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Mortgage Calculator

Estimate a fixed monthly mortgage payment and see how interest vs principal change over the loan term.

Mortgage details

$
%

Monthly payment

$1,798.65/mo

Principal vs interest (yearly)

Loading chart...
MonthPaymentPrincipalInterestBalance
1$1,798.65$298.65$1,500.00$299,701
2$1,798.65$300.14$1,498.51$299,401
3$1,798.65$301.65$1,497.01$299,100
4$1,798.65$303.15$1,495.50$298,796
5$1,798.65$304.67$1,493.98$298,492
6$1,798.65$306.19$1,492.46$298,186

Showing first 6 months. Later payments shift toward principal.

Monthly payment

$1,798.65

$347,515 interest

How it works

A fixed-rate mortgage payment is designed so you pay the same principal-and-interest amount each month while the loan amortizes. Early payments are interest-heavy; later payments retire more principal.

Enter loan amount (principal), annual interest rate, and term in years. The calculator applies the standard amortization formula to estimate your monthly P&I payment and can show how the balance declines over time.

Property taxes, homeowners insurance, HOA dues, and mortgage insurance are usually separate. Lenders often quote PITI (principal, interest, taxes, insurance). This tool focuses on the P&I engine unless your quote already bundles those items.

Try shortening the term (for example 30 years vs 15 years): payment rises, but total interest usually falls. That tradeoff is one of the clearest decisions a mortgage calculator can illustrate.

If you already have a loan and want to model extra payments or biweekly schedules, use the Pay Off Calculator. Use this mortgage page when you are estimating a new payment from scratch.

Frequently asked questions

Does this include taxes and insurance?
The core estimate is principal and interest. Escrow items like property tax and homeowners insurance are separate unless your loan quote already bundles them as PITI.
How is the monthly payment calculated?
It uses the standard fixed-rate amortization formula from principal, the periodic interest rate, and the number of months in the term.
Why is so much of my early payment interest?
Interest is charged on the remaining balance. At the start the balance is largest, so more of each payment covers interest. As principal falls, more of each payment reduces the balance.
Should I choose a 15-year or 30-year mortgage?
A shorter term usually means a higher payment and less total interest. A longer term lowers the payment but costs more interest over time. Run both scenarios and check what fits your budget and goals.
Is this a lender quote?
No. Lenders add fees, points, credit-based pricing, and underwriting rules. Use this as an educational estimate before you compare official Loan Estimates.

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