Does this include taxes and insurance?

No. Add HOA dues, taxes, and insurance separately to estimate your total housing payment.

Can I model extra payments?

This baseline view focuses on standard amortization. Extra payment and payoff tools will be introduced in later waves.

No. PMI depends on LTV and lender rules. Add it separately if required.

Does this work for ARMs?

It assumes a fixed rate. For adjustable rates, use the initial rate as an estimate only.

How do points/credits affect this?

Points change your APR. Adjust the interest rate input to reflect the buy-down or credit scenario.

finance calculator

Mortgage Payment Calculator

Estimate your monthly mortgage payment, total interest, and payoff schedule with one input-driven tool.

Results

Estimated monthly payment: $2,212 USD
Total interest paid: $446,406 USD
Total paid over loan: $796,406 USD

How to use this calculator

Enter the loan amount you plan to borrow.
Enter the annual interest rate (APR) and the term in years.
See the monthly payment, total interest, and total paid over the life of the loan.

Inputs explained

Loan amount: Principal you’ll borrow for the mortgage.
Interest rate: Annual percentage rate; we convert to a monthly rate.
Term length: Loan term in years (commonly 15 or 30).

How it works

We apply the standard amortization formula using the interest rate and number of monthly payments.

Monthly payment = P * [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly rate, and n is the total number of payments.

Formula


Monthly rate = APR / 12
Payments = Years * 12
Monthly payment = P * (r(1+r)^n) / ((1+r)^n - 1)

When to use it

Comparing 15-year vs 30-year mortgage payments and total interest.
Testing how rate changes impact monthly budget and lifetime cost.
Prequal budgeting before talking to a lender.

Tips & cautions

Taxes, insurance, and HOA aren’t included—add them separately for a full PITI estimate.
If you expect to make extra principal payments, use the payoff/extra payment tools for more accuracy.
Rates often vary by points/credits; test a few rates to see trade-offs.
No PMI, taxes, insurance, or HOA fees included—principal/interest only.
Assumes fixed-rate fully amortizing mortgage with monthly payments.
Does not model rate changes or ARMs.

Worked examples

Example: 28/36 DTI with moderate debts

Gross monthly income = $7,000; existing monthly debts = $600; front-end DTI = 28%; back-end DTI = 36%.
Max housing (front-end) = 7,000 × 0.28 = $1,960.
Max total debt (back-end) = 7,000 × 0.36 = $2,520 → subtract $600 existing debts → Max housing (back-end) = $1,920.
Qualifying housing payment = $1,920 (the lower of $1,960 and $1,920).
Front-end DTI ≈ 1,920 ÷ 7,000 ≈ 27.4%; back-end DTI ≈ (1,920 + 600) ÷ 7,000 ≈ 36%.

$350k loan at 6.5% for 30 years

Monthly rate = 0.065 / 12 = 0.005416
Payments = 30 * 12 = 360
Monthly payment ≈ $2,212.11

$250k loan at 5% for 15 years

Monthly rate = 0.05 / 12 = 0.004167
Payments = 15 * 12 = 180
Monthly payment ≈ $1,976.97

Deep dive

This mortgage payment calculator uses the standard amortization formula to show your monthly payment, total interest, and total paid. Enter loan amount, APR, and term to see how a 15 vs 30-year loan affects budget and lifetime cost.

It covers principal and interest only; add taxes, insurance, and HOA separately. For extra payments or ARMs, use dedicated payoff or adjustment tools.

FAQs

Does this include taxes and insurance?: No. Add HOA dues, taxes, and insurance separately to estimate your total housing payment.
Can I model extra payments?: This baseline view focuses on standard amortization. Extra payment and payoff tools will be introduced in later waves.
Is PMI included?: No. PMI depends on LTV and lender rules. Add it separately if required.
Does this work for ARMs?: It assumes a fixed rate. For adjustable rates, use the initial rate as an estimate only.
How do points/credits affect this?: Points change your APR. Adjust the interest rate input to reflect the buy-down or credit scenario.

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Calculations are estimates only. Confirm financing details with your lender or financial professional before making decisions.