This mortgage calculator estimates your monthly home-loan payment, the total interest, and the amortization from the loan amount, interest rate, and term. Enter your numbers above for an instant breakdown.
How is a mortgage payment calculated?
M = P × [ r(1+r)ⁿ ] ÷ [ (1+r)ⁿ − 1 ]
- P — loan principal, r — monthly rate (APR ÷ 12), n — number of payments (years × 12)
Example
$300,000 at 6.5% for 30 years: M = $1,896/month in principal and interest. Property tax, insurance, and PMI add to the full PITI payment.
How to lower your payment
- Larger down payment (and removing PMI at 20% equity)
- Longer term (lower payment, more total interest)
- A lower rate — shop multiple lenders
See the Consumer Financial Protection Bureau (consumerfinance.gov) for mortgage basics.
Good to know
These results are estimates for educational purposes only and are not financial advice. Rates, fees, and terms vary by lender and situation — confirm figures with a licensed professional before making decisions. Last updated: August 2026.
Frequently Asked Questions
How much is a mortgage payment on $300,000?
At 6.5% over 30 years, about $1,896 a month for principal and interest, before taxes and insurance.
What is included in a mortgage payment?
Principal and interest, plus escrowed property taxes and homeowners insurance (PITI), and PMI if your down payment is under 20%.
Is a 15 or 30-year mortgage better?
A 15-year has higher payments but far less total interest; a 30-year lowers the monthly payment but costs more overall.