Mortgage Payment Calculator
Estimate the principal and interest payment on a loan. Taxes and insurance are left out on purpose.
Use it when you already know the loan amount and only want principal and interest.
Compare scenarios
Amortization Schedule
See how your payment is split over time.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,024 | $23,282 | $355,976 |
| 2 | $4,293 | $23,012 | $351,683 |
| 3 | $4,581 | $22,725 | $347,102 |
| 4 | $4,888 | $22,418 | $342,215 |
| 5 | $5,215 | $22,090 | $337,000 |
| 6 | $5,564 | $21,741 | $331,436 |
| 7 | $5,937 | $21,369 | $325,499 |
| 8 | $6,334 | $20,971 | $319,165 |
| 9 | $6,759 | $20,547 | $312,406 |
| 10 | $7,211 | $20,094 | $305,195 |
How we calculated this
This payment covers principal and interest only. It uses the standard amortizing loan formula and rounds each payment to the cent. Taxes, insurance, PMI, and HOA are not included.
What does this mean?
A $360,000 loan at 6.50% for 30 years is about $2,275.44 a month before housing escrow costs.
Your assumptions
Edit assumptions- Loan amount
- $360,000
- Interest rate
- 6.50%
- Loan term
- 30 years
This calculator provides an estimate for informational purposes. Actual mortgage payments, taxes, insurance, PMI, fees, and lender terms may vary.
Embed
Paste this iframe to show the calculator on another page. Taller results scroll inside the frame.
<iframe src="https://myhousingiq.com/embed/mortgage-payment-calculator" title="Mortgage Payment Calculator" width="100%" height="900" style="border:0;max-width:1080px;"></iframe>
How the estimate is calculated
The payment is the amount that pays the loan off over the term at a fixed rate, rounded to the cent.
Use the full mortgage calculator when you want taxes, insurance, PMI, and HOA in the same total.
Payment formula
Payment equals the loan times the monthly interest rate, divided by one minus the rate’s discount over the number of months. A zero rate is the loan divided by the number of months.
Example
- Enter the amount you will borrow, not the home price.
- Choose the rate and term.
- Read the principal and interest payment and the lifetime interest.
With the numbers filled in on this page, the estimate is $2,275.44 per month.
What changes the result
Loan amount
This calculator starts from the loan, so change the amount if the down payment changes.
Rate
A small rate change moves both the monthly payment and the lifetime interest.
Term
Shorter terms raise the monthly payment and usually cut total interest.
Questions
Does this include taxes and insurance?
No. It is principal and interest only. The mortgage calculator adds the rest.
What loan amount should I use?
Use the home price minus the down payment.
Why show total interest?
The monthly payment hides how much of the loan cost is interest over the full term.