The Mortgage Calculator estimates your monthly home-loan payment, the total interest you’ll pay over the life of the loan, and how each payment splits between principal and interest — for any loan amount, rate, or term.
Loan & EMI Calculator
Calculate your monthly payments, total interest, and amortization schedule.
A worked example
Consider a $300,000 mortgage at 6.5% over 30 years. The principal-and-interest payment works out to about $1,896 a month. Across 360 payments you repay roughly $682,600 — meaning you pay about $382,600 in interest, more than the house itself. That single fact is the most important thing a mortgage calculator reveals: over three decades, interest can exceed principal.
How much the interest rate matters
On a loan this size, small rate differences translate into tens of thousands of dollars. Same $300,000 over 30 years:
| Rate | Monthly (P&I) | Total interest |
|---|---|---|
| 5.5% | $1,703 | $313,200 |
| 6.5% | $1,896 | $382,600 |
| 7.5% | $2,098 | $455,300 |
Shopping just one point lower on the rate saves nearly $70,000 over the life of this loan — which is why comparing lenders and improving your credit score before applying pays off so heavily.
Term length: lower payment vs. less interest
Choosing a 15-year term instead of 30 raises the monthly payment substantially but slashes total interest, because you’re borrowing for half as long and rates on shorter terms are usually lower too. On the $300,000 example, a 15-year loan at 6% costs about $2,532 a month but only around $155,700 in total interest — less than half the 30-year figure. The trade-off is a bigger monthly commitment.
What this estimate leaves out
The result covers principal and interest only. Your actual monthly housing cost usually also includes:
- Property taxes — often collected monthly into an escrow account.
- Homeowners insurance — typically required by the lender.
- PMI (private mortgage insurance) — commonly added when your down payment is under 20%.
- HOA fees — where applicable.
Together these are known as PITI (principal, interest, taxes, insurance). Add them to the calculator’s output to see your true monthly outlay.
Frequently asked questions
How does a bigger down payment help?
It lowers the principal, which reduces both your monthly payment and total interest — and clearing 20% down usually removes PMI, cutting your cost further.
Do extra payments really save money?
Yes, significantly. Because early payments are interest-heavy, even one extra payment a year can shave several years and tens of thousands in interest off a 30-year loan.
Is my information private?
Yes. Every figure is calculated in your browser and nothing you enter is sent to or stored on our servers.
Estimates are for general planning only and are not a loan offer or financial advice. Confirm exact figures with your lender.
Sources and further reading
How it works
A mortgage uses the standard amortizing loan formula. The monthly payment is fixed, but the proportion going to interest vs. principal shifts each month. Early payments are mostly interest; later payments are mostly principal. This is called an amortization schedule.Formula
Monthly Payment = P × r(1+r)^n / ((1+r)^n − 1) where P = loan amount, r = monthly interest rate, n = total payments