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Mortgage Payment Calculator

Your monthly mortgage payment is the single number that decides whether a home fits your budget. This mortgage payment calculator estimates the principal-and-interest portion of that payment from three figures: the loan amount, the annual interest rate, and the term in years. It uses the standard amortizing-loan formula, the same math lenders use, so the payment it shows matches what you would see on a typical fixed-rate quote. The result covers principal and interest only — your full housing cost will also include property taxes, homeowners insurance, and any HOA dues or mortgage insurance, which this tool does not estimate.

Calculate

Default result: $1,199.10

The amount you are borrowing, after your down payment.

The annual interest rate on the loan.

Mortgage Payment Calculator · Materials

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Monthly payment (principal + interest)

$1,199.10

200000 × 6 × 30

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Total interest paid
$231,676.38
Total paid over the loan
$431,676.38

Est. total

$1,199.10

Estimate — confirm w/ supplier · calculators.dev

$1,199.10

This calculator provides estimates for general informational purposes only and is not financial, investment, tax, or legal advice. Results are projections based on the figures you enter and the stated assumptions, and actual outcomes will differ. Consult a qualified financial professional before making borrowing, saving, or investment decisions.

Reviewed by the calculators.dev team · Last updated 2026-06-24

Formula reviewed against Bankrate Mortgage / Amortization Calculator — standard amortizing-loan payment reference

How to calculate

Enter the amount you are borrowing, the annual interest rate, and the term in years. The calculator converts the annual rate to a monthly rate (rate ÷ 12) and the term to a number of monthly payments (years × 12), then applies the amortizing-payment formula. For a $200,000 loan at 6% over 30 years that gives a payment of about $1,199.10 a month. The total interest line shows how much the loan costs on top of the amount borrowed — here, about $231,676 over the full 30 years.

M = P · i(1 + i)^n / ((1 + i)^n − 1). M is the monthly principal-and-interest payment, P is the loan amount, i is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). When the rate is 0 the formula degenerates to M = P ÷ n. Total interest is M × n − P. This is principal and interest only; taxes, insurance, and mortgage insurance are not included.
Example calculation

A $200,000 loan at a 6% annual rate over 30 years has a monthly periodic rate of 0.06 ÷ 12 = 0.005 and 360 monthly payments. The principal-and-interest payment works out to about $1,199.10 a month. Over the full term you pay roughly $431,676, of which about $231,676 is interest — more than the amount you borrowed.

monthly
$1,199.10
totalInterest
$231,676.38
totalPaid
$431,676.38

Assumptions

  • The interest rate is fixed for the whole term — adjustable-rate loans change payment after the initial period.
  • The result is principal and interest only; property taxes, homeowners insurance, HOA dues, and PMI are added separately by your lender.
  • Payments are monthly and applied on schedule, with no extra principal, points, or fees folded in.

Common mistakes

  • Confusing the principal-and-interest payment with the full monthly housing cost, which also includes taxes and insurance.
  • Entering the rate as a decimal (0.06) instead of a percentage (6), which makes the payment far too small.
  • Comparing a 15-year and a 30-year payment without noticing the shorter term costs far less total interest.

Frequently asked questions

Does this include taxes and insurance?

No. It estimates the principal-and-interest payment only. Your lender adds property taxes, homeowners insurance, and any mortgage insurance or HOA dues to get the full monthly amount, often called PITI.

Why is so much of an early payment interest?

Interest is charged on the remaining balance, which is highest at the start. Early payments are mostly interest and shift toward principal over time — the amortization schedule shows this month by month.

How can I lower my monthly payment?

A larger down payment, a lower interest rate, or a longer term each reduce the monthly payment. A longer term lowers the payment but raises the total interest you pay.

Is the payment accurate for an adjustable-rate mortgage?

Only for the fixed portion. This tool assumes one rate for the whole term, so for an ARM it reflects the initial period, not later rate adjustments.

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