Free Financial Tool
Mortgage Payment Calculator
Loan Details
Home Value$400,000
Down Payment$80,000
Total Monthly Payment
$2,422.62
Principal & Interest:$2,022.62
Property Taxes:$400
Loan Amount:$320,000
P&I
Tax
Payment Schedule
| Month | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| M 1 | $289.28 | $1733.33 | $319710.72 |
| M 2 | $290.85 | $1731.77 | $319419.86 |
| M 3 | $292.43 | $1730.19 | $319127.44 |
| M 4 | $294.01 | $1728.61 | $318833.43 |
| M 5 | $295.60 | $1727.01 | $318537.82 |
| M 6 | $297.20 | $1725.41 | $318240.62 |
| M 7 | $298.81 | $1723.80 | $317941.80 |
| M 8 | $300.43 | $1722.18 | $317641.37 |
| M 9 | $302.06 | $1720.56 | $317339.31 |
| M 10 | $303.70 | $1718.92 | $317035.62 |
| M 11 | $305.34 | $1717.28 | $316730.27 |
| M 12 | $307.00 | $1715.62 | $316423.28 |
| M 13 | $308.66 | $1713.96 | $316114.62 |
| M 14 | $310.33 | $1712.29 | $315804.29 |
| M 15 | $312.01 | $1710.61 | $315492.28 |
| M 16 | $313.70 | $1708.92 | $315178.58 |
| M 17 | $315.40 | $1707.22 | $314863.18 |
| M 18 | $317.11 | $1705.51 | $314546.07 |
| M 19 | $318.83 | $1703.79 | $314227.24 |
| M 20 | $320.55 | $1702.06 | $313906.69 |
| M 21 | $322.29 | $1700.33 | $313584.40 |
| M 22 | $324.04 | $1698.58 | $313260.36 |
| M 23 | $325.79 | $1696.83 | $312934.57 |
| M 24 | $327.56 | $1695.06 | $312607.02 |
| M 25 | $329.33 | $1693.29 | $312277.69 |
| M 26 | $331.11 | $1691.50 | $311946.57 |
| M 27 | $332.91 | $1689.71 | $311613.67 |
| M 28 | $334.71 | $1687.91 | $311278.96 |
| M 29 | $336.52 | $1686.09 | $310942.43 |
| M 30 | $338.35 | $1684.27 | $310604.09 |
| M 31 | $340.18 | $1682.44 | $310263.91 |
| M 32 | $342.02 | $1680.60 | $309921.89 |
| M 33 | $343.87 | $1678.74 | $309578.01 |
| M 34 | $345.74 | $1676.88 | $309232.28 |
| M 35 | $347.61 | $1675.01 | $308884.67 |
| M 36 | $349.49 | $1673.13 | $308535.17 |
| M 37 | $351.39 | $1671.23 | $308183.79 |
| M 38 | $353.29 | $1669.33 | $307830.50 |
| M 39 | $355.20 | $1667.42 | $307475.30 |
| M 40 | $357.13 | $1665.49 | $307118.17 |
| M 41 | $359.06 | $1663.56 | $306759.11 |
| M 42 | $361.01 | $1661.61 | $306398.10 |
| M 43 | $362.96 | $1659.66 | $306035.14 |
| M 44 | $364.93 | $1657.69 | $305670.22 |
| M 45 | $366.90 | $1655.71 | $305303.31 |
| M 46 | $368.89 | $1653.73 | $304934.42 |
| M 47 | $370.89 | $1651.73 | $304563.53 |
| M 48 | $372.90 | $1649.72 | $304190.63 |
| M 49 | $374.92 | $1647.70 | $303815.71 |
| M 50 | $376.95 | $1645.67 | $303438.76 |
| M 51 | $378.99 | $1643.63 | $303059.77 |
| M 52 | $381.04 | $1641.57 | $302678.73 |
| M 53 | $383.11 | $1639.51 | $302295.62 |
| M 54 | $385.18 | $1637.43 | $301910.44 |
| M 55 | $387.27 | $1635.35 | $301523.17 |
| M 56 | $389.37 | $1633.25 | $301133.80 |
| M 57 | $391.48 | $1631.14 | $300742.33 |
| M 58 | $393.60 | $1629.02 | $300348.73 |
| M 59 | $395.73 | $1626.89 | $299953.00 |
| M 60 | $397.87 | $1624.75 | $299555.13 |
| M 61 | $400.03 | $1622.59 | $299155.10 |
| M 62 | $402.19 | $1620.42 | $298752.91 |
| M 63 | $404.37 | $1618.24 | $298348.53 |
| M 64 | $406.56 | $1616.05 | $297941.97 |
| M 65 | $408.77 | $1613.85 | $297533.20 |
| M 66 | $410.98 | $1611.64 | $297122.23 |
| M 67 | $413.21 | $1609.41 | $296709.02 |
| M 68 | $415.44 | $1607.17 | $296293.58 |
| M 69 | $417.69 | $1604.92 | $295875.88 |
| M 70 | $419.96 | $1602.66 | $295455.93 |
| M 71 | $422.23 | $1600.39 | $295033.69 |
| M 72 | $424.52 | $1598.10 | $294609.18 |
| M 73 | $426.82 | $1595.80 | $294182.36 |
| M 74 | $429.13 | $1593.49 | $293753.23 |
| M 75 | $431.45 | $1591.16 | $293321.77 |
| M 76 | $433.79 | $1588.83 | $292887.98 |
| M 77 | $436.14 | $1586.48 | $292451.84 |
| M 78 | $438.50 | $1584.11 | $292013.34 |
| M 79 | $440.88 | $1581.74 | $291572.46 |
| M 80 | $443.27 | $1579.35 | $291129.19 |
| M 81 | $445.67 | $1576.95 | $290683.52 |
| M 82 | $448.08 | $1574.54 | $290235.44 |
| M 83 | $450.51 | $1572.11 | $289784.93 |
| M 84 | $452.95 | $1569.67 | $289331.98 |
| M 85 | $455.40 | $1567.21 | $288876.58 |
| M 86 | $457.87 | $1564.75 | $288418.71 |
| M 87 | $460.35 | $1562.27 | $287958.36 |
| M 88 | $462.84 | $1559.77 | $287495.52 |
| M 89 | $465.35 | $1557.27 | $287030.17 |
| M 90 | $467.87 | $1554.75 | $286562.30 |
| M 91 | $470.41 | $1552.21 | $286091.89 |
| M 92 | $472.95 | $1549.66 | $285618.94 |
| M 93 | $475.52 | $1547.10 | $285143.42 |
| M 94 | $478.09 | $1544.53 | $284665.33 |
| M 95 | $480.68 | $1541.94 | $284184.65 |
| M 96 | $483.28 | $1539.33 | $283701.37 |
| M 97 | $485.90 | $1536.72 | $283215.47 |
| M 98 | $488.53 | $1534.08 | $282726.93 |
| M 99 | $491.18 | $1531.44 | $282235.75 |
| M 100 | $493.84 | $1528.78 | $281741.91 |
| M 101 | $496.52 | $1526.10 | $281245.40 |
| M 102 | $499.21 | $1523.41 | $280746.19 |
| M 103 | $501.91 | $1520.71 | $280244.28 |
| M 104 | $504.63 | $1517.99 | $279739.65 |
| M 105 | $507.36 | $1515.26 | $279232.29 |
| M 106 | $510.11 | $1512.51 | $278722.18 |
| M 107 | $512.87 | $1509.75 | $278209.31 |
| M 108 | $515.65 | $1506.97 | $277693.66 |
| M 109 | $518.44 | $1504.17 | $277175.22 |
| M 110 | $521.25 | $1501.37 | $276653.96 |
| M 111 | $524.08 | $1498.54 | $276129.89 |
| M 112 | $526.91 | $1495.70 | $275602.97 |
| M 113 | $529.77 | $1492.85 | $275073.21 |
| M 114 | $532.64 | $1489.98 | $274540.57 |
| M 115 | $535.52 | $1487.09 | $274005.05 |
| M 116 | $538.42 | $1484.19 | $273466.62 |
| M 117 | $541.34 | $1481.28 | $272925.28 |
| M 118 | $544.27 | $1478.35 | $272381.01 |
| M 119 | $547.22 | $1475.40 | $271833.79 |
| M 120 | $550.18 | $1472.43 | $271283.60 |
| M 121 | $553.16 | $1469.45 | $270730.44 |
| M 122 | $556.16 | $1466.46 | $270174.28 |
| M 123 | $559.17 | $1463.44 | $269615.10 |
| M 124 | $562.20 | $1460.42 | $269052.90 |
| M 125 | $565.25 | $1457.37 | $268487.65 |
| M 126 | $568.31 | $1454.31 | $267919.34 |
| M 127 | $571.39 | $1451.23 | $267347.96 |
| M 128 | $574.48 | $1448.13 | $266773.47 |
| M 129 | $577.59 | $1445.02 | $266195.88 |
| M 130 | $580.72 | $1441.89 | $265615.16 |
| M 131 | $583.87 | $1438.75 | $265031.29 |
| M 132 | $587.03 | $1435.59 | $264444.26 |
| M 133 | $590.21 | $1432.41 | $263854.04 |
| M 134 | $593.41 | $1429.21 | $263260.64 |
| M 135 | $596.62 | $1426.00 | $262664.01 |
| M 136 | $599.85 | $1422.76 | $262064.16 |
| M 137 | $603.10 | $1419.51 | $261461.06 |
| M 138 | $606.37 | $1416.25 | $260854.69 |
| M 139 | $609.65 | $1412.96 | $260245.03 |
| M 140 | $612.96 | $1409.66 | $259632.07 |
| M 141 | $616.28 | $1406.34 | $259015.80 |
| M 142 | $619.62 | $1403.00 | $258396.18 |
| M 143 | $622.97 | $1399.65 | $257773.21 |
| M 144 | $626.35 | $1396.27 | $257146.86 |
| M 145 | $629.74 | $1392.88 | $256517.12 |
| M 146 | $633.15 | $1389.47 | $255883.97 |
| M 147 | $636.58 | $1386.04 | $255247.39 |
| M 148 | $640.03 | $1382.59 | $254607.37 |
| M 149 | $643.49 | $1379.12 | $253963.87 |
| M 150 | $646.98 | $1375.64 | $253316.89 |
| M 151 | $650.48 | $1372.13 | $252666.41 |
| M 152 | $654.01 | $1368.61 | $252012.40 |
| M 153 | $657.55 | $1365.07 | $251354.85 |
| M 154 | $661.11 | $1361.51 | $250693.74 |
| M 155 | $664.69 | $1357.92 | $250029.04 |
| M 156 | $668.29 | $1354.32 | $249360.75 |
| M 157 | $671.91 | $1350.70 | $248688.84 |
| M 158 | $675.55 | $1347.06 | $248013.28 |
| M 159 | $679.21 | $1343.41 | $247334.07 |
| M 160 | $682.89 | $1339.73 | $246651.18 |
| M 161 | $686.59 | $1336.03 | $245964.59 |
| M 162 | $690.31 | $1332.31 | $245274.28 |
| M 163 | $694.05 | $1328.57 | $244580.23 |
| M 164 | $697.81 | $1324.81 | $243882.42 |
| M 165 | $701.59 | $1321.03 | $243180.84 |
| M 166 | $705.39 | $1317.23 | $242475.45 |
| M 167 | $709.21 | $1313.41 | $241766.24 |
| M 168 | $713.05 | $1309.57 | $241053.19 |
| M 169 | $716.91 | $1305.70 | $240336.27 |
| M 170 | $720.80 | $1301.82 | $239615.48 |
| M 171 | $724.70 | $1297.92 | $238890.78 |
| M 172 | $728.63 | $1293.99 | $238162.15 |
| M 173 | $732.57 | $1290.04 | $237429.58 |
| M 174 | $736.54 | $1286.08 | $236693.04 |
| M 175 | $740.53 | $1282.09 | $235952.51 |
| M 176 | $744.54 | $1278.08 | $235207.97 |
| M 177 | $748.57 | $1274.04 | $234459.39 |
| M 178 | $752.63 | $1269.99 | $233706.76 |
| M 179 | $756.71 | $1265.91 | $232950.06 |
| M 180 | $760.80 | $1261.81 | $232189.25 |
| M 181 | $764.93 | $1257.69 | $231424.33 |
| M 182 | $769.07 | $1253.55 | $230655.26 |
| M 183 | $773.24 | $1249.38 | $229882.02 |
| M 184 | $777.42 | $1245.19 | $229104.60 |
| M 185 | $781.63 | $1240.98 | $228322.96 |
| M 186 | $785.87 | $1236.75 | $227537.10 |
| M 187 | $790.13 | $1232.49 | $226746.97 |
| M 188 | $794.40 | $1228.21 | $225952.57 |
| M 189 | $798.71 | $1223.91 | $225153.86 |
| M 190 | $803.03 | $1219.58 | $224350.82 |
| M 191 | $807.38 | $1215.23 | $223543.44 |
| M 192 | $811.76 | $1210.86 | $222731.68 |
| M 193 | $816.15 | $1206.46 | $221915.53 |
| M 194 | $820.58 | $1202.04 | $221094.95 |
| M 195 | $825.02 | $1197.60 | $220269.93 |
| M 196 | $829.49 | $1193.13 | $219440.44 |
| M 197 | $833.98 | $1188.64 | $218606.46 |
| M 198 | $838.50 | $1184.12 | $217767.96 |
| M 199 | $843.04 | $1179.58 | $216924.92 |
| M 200 | $847.61 | $1175.01 | $216077.31 |
| M 201 | $852.20 | $1170.42 | $215225.11 |
| M 202 | $856.81 | $1165.80 | $214368.30 |
| M 203 | $861.46 | $1161.16 | $213506.84 |
| M 204 | $866.12 | $1156.50 | $212640.72 |
| M 205 | $870.81 | $1151.80 | $211769.91 |
| M 206 | $875.53 | $1147.09 | $210894.38 |
| M 207 | $880.27 | $1142.34 | $210014.10 |
| M 208 | $885.04 | $1137.58 | $209129.06 |
| M 209 | $889.84 | $1132.78 | $208239.23 |
| M 210 | $894.66 | $1127.96 | $207344.57 |
| M 211 | $899.50 | $1123.12 | $206445.07 |
| M 212 | $904.37 | $1118.24 | $205540.70 |
| M 213 | $909.27 | $1113.35 | $204631.42 |
| M 214 | $914.20 | $1108.42 | $203717.23 |
| M 215 | $919.15 | $1103.47 | $202798.08 |
| M 216 | $924.13 | $1098.49 | $201873.95 |
| M 217 | $929.13 | $1093.48 | $200944.82 |
| M 218 | $934.17 | $1088.45 | $200010.65 |
| M 219 | $939.23 | $1083.39 | $199071.42 |
| M 220 | $944.31 | $1078.30 | $198127.11 |
| M 221 | $949.43 | $1073.19 | $197177.68 |
| M 222 | $954.57 | $1068.05 | $196223.11 |
| M 223 | $959.74 | $1062.88 | $195263.37 |
| M 224 | $964.94 | $1057.68 | $194298.42 |
| M 225 | $970.17 | $1052.45 | $193328.26 |
| M 226 | $975.42 | $1047.19 | $192352.83 |
| M 227 | $980.71 | $1041.91 | $191372.13 |
| M 228 | $986.02 | $1036.60 | $190386.11 |
| M 229 | $991.36 | $1031.26 | $189394.75 |
| M 230 | $996.73 | $1025.89 | $188398.02 |
| M 231 | $1002.13 | $1020.49 | $187395.89 |
| M 232 | $1007.56 | $1015.06 | $186388.33 |
| M 233 | $1013.01 | $1009.60 | $185375.32 |
| M 234 | $1018.50 | $1004.12 | $184356.82 |
| M 235 | $1024.02 | $998.60 | $183332.80 |
| M 236 | $1029.57 | $993.05 | $182303.24 |
| M 237 | $1035.14 | $987.48 | $181268.09 |
| M 238 | $1040.75 | $981.87 | $180227.34 |
| M 239 | $1046.39 | $976.23 | $179180.96 |
| M 240 | $1052.05 | $970.56 | $178128.90 |
| M 241 | $1057.75 | $964.86 | $177071.15 |
| M 242 | $1063.48 | $959.14 | $176007.67 |
| M 243 | $1069.24 | $953.37 | $174938.43 |
| M 244 | $1075.03 | $947.58 | $173863.39 |
| M 245 | $1080.86 | $941.76 | $172782.53 |
| M 246 | $1086.71 | $935.91 | $171695.82 |
| M 247 | $1092.60 | $930.02 | $170603.22 |
| M 248 | $1098.52 | $924.10 | $169504.71 |
| M 249 | $1104.47 | $918.15 | $168400.24 |
| M 250 | $1110.45 | $912.17 | $167289.79 |
| M 251 | $1116.46 | $906.15 | $166173.32 |
| M 252 | $1122.51 | $900.11 | $165050.81 |
| M 253 | $1128.59 | $894.03 | $163922.22 |
| M 254 | $1134.71 | $887.91 | $162787.51 |
| M 255 | $1140.85 | $881.77 | $161646.66 |
| M 256 | $1147.03 | $875.59 | $160499.63 |
| M 257 | $1153.24 | $869.37 | $159346.39 |
| M 258 | $1159.49 | $863.13 | $158186.89 |
| M 259 | $1165.77 | $856.85 | $157021.12 |
| M 260 | $1172.09 | $850.53 | $155849.04 |
| M 261 | $1178.44 | $844.18 | $154670.60 |
| M 262 | $1184.82 | $837.80 | $153485.78 |
| M 263 | $1191.24 | $831.38 | $152294.55 |
| M 264 | $1197.69 | $824.93 | $151096.86 |
| M 265 | $1204.18 | $818.44 | $149892.68 |
| M 266 | $1210.70 | $811.92 | $148681.98 |
| M 267 | $1217.26 | $805.36 | $147464.72 |
| M 268 | $1223.85 | $798.77 | $146240.87 |
| M 269 | $1230.48 | $792.14 | $145010.39 |
| M 270 | $1237.14 | $785.47 | $143773.25 |
| M 271 | $1243.85 | $778.77 | $142529.40 |
| M 272 | $1250.58 | $772.03 | $141278.82 |
| M 273 | $1257.36 | $765.26 | $140021.46 |
| M 274 | $1264.17 | $758.45 | $138757.30 |
| M 275 | $1271.02 | $751.60 | $137486.28 |
| M 276 | $1277.90 | $744.72 | $136208.38 |
| M 277 | $1284.82 | $737.80 | $134923.56 |
| M 278 | $1291.78 | $730.84 | $133631.78 |
| M 279 | $1298.78 | $723.84 | $132333.00 |
| M 280 | $1305.81 | $716.80 | $131027.18 |
| M 281 | $1312.89 | $709.73 | $129714.30 |
| M 282 | $1320.00 | $702.62 | $128394.30 |
| M 283 | $1327.15 | $695.47 | $127067.15 |
| M 284 | $1334.34 | $688.28 | $125732.81 |
| M 285 | $1341.56 | $681.05 | $124391.25 |
| M 286 | $1348.83 | $673.79 | $123042.41 |
| M 287 | $1356.14 | $666.48 | $121686.28 |
| M 288 | $1363.48 | $659.13 | $120322.79 |
| M 289 | $1370.87 | $651.75 | $118951.92 |
| M 290 | $1378.29 | $644.32 | $117573.63 |
| M 291 | $1385.76 | $636.86 | $116187.87 |
| M 292 | $1393.27 | $629.35 | $114794.60 |
| M 293 | $1400.81 | $621.80 | $113393.79 |
| M 294 | $1408.40 | $614.22 | $111985.39 |
| M 295 | $1416.03 | $606.59 | $110569.36 |
| M 296 | $1423.70 | $598.92 | $109145.66 |
| M 297 | $1431.41 | $591.21 | $107714.24 |
| M 298 | $1439.17 | $583.45 | $106275.08 |
| M 299 | $1446.96 | $575.66 | $104828.12 |
| M 300 | $1454.80 | $567.82 | $103373.32 |
| M 301 | $1462.68 | $559.94 | $101910.64 |
| M 302 | $1470.60 | $552.02 | $100440.04 |
| M 303 | $1478.57 | $544.05 | $98961.47 |
| M 304 | $1486.58 | $536.04 | $97474.89 |
| M 305 | $1494.63 | $527.99 | $95980.27 |
| M 306 | $1502.72 | $519.89 | $94477.54 |
| M 307 | $1510.86 | $511.75 | $92966.68 |
| M 308 | $1519.05 | $503.57 | $91447.63 |
| M 309 | $1527.28 | $495.34 | $89920.35 |
| M 310 | $1535.55 | $487.07 | $88384.80 |
| M 311 | $1543.87 | $478.75 | $86840.94 |
| M 312 | $1552.23 | $470.39 | $85288.71 |
| M 313 | $1560.64 | $461.98 | $83728.07 |
| M 314 | $1569.09 | $453.53 | $82158.98 |
| M 315 | $1577.59 | $445.03 | $80581.39 |
| M 316 | $1586.14 | $436.48 | $78995.25 |
| M 317 | $1594.73 | $427.89 | $77400.53 |
| M 318 | $1603.36 | $419.25 | $75797.16 |
| M 319 | $1612.05 | $410.57 | $74185.11 |
| M 320 | $1620.78 | $401.84 | $72564.33 |
| M 321 | $1629.56 | $393.06 | $70934.77 |
| M 322 | $1638.39 | $384.23 | $69296.38 |
| M 323 | $1647.26 | $375.36 | $67649.12 |
| M 324 | $1656.18 | $366.43 | $65992.94 |
| M 325 | $1665.16 | $357.46 | $64327.78 |
| M 326 | $1674.18 | $348.44 | $62653.60 |
| M 327 | $1683.24 | $339.37 | $60970.36 |
| M 328 | $1692.36 | $330.26 | $59278.00 |
| M 329 | $1701.53 | $321.09 | $57576.47 |
| M 330 | $1710.75 | $311.87 | $55865.73 |
| M 331 | $1720.01 | $302.61 | $54145.71 |
| M 332 | $1729.33 | $293.29 | $52416.38 |
| M 333 | $1738.70 | $283.92 | $50677.69 |
| M 334 | $1748.11 | $274.50 | $48929.58 |
| M 335 | $1757.58 | $265.04 | $47171.99 |
| M 336 | $1767.10 | $255.51 | $45404.89 |
| M 337 | $1776.67 | $245.94 | $43628.22 |
| M 338 | $1786.30 | $236.32 | $41841.92 |
| M 339 | $1795.97 | $226.64 | $40045.94 |
| M 340 | $1805.70 | $216.92 | $38240.24 |
| M 341 | $1815.48 | $207.13 | $36424.76 |
| M 342 | $1825.32 | $197.30 | $34599.44 |
| M 343 | $1835.20 | $187.41 | $32764.24 |
| M 344 | $1845.14 | $177.47 | $30919.09 |
| M 345 | $1855.14 | $167.48 | $29063.95 |
| M 346 | $1865.19 | $157.43 | $27198.77 |
| M 347 | $1875.29 | $147.33 | $25323.47 |
| M 348 | $1885.45 | $137.17 | $23438.03 |
| M 349 | $1895.66 | $126.96 | $21542.36 |
| M 350 | $1905.93 | $116.69 | $19636.43 |
| M 351 | $1916.25 | $106.36 | $17720.18 |
| M 352 | $1926.63 | $95.98 | $15793.55 |
| M 353 | $1937.07 | $85.55 | $13856.48 |
| M 354 | $1947.56 | $75.06 | $11908.92 |
| M 355 | $1958.11 | $64.51 | $9950.81 |
| M 356 | $1968.72 | $53.90 | $7982.09 |
| M 357 | $1979.38 | $43.24 | $6002.71 |
| M 358 | $1990.10 | $32.51 | $4012.60 |
| M 359 | $2000.88 | $21.73 | $2011.72 |
| M 360 | $2011.72 | $10.90 | $0.00 |
What Is a Mortgage Payment Calculator?
A mortgage payment calculator estimates your monthly home loan cost and shows how each payment splits between principal and interest over time. Homebuyers use it to compare loan terms, plan a down payment, and see how much interest they will pay over 15, 20, or 30 years.
Enter home value, down payment, interest rate, and term — your payment and full amortization schedule update instantly.
How to Use This Calculator
- Set the home value and down payment using the sliders.
- Enter your interest rate and choose a loan term (10, 15, 20, or 30 years).
- Adjust the annual property tax rate if you want taxes included in the monthly total.
- Review the monthly payment breakdown and donut chart.
- Download the CSV amortization schedule for month-by-month principal and interest.
Mortgage Payment Formula
M = P × [r(1+r)n] / [(1+r)n − 1]
M = monthly principal & interest, P = loan amount (home price minus down payment), r = monthly interest rate (annual rate ÷ 12), n = total number of monthly payments (years × 12).
Worked Example
A $400,000 home with a $80,000 down payment leaves a $320,000 loan at 6.5% over 30 years:
Monthly rate r = 6.5% ÷ 12 = 0.005417
Payments n = 30 × 12 = 360
Principal & interest ≈ $2,022.80/month
Property tax (1.2%) ≈ $400.00/month
Estimated total monthly payment ≈ $2,422.80
Frequently Asked Questions
How much will my monthly mortgage payment be?
Enter home value, down payment, interest rate, and loan term — the calculator shows principal & interest plus estimated property taxes. Example: $320,000 loan at 6.5% over 30 years ≈ $2,023/month P&I.
How is the monthly mortgage payment calculated?
The standard formula is M = P × [r(1+r)n] / [(1+r)n − 1], where P is loan amount, r is monthly interest rate (annual ÷ 12), and n is total payments (years × 12).
What is included in the total monthly payment?
This calculator shows principal & interest plus estimated property taxes. It does not include homeowners insurance, HOA fees, or PMI — add those for a complete housing budget.
How does loan term affect my payment?
Shorter terms mean higher monthly payments but less total interest. A 15-year loan on $320K at 6.5% costs ~$2,788/month vs ~$2,023 on 30 years — but saves roughly $200K in interest over the life of the loan.
How does down payment affect monthly payment?
A larger down payment reduces the loan amount (P), which lowers every monthly payment. On a $400K home, increasing down payment from $40K to $80K drops the loan from $360K to $320K — saving about $250/month at 6.5%.
What is an amortization schedule?
An amortization schedule shows each monthly payment split between principal and interest, plus the remaining balance. Early payments are mostly interest; later payments shift toward principal. Download the CSV from this tool for the full table.
How much interest will I pay over the life of the loan?
Total interest = (monthly P&I × number of payments) − loan amount. On a $320K loan at 6.5% over 30 years, total interest ≈ $408K — more than the original loan. Compare 15- vs 30-year terms to see the difference.
Can I download the amortization schedule?
Yes. Click Download CSV to save month-by-month principal, interest, and remaining balance for spreadsheet analysis or budgeting.
Knowing your monthly payment before you commit helps you shop with confidence. Use this free mortgage calculator to compare terms and down payments, then talk to a licensed lender for your official rate quote.