Mortgage Calculator
Calculate monthly payments, total interest, and view amortization schedule.
Monthly payment
$1,516.96
- Loan amount$240,000.00
- Total interest$306,106.77
- Total paid$546,106.77
Estimates a fully amortizing home-loan payment from price, down payment, rate, and term. Taxes, insurance, and PMI are not included unless you fold them into the inputs. For a generic installment loan, use the loan calculator; for a rate-and-fee refinance, use mortgage refinance.
Formula
M = P × r(1+r)^n / ((1+r)^n − 1), with P = loan amount, r = monthly rate, n = number of months.
How to calculate
- Loan amount P is price minus down payment.
- Monthly rate r is annual rate / 12 / 100.
- n is term in years × 12. Plug into the formula. Extra monthly principal shortens n; it does not change the scheduled M.
Example
A $240,000 balance at 6.5% for 30 years is about $1,517/month. Adding $200 extra principal each month pays the loan off years earlier and cuts total interest.
Common mistake
This is not a lender quote. Closing costs, escrow, and insurance change the cash you send each month.
FAQ
How is a monthly mortgage payment calculated?
The amortizing formula uses remaining principal, monthly interest rate, and term in months. Taxes and insurance are extra unless you add them.
Does extra payment reduce the term or the payment?
On this page, extra monthly principal reduces the balance faster, so you finish in fewer months. The scheduled payment stays the same.
Is this a home loan or mortgage repayment calculator?
Yes. It covers mortgage payment, home loan, and repayment estimates. It is not an underwriting decision.