Monthly payment
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Total paid—
Total interest—
Estimate your monthly mortgage payment.
Uses the standard loan amortization formula. For a full picture, also budget for property tax, insurance, and HOA fees, which this estimate doesn't include.
payment = P × [r(1+r)^n] / [(1+r)^n − 1]
No — this estimates principal and interest only. Add your local property tax, homeowners insurance, and any HOA fees separately for your total monthly housing cost.
Even a 0.5% rate difference can save tens of thousands of dollars over a 30-year loan — try the calculator with a slightly different rate to see the exact impact on your amortization schedule.
A 15-year loan has higher monthly payments but dramatically less total interest paid; a 30-year loan has lower payments but more than double the total interest over the life of the loan.
Interest is calculated on the remaining balance each month, so when the balance is highest — at the start — interest makes up the largest share of each payment.