1,991.01. Below 20% down, a conventional lender will usually also charge private mortgage insurance (PMI), which this calculator does not compute.
The single Monthly Tax + Insurance field is where those extra housing costs go. Enter your combined monthly property tax and homeowners insurance, and add PMI or HOA dues if they apply, to see an estimate closer to your full PITI payment. The Total Paid and Total Interest results stay principal-and-interest only. A percentage calculator is handy for turning a down payment percentage into a dollar figure, and the paycheck calculator shows your take-home pay so you can check the monthly payment against what actually reaches your account.
Common uses
- Checking how much house you can afford before talking to a lender
- Comparing 15, 20 and 30 year terms on the same loan amount
- Seeing how a larger down payment lowers the monthly payment and total interest
- Comparing interest rate quotes from different lenders
- Estimating a full monthly housing cost with property tax and insurance included
- Budgeting a home purchase alongside the moving cost calculator and tracking equity with the net worth calculator
More money tools are in the calculator collection.
Mortgage terms explained
| Term | What it means here |
|---|---|
| Principal | The amount you borrow: the home price minus your down payment |
| Down payment | The cash you pay upfront; entered here as a dollar amount, not a percentage |
| APR / interest rate | The annual rate entered in the calculator; it is divided by 12 to get the monthly rate used in the formula |
| Loan term | How long you take to repay the loan: 15, 20 or 30 years in this calculator |
| P&I | Principal and interest, the part of the monthly payment that repays the loan itself |
| PITI | Principal, interest, taxes and insurance; the full monthly housing payment most lenders look at |
| PMI | Private mortgage insurance, often required on a conventional loan with less than 20% down; not calculated automatically here |
| Amortization | Paying a loan off with equal monthly payments, where early payments are mostly interest and later ones mostly principal |
Frequently Asked Questions
With the fixed-rate amortization formula M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the annual rate divided by 12 and by 100, and n is the number of monthly payments. Borrowing $280,000 at 6.5% for 30 years gives $1,769.79 a month in principal and interest.
Yes. Below the results it shows how much of your total principal-and-interest payments goes to interest, and a schedule by year or by month with the principal, interest and remaining balance, which you can download as a CSV file. On $280,000 at 6.5% over 30 years, the first monthly payment is $1,516.67 interest and only $253.12 principal. The schedule covers principal and interest only, not the optional tax and insurance amount.
At 6.5% over 30 years, principal and interest come to $1,769.79 a month, with $357,124.57 of total interest. Over 15 years at the same rate, the payment is $2,439.10 and total interest falls to $159,038.11. Property tax and insurance are added on top.
Yes, through one optional field, Monthly Tax + Insurance. Enter your combined monthly estimate and it is added to principal and interest to give the estimated monthly payment. The calculator does not look up local property tax rates, so use a figure from a listing, your lender, or your county.
No. Private mortgage insurance is not calculated automatically. If your lender quotes PMI, usually on conventional loans with less than 20% down, add its monthly cost to the tax and insurance field so it is included in the monthly total.
15, 20 or 30 years, picked from a dropdown. A shorter term raises the monthly payment but cuts total interest sharply: on $280,000 at 6.5%, the 20-year payment is $2,087.60 with $221,025.15 of interest.
It depends on cash flow. A 30-year loan has the lowest monthly payment, while a 15-year loan costs far less overall. On $280,000 at 6.5%, the 15-year loan costs $669.31 more a month but saves about $198,086 in interest compared with 30 years.
Every dollar of down payment reduces the loan amount. On a $350,000 home at 6.5% over 30 years, putting $70,000 down (20%) gives a $1,769.79 payment, while $35,000 down (10%) borrows $315,000 and raises the payment to $1,991.01, before any PMI.
On a $280,000 loan over 30 years, moving from 6% to 7% raises the principal and interest payment from $1,678.74 to $1,862.85, about $184 more every month. Use the rate field to compare lender quotes side by side.
Interest is charged on the remaining balance, which is largest at the start. In the first month of a $280,000 loan at 6.5%, about $1,516.67 of the $1,769.79 payment is interest and only $253.12 reduces the principal. The split shifts toward principal as the balance falls.
No. Total Paid and Total Interest cover principal and interest only, over the full term. The tax and insurance amount is added only to the estimated monthly payment, because those costs change over time and are not part of the loan.
No. The mortgage calculator runs entirely in your browser, so the numbers you enter are never sent to a server. There is no signup and no limit on how many scenarios you run.
No. It is an estimate for planning. Your actual rate, fees, PMI, escrow and closing costs depend on your lender, credit profile and location, so confirm the final figures with a Loan Estimate from your lender.
Reviewed by Raja Jahangir · Last reviewed: October 7, 2026
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How is a monthly mortgage payment calculated?
A monthly mortgage payment comes from the amortization formula on the amount borrowed, the monthly interest rate, and the number of payments. Borrowing $280,000 at 6.5% over 30 years costs $1,769.79 a month in principal and interest, about $357,000 of interest in total. Property tax and insurance are added on top of that figure.
How much does a 15-year mortgage save compared with 30 years?
A 15-year mortgage has a higher monthly payment but far less total interest, because the balance is repaid twice as fast. On $280,000 at the same rate, the 15-year payment is roughly $2,440 a month versus $1,770, yet total interest falls from about $357,000 to about $159,000, a saving near $198,000.