Mortgage Calculator
Determine your monthly mortgage payment and generate an estimated amortization schedule. See how much interest you will pay and how prepayments shorten your loan.
How the mortgage calculator works
This calculator turns a home price, your down payment, the interest rate, and the loan term into a single monthly principal-and-interest figure. It subtracts the down payment from the price to find the amount you actually borrow, then spreads that balance evenly across every scheduled payment so the dollar amount stays level for the life of the loan.
Behind that level payment, the split shifts each month: early on most of it covers interest, and over time more flows to principal. The tool also reports your loan-to-value ratio, flags likely PMI when you put down less than 20%, totals the interest you'll pay, and shows how a small extra monthly amount shortens the payoff.
Worked example: with home price of $425,000, down payment of $85,000 and interest rate (apr) of 6.75%, the mortgage calculator shows estimated monthly payment of $2,205.23.
- Principal & interest
- $2,205.23
- Total interest paid
- $453,884
- Total of payments
- $793,884
- Loan-to-value
- 80.0%
| Home price | Estimated monthly payment |
|---|---|
| $300,000 | $1,394.49 |
| $425,000 | $2,205.23 |
| $550,000 | $3,015.98 |
| $700,000 | $3,988.88 |
| $900,000 | $5,286.07 |
| Mortgage amount | Monthly payment (30-year) |
|---|---|
| $100,000 | $600 – $699 |
| $150,000 | $899 – $1,049 |
| $200,000 | $1,199 – $1,398 |
| $250,000 | $1,499 – $1,748 |
| $300,000 | $1,799 – $2,098 |
| $350,000 | $2,098 – $2,447 |
| $400,000 | $2,398 – $2,797 |
| $500,000 | $2,998 – $3,496 |
| $600,000 | $3,597 – $4,195 |
Estimated principal-and-interest payment across a 6.0%–7.5% rate range on a 30-year loan. Add property tax, homeowners insurance and any PMI for your full monthly payment — the calculator above includes them.
The formula
Monthly payment M = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount (price minus down payment), r is the annual rate divided by 12, and n is the number of monthly payments (years × 12). Loan-to-value = loan amount ÷ home price.
- Assumes a fixed interest rate and equal monthly payments; an adjustable-rate loan will change once the introductory period ends.
- Principal and interest only — property tax, homeowners insurance, PMI, and HOA dues are added separately and raise your true monthly cost.
- Treats the down payment as cash already paid; closing costs and prepaid escrows are not part of the financed balance shown here.
- PMI is flagged above 80% loan-to-value as a general rule; your lender sets the actual premium and removal terms based on your file.
- Extra-payment results assume every additional dollar is applied to principal with no prepayment penalty — confirm both with your servicer.
Reference data
Current figures behind this tool: 2026 Conforming Loan Limits, VA Funding Fee Chart (2026), How Much Is PMI? 2026 Cost & Rates, 2026 USDA Loan Income Limits, Average Closing Costs by State (2026).
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender or a licensed advisor.
Questions about the mortgage calculator
Does a bigger down payment lower my rate, or just my payment?
It can do both. A larger down payment shrinks the balance you finance, so the payment falls directly.
It also lifts your equity, and once you cross 20% down you usually avoid PMI and may qualify for a lower rate tier, since lenders price more equity as less risk. The calculator shows the payment effect; ask a lender about the rate effect.
Why does barely any of my early payment go toward the balance?
Interest is charged on the outstanding balance, which is largest at the start. In the first years that interest claims most of each level payment, leaving little for principal.
As the balance slowly falls, the interest portion shrinks and the principal portion grows, so the payoff accelerates toward the end. This is normal amortization, not a fee.
How much does one extra payment a year really save?
More than most people expect. Every extra dollar goes straight to principal, so it stops accruing interest for the rest of the term.
On a 30-year loan, adding roughly one extra monthly payment per year can trim several years off the schedule and cut tens of thousands in interest, depending on your rate and balance.
Is the Mortgage Calculator free to use?
Yes. Every calculator on MortgageLoansCalculator is completely free, with no sign-up, login or paywall. Run as many scenarios as you like.
What is the monthly payment on a $300,000 mortgage?
A $300,000 mortgage costs roughly $1,900–$2,000 a month in principal and interest on a 30-year loan — about $1,896 at 6.5% and $1,996 at 7%. Property taxes, homeowners insurance and any PMI are added on top.
What is the monthly payment on a $200,000 mortgage?
A $200,000 mortgage runs about $1,264 a month at 6.5% and $1,331 at 7% on a 30-year term (principal and interest). A 15-year loan raises it to around $1,742 but cuts total interest sharply.
What is the monthly payment on a $400,000 mortgage?
Expect about $2,528 a month at 6.5% and $2,661 at 7% for a $400,000 mortgage on a 30-year loan, before taxes and insurance. At 15 years the payment is roughly $3,484.
How much is a $500,000 mortgage per month?
A $500,000 mortgage costs approximately $3,160 a month at 6.5% and $3,327 at 7% over 30 years in principal and interest. Add escrow for property taxes and insurance to get your full payment.
Amortization Calculator
Generate a complete amortization schedule for any fixed-rate loan, every payment split into principal and interest.
Mortgage Calculator with Taxes & Insurance
See your full PITI payment: principal, interest, property tax, homeowners insurance, PMI and HOA dues.
Mortgage Calculator with PMI
Include private mortgage insurance in your payment and find out exactly when PMI drops off.
APR Mortgage Calculator
Convert a rate plus points and fees into the true annual percentage rate (APR) of your mortgage.
Interest-Only Mortgage Calculator
Compare the low interest-only payment with the jump once principal repayment begins.
Biweekly Mortgage Calculator
Pay half your mortgage every two weeks and see how one extra payment a year cuts your term and interest.