Loan desk
Mortgage Payment Calculator
Estimate mortgage principal-and-interest payments for a fixed-rate loan.
Mortgage Payment Calculator: Calculate the principal-and-interest portion of a fixed-rate mortgage payment from the amount borrowed, annual interest rate and whole-year repayment term. Use the result as one part of a housing budget. It excludes property taxes, homeowners insurance, mortgage insurance, association dues and other ownership costs, which can change the total paid each month. Runs 100% locally in your browser with zero server file uploads.
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- Calculators
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- Free · no sign-up
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Monthly principal and interest payment
$1,580.17
- Total interest
- $318,861.22
- Total of scheduled payments
- $568,861.22
- Number of payments
- 360 months
Monthly principal and interest only; taxes, insurance, mortgage insurance, HOA, and other costs are excluded.Principal, interest, and balance
Showing the first 12 payments and the final displayed payment. The engine uses the full bounded schedule.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,580.17 | $226.00 | $1,354.17 | $249,774.00 |
| 2 | $1,580.17 | $227.23 | $1,352.94 | $249,546.77 |
| 3 | $1,580.17 | $228.46 | $1,351.71 | $249,318.31 |
| 4 | $1,580.17 | $229.70 | $1,350.47 | $249,088.61 |
| 5 | $1,580.17 | $230.94 | $1,349.23 | $248,857.67 |
| 6 | $1,580.17 | $232.19 | $1,347.98 | $248,625.48 |
| 7 | $1,580.17 | $233.45 | $1,346.72 | $248,392.04 |
| 8 | $1,580.17 | $234.71 | $1,345.46 | $248,157.32 |
| 9 | $1,580.17 | $235.98 | $1,344.19 | $247,921.34 |
| 10 | $1,580.17 | $237.26 | $1,342.91 | $247,684.07 |
| 11 | $1,580.17 | $238.55 | $1,341.62 | $247,445.53 |
| 12 | $1,580.17 | $239.84 | $1,340.33 | $247,205.69 |
| 360 | $1,580.17 | $1,571.66 | $8.51 | $0.00 |
- The primary result is principal and interest only; it explicitly excludes property taxes, homeowners insurance, mortgage insurance, HOA dues, and other housing costs.
- This is an educational estimate for a fixed-rate loan with monthly compounding and monthly payments.
- Taxes, insurance, mortgage insurance, HOA dues, origination charges, and other costs are not included unless an input says otherwise.
- Actual lender terms, APR, fees, rounding, payment dates, prepayment rules, and contracts can differ. This is not a credit offer or financial advice.
Formula and worked example
Monthly principal and interest only; taxes, insurance, mortgage insurance, HOA, and other costs are excluded.
A worked example with sample values:
| Inputs | |
|---|---|
| Loan amount | $250,000.00 |
| Annual interest rate | 6.5% |
| Term | 30 years |
| Results | |
|---|---|
| Monthly principal and interest payment | $1,580.17 |
| Total interest | $318,861.22 |
| Total of scheduled payments | $568,861.22 |
| Number of payments | 360 months |
Mortgage principal and interest example
Let P be financed principal, i the annual percentage divided by 100 and then by 12, and n the term in years multiplied by 12. Principal-and-interest payment M = P × i ÷ (1 − (1 + i)^−n). When the interest rate is zero, M = P ÷ n. The payment formula uses the mortgage principal rather than the property value.
For an illustrative $120,000 mortgage at 6% over 10 years, i = 0.005 and n = 120. M = 120,000 × 0.005 ÷ (1 − 1.005^−120) = $1,332.246023, displayed as $1,332.25. The first month's interest is $600; the other $732.25 reduces principal. Scheduled payments total $159,869.52 and modelled interest is $39,869.52, before any housing expenses.
Build the rest of the housing budget separately
CFPB's payment-components guide (https://www.consumerfinance.gov/ask-cfpb/on-a-mortgage-whats-the-difference-between-my-principal-and-interest-payment-and-my-total-monthly-payment-en-1941/) separates principal and interest from total monthly payment. Add the applicable non-loan costs using your own figures; this calculator neither estimates them nor determines mortgage affordability.
A fixed borrowing rate holds the modelled principal-and-interest payment steady, while other budget components may vary. Extending the repayment term generally lowers the regular payment at a positive rate but leaves the balance accruing interest for longer. For an early lump sum due, consult balloon loan; for ongoing principal reductions above the required payment, compare extra payments.
How to use it
- Enter the amounts, rate and duration shown in the worked example or your own scenario.
- Calculate to update the result and review the assumptions.
- Compare the formula and example before using the result for planning.
Privacy & limitations
Inputs and calculations stay in your browser. No values are uploaded.
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Frequently asked questions
Should the mortgage amount be the house price or the amount borrowed?
Enter the principal being financed after the down payment and any other adjustments to the loan balance. Entering the entire purchase price when part is paid upfront overstates principal and interest. This page does not have a down-payment field that subtracts it for you.
Why is the mortgage estimate below the payment on my statement?
The result is principal and interest only. Your statement can also collect escrow for taxes and insurance or other charges. Compare like-for-like components before changing the interest rate to force a match; the extra costs are not all interest on the mortgage balance.
Will an interest-only introductory period be reflected here?
No. Every modelled monthly payment reduces principal from the beginning. With interest-only payments, the principal can remain unchanged until the repayment phase begins. CFPB's explanation (https://www.consumerfinance.gov/ask-cfpb/what-is-an-interest-only-loan-en-101/) describes that distinction; this widget has no introductory-period input.
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