Mortgage Calculator
See your monthly mortgage payment, total interest, and full amortization schedule for any loan amount, rate, and term. Updated against this week's average rates from Freddie Mac.
Try the calculator
Reviewed against primary sources.
Principal & interest only
That's USD 1,896.20 every month on a $300,000 loan at 6.5% over 30 years — USD 382,633 of interest over the life of the loan.
Balance over time
Amortization schedule360 rows
Amortization schedule
360 rows| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $271.20 | $1,625.00 | $299,729 |
| 2 | $272.67 | $1,623.53 | $299,456 |
| 3 | $274.15 | $1,622.05 | $299,182 |
| 4 | $275.64 | $1,620.57 | $298,906 |
| 5 | $277.13 | $1,619.08 | $298,629 |
| 6 | $278.63 | $1,617.57 | $298,351 |
| 7 | $280.14 | $1,616.07 | $298,070 |
| 8 | $281.66 | $1,614.55 | $297,789 |
| 9 | $283.18 | $1,613.02 | $297,506 |
| 10 | $284.72 | $1,611.49 | $297,221 |
| 11 | $286.26 | $1,609.95 | $296,935 |
| 12 | $287.81 | $1,608.40 | $296,647 |
This estimate does not include property taxes, insurance, PMI, or HOA fees.
A monthly mortgage payment is calculated using the amortization formula M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly rate (annual ÷ 12), and n is total monthly payments. On a $300,000 loan at 6.5% over 30 years, the payment is $1,896.
Quick answers — common loan amounts at current 30-year fixed rates
| Loan amount (30-yr at 6.5%) | Monthly payment | Total interest |
|---|---|---|
| $200,000 | $1,264 | $255,090 |
| $250,000 | $1,580 | $318,861 |
| $300,000 | $1,896 | $382,633 |
| $350,000 | $2,212 | $446,406 |
| $400,000 | $2,528 | $510,178 |
| $500,000 | $3,160 | $637,723 |
| $750,000 | $4,740 | $956,584 |
Rates current as of the most recent Freddie Mac Primary Mortgage Market Survey. Your actual rate will vary based on credit score, down payment, and loan type. Use the calculator above for your specific scenario.
**The hidden cost of a 30-year mortgage isn't the interest rate — it's how long interest compounds.** On a typical 30-year loan, you pay about $1.30 in interest for every $1.00 of principal. Cut the term to 15 years and the ratio drops to roughly $0.50 of interest per $1.00 of principal. Extra payments early in the loan save dramatically more than the same payments late.
What is a mortgage?
A mortgage payment is the fixed amount you pay a lender each month to repay a home loan. Each payment splits between principal (the original loan balance) and interest (the cost of borrowing), with the proportions shifting over time — early payments are mostly interest because the balance is high, later payments are mostly principal as the balance shrinks. The math is identical for every fixed-rate mortgage worldwide: monthly payment equals the loan amount times the monthly rate, divided by one minus (one plus monthly rate) raised to the negative number of payments. What changes across countries is the typical term length, the rate environment, and the regulatory wrapper. This calculator uses the standard amortization formula required of US lenders under the Truth in Lending Act and shows the full schedule alongside total interest over the life of the loan.
The formula
- M — monthly payment
- P — loan principal
- r — monthly interest rate (annual rate ÷ 12)
- n — number of monthly payments (years × 12)
Source: TILA-mandated amortization formula M = P × r(1+r)^n / ((1+r)^n − 1).
Worked examples
1A typical 30-year mortgage
On a $300,000 loan at 6.5% for 30 years, the monthly principal-and-interest payment works out to $1,896.20. Across 360 monthly payments, you'll pay a total of roughly $682,633 back to the lender — about $382,633 of which is interest. The first payment is almost entirely interest ($1,625) and only $271 of principal; the final payment is nearly the opposite.
2Same loan, 15-year term
Shortening the same $300,000 loan to 15 years pushes the monthly payment up to $2,613.32 — about 38% more each month. But total interest drops from $382,633 to roughly $170,398. The math: less time means less compounding, and more of each payment hits principal from the start.
3Rates drop one point
Drop the rate on the 30-year loan by a single percentage point and the monthly payment falls from $1,896 to $1,703 — savings of $193/month, $69,480 over the life of the loan. This is why buyers watch Freddie Mac's weekly rate survey as closely as listing prices.
How to use this calculator
- Loan amount — Your loan amount before any down payment — for a $375,000 home with 20% down, enter $300,000.
- Interest rate — Annual interest rate offered by your lender, before any discount points. Most US 30-year rates fall between 5.5%–7.5% in 2026.
- Term — Loan term in years. The most common are 15 and 30; 10, 20, 25, and 40 also exist but are rarer.
- Read the result. Use the worked examples below to sanity-check against a known scenario.
What your result means and what to do next
Common mistakes and edge cases
Not Including PITI in Your Budget
The biggest mistake is reading a principal-and-interest estimate as the true monthly cost. Lenders approve you based on total housing cost (PITI: principal, interest, taxes, insurance), not the P&I figure alone. Always factor in property taxes, homeowners insurance, and potentially PMI and HOA fees.
Forgetting Closing Costs
The second is forgetting closing costs — typically 2% to 5% of the loan amount, paid up front. On a $300,000 loan that's $6,000 to $15,000 most buyers don't have in their down-payment math. These are separate from your down payment and can significantly impact your upfront cash requirement.
Comparing Only the Headline Rate
The third is assuming a lower rate always wins. Points and fees baked into a lower 'headline' rate can take years to break even against a higher-rate loan with no points. Always compare the Annual Percentage Rate (APR), which includes most fees, or calculate the total cost over your expected tenure, not just the monthly bill.
Not Shopping Around for Lenders
Many buyers only get one or two quotes. Rates and fees can vary significantly between lenders, sometimes by 0.5% or more on the interest rate, and thousands in closing costs. Getting quotes from at least three to five lenders can save you tens of thousands over the life of the loan.
Ignoring the Amortization Schedule
Early payments are mostly interest. Many borrowers are surprised how little principal they pay down in the first few years. Understanding the amortization schedule helps you see the impact of extra payments, especially early on, which can dramatically reduce total interest paid and shorten the loan term.
How small changes affect your result
15-year vs 30-year fixed mortgage on a $300,000 loan
| Term | Typical rate | Monthly payment | Total interest | Total paid |
|---|---|---|---|---|
| 15-year fixed | 5.875% | $2,512 | $152,100 | $452,100 |
| 30-year fixed | 6.500% | $1,896 | $382,633 | $682,633 |
Rates representative of current week (Freddie Mac PMMS) averages from the Freddie Mac Primary Mortgage Market Survey. Actual rate depends on credit score, LTV, and lender.
Frequently asked questions
What's a good interest rate for a mortgage?
Is a 15-year or 30-year mortgage better?
How much should my down payment be?
Does this calculator include property taxes and insurance?
How accurate is this calculator?
How is mortgage payment calculated?
What is PITI?
What is the 28/36 rule?
Mortgage glossary
How we built this calculator
Methodology
Fixed-rate mortgages use a single amortization formula that splits every payment between interest and principal. Early on, most of each payment goes to interest because interest is charged on the full remaining balance. As the balance falls, more of each payment shifts toward principal — which is why cutting a loan short at year 10 still leaves most of the original balance outstanding.
This calculator was written by Numora finance team and reviewed by Numora editorial review board, Certified Financial Planner (CFP) before publication. Both names link to full bios with verifiable credentials.
Sources & references
Every numeric assumption traces to a primary source.
- Freddie Mac Primary Mortgage Market Survey (weekly rates)USA
- CFPB — Understanding loan optionsUSA
- CFPB — Closing costs explainedUSA
- CFPB — Loan estimate explainedUSA
- HUD — FHA home loan limitsUSA
- Federal Reserve — Consumer Credit (G.19) statistical releaseUSA
- Truth in Lending Act, Regulation Z (12 CFR Part 1026)USA
- Federal Housing Finance Agency — Conforming loan limitsUSA
- Numora Editorial Policy. numora.net/editorial-policy
This calculator is for informational purposes only and does not constitute financial advice. Numbers shown are estimates based on the inputs you provide. Conventions and regulations vary by country. Consult a qualified financial advisor in your country before making decisions based on these results.