Mortgage payment calculator
Estimate the monthly principal and interest on a fixed-rate mortgage from the loan amount, interest rate, and term (15, 20, or 30 years), and view the full month-by-month amortization schedule.
Results cover principal and interest only. Property taxes, homeowners insurance, PMI, and HOA dues are not included and typically add significantly to the actual monthly payment. Educational only — not financial advice.
Common questions about mortgage payments are answered below, including worked examples at a sample rate.
Frequently asked questions
How much is the monthly payment on a $300,000 mortgage?
As a worked example, at a 6.5% interest rate over 30 years a $300,000 loan costs about $1,896 per month in principal and interest. On the same terms a $400,000 loan is about $2,528 and a $500,000 loan about $3,160. These are illustrations at one assumed rate, not quotes, and they exclude property taxes, homeowners insurance, and PMI.
What is not included in this mortgage payment estimate?
The calculator returns principal and interest only. Your real monthly payment also includes property taxes, homeowners insurance, mortgage insurance (PMI) if your down payment is under 20%, and any HOA dues. Together these commonly add 25 to 40 percent on top of the principal-and-interest figure, so treat the result as a floor rather than a full housing cost.
How is a monthly mortgage payment calculated?
Fixed-rate loans use the standard amortization formula. The monthly interest rate is the annual rate divided by twelve, and the payment is the fixed amount that fully repays the loan over the term. Early payments are mostly interest and the principal share grows each month. The amortization schedule on this page shows that split for every month of the loan.
Is a 15-year or a 30-year mortgage better?
A 15-year loan usually carries a lower rate and costs dramatically less interest overall, but the monthly payment is much higher: about $2,613 on a $300,000 loan at 6.5%, against roughly $1,896 over 30 years. A 30-year loan keeps the payment affordable and preserves cash flow at a higher lifetime cost. Switch the term in the calculator to compare total interest.
What interest rate should I use in the calculator?
The calculator prefills today's national average 30-year fixed rate from Federal Reserve (FRED) data. Your own quoted rate depends on credit score, down payment, loan type, and lender, so it is worth running the numbers slightly above and below the average to see how sensitive the payment is.