Mortgage Calculator
Estimate principal and interest payments for a fixed-rate mortgage.
Enter the principal, nominal annual rate, and term. Monthly payments exclude taxes, insurance, fees, and changes in interest rate. Change the input or settings to update your result. Results update as you type. Up to 1,000,000 characters.
Your result
How to use Mortgage payment
- Enter the values you want to calculate and choose the relevant units or settings.
- The result updates as you type. Adjust the available settings if needed.
- Review the result, then use Copy result or a download link when available.
How Mortgage payment works
This mortgage calculator works out the fixed monthly principal and interest payment for a loan. It uses the standard amortization formula M = P × r / (1 − (1 + r)^−n), where P is the loan amount, r is the annual rate divided by 12, and n is the number of monthly payments. It also shows the total paid and total interest over the full term. The result excludes property taxes, homeowners insurance, mortgage insurance and fees, and it assumes the rate never changes.
Before you start
Enter the amount you will actually borrow, which is the home price minus your down payment, not the purchase price. Use the nominal annual interest rate from your loan quote, not the APR.
A worked example
For a $300,000 loan at 6.5% over 30 years, the tool returns a monthly payment of about $1,896.20, a total paid of about $682,633.47 and total interest of about $382,633.47.
What to expect
Estimate principal and interest payments for a fixed-rate mortgage. Enter the principal, nominal annual rate, and term. Monthly payments exclude taxes, insurance, fees, and changes in interest rate.
Common questions
How is a monthly mortgage payment calculated?
The calculator divides the annual rate by 12 to get a monthly rate r, multiplies the term in years by 12 to get n payments, and applies M = P × r / (1 − (1 + r)^−n). Each payment is the same, but early payments are mostly interest and later payments are mostly principal.
Does the payment include taxes and insurance?
No. The result covers principal and interest only. Your actual monthly bill may also include property taxes, homeowners insurance, mortgage insurance and HOA dues, often collected through an escrow account. Add those amounts separately to estimate your full housing cost.
Should I enter the APR or the interest rate?
Enter the note interest rate. APR folds lender fees and some closing costs into a yearly percentage so you can compare loans, but your monthly principal and interest payment is based on the note rate. Using the APR here will overstate the payment slightly.
Can I enter a term like 15.5 years?
Yes, as long as the term works out to a whole number of months. 15.5 years becomes 186 payments, but 15.3 years is rejected because it is not a whole month count. Terms can run from one month up to 100 years.
What happens if I enter a 0% interest rate?
The calculator simply divides the principal by the number of monthly payments, so total interest is zero. For example, $200,000 over 15 years at 0% gives a payment of about $1,111.11. Negative principals and rates are not accepted.