Mortgage Calculator: Monthly Principal and Interest Payment

Written byOleh Soloninupdated 5 October 2026

Currency

What to calculate

Loan amount

Use this when you already know the loan principal.

Annual interest rate, %

Term (months)

Advanced options

Home price (optional)

When provided, loan amount is calculated automatically.

Down payment

Can be entered as amount or as percent of home price.

Down payment mode

Grant towards the deposit

Any grant or subsidy paid into the deposit, such as Russian maternity capital. It reduces the loan when a home price is entered.

Result

Calculated loan amount

$320,000.00

Monthly payment

$2,077.64

Total paid

$747,950.93

Total interest

$427,950.93

This result is informational only and is not professional advice.

Principal$320,000.00

Interest$427,950.93

Balance trend

Month 1$319,725.03

Month 72$295,667.37

Month 143$259,819.03

Month 214$206,401.35

Month 285$126,803.59

Month 356$8,194.83

Payment schedule

Long schedules are grouped for easier scanning

Period	Payment	Interest	Principal	Balance
1-12	$24,931.70	$21,527.82	$3,403.88	$316,596.12
13-24	$24,931.70	$21,290.45	$3,641.24	$312,954.88
25-36	$24,931.70	$21,036.53	$3,895.16	$309,059.71
37-48	$24,931.70	$20,764.91	$4,166.79	$304,892.92
49-60	$24,931.70	$20,474.34	$4,457.36	$300,435.56
61-72	$24,931.70	$20,163.51	$4,768.19	$295,667.37
73-84	$24,931.70	$19,831.00	$5,100.70	$290,566.68
85-96	$24,931.70	$19,475.31	$5,456.39	$285,110.29
97-108	$24,931.70	$19,094.81	$5,836.89	$279,273.40
109-120	$24,931.70	$18,687.78	$6,243.92	$273,029.48
121-132	$24,931.70	$18,252.36	$6,679.33	$266,350.15
133-144	$24,931.70	$17,786.58	$7,145.11	$259,205.03
145-156	$24,931.70	$17,288.33	$7,643.37	$251,561.66
157-168	$24,931.70	$16,755.32	$8,176.38	$243,385.28
169-180	$24,931.70	$16,185.15	$8,746.55	$234,638.73
181-192	$24,931.70	$15,575.21	$9,356.49	$225,282.25
193-204	$24,931.70	$14,922.74	$10,008.95	$215,273.29
205-216	$24,931.70	$14,224.78	$10,706.92	$204,566.37
217-228	$24,931.70	$13,478.14	$11,453.56	$193,112.81
229-240	$24,931.70	$12,679.43	$12,252.27	$180,860.54
241-252	$24,931.70	$11,825.03	$13,106.67	$167,753.87
253-264	$24,931.70	$10,911.04	$14,020.66	$153,733.22
265-276	$24,931.70	$9,933.32	$14,998.38	$138,734.84
277-288	$24,931.70	$8,887.42	$16,044.28	$122,690.56
289-300	$24,931.70	$7,768.58	$17,163.11	$105,527.45
301-312	$24,931.70	$6,571.73	$18,359.97	$87,167.47
313-324	$24,931.70	$5,291.41	$19,640.29	$67,527.18
325-336	$24,931.70	$3,921.80	$21,009.89	$46,517.29
337-348	$24,931.70	$2,456.69	$22,475.00	$24,042.28
349-360	$24,931.70	$889.41	$24,042.28	$0.00

Quickly estimate fixed-rate mortgage principal-and-interest payments.

Estimate monthly mortgage payment, total interest, and total repaid for fixed-rate principal-and-interest scenarios.

A mortgage is the same fixed-payment arithmetic as any other loan, stretched over a term long enough that the interest outgrows the loan itself. That is the number worth looking at before the payment: for example — 5,000,000 at 10.5% over 240 months — the payment is 49,918.99, but the interest adds up to 6,980,558.64, more than the amount borrowed.

Two levers change that total, and neither is the price. A lower rate cuts the interest directly; a shorter term cuts it by leaving less time for interest to accrue, at the cost of a higher payment. This calculator shows both effects, and the payoff calculator shows what overpayments do to the same figures.

How to use

Choose what to work out: the payment for a loan amount, or the loan a monthly payment will carry.
Enter the loan amount or the payment, the rate from the lender's quote and the term in months: 30 years is 360.
If you know the home price, open the extra fields and enter it with the down payment as an amount or a percentage.
Compare the payment and total interest across terms and rates, then use the mortgage payoff calculator to test overpayments.

How the monthly payment is worked out

A fixed-rate mortgage is repaid in equal monthly payments: loan × r ÷ (1 − (1 + r)^−n), where r is the annual rate ÷ 12 ÷ 100 and n the number of months. The payment covers principal and interest only; property tax, insurance and any mortgage insurance come on top.

Example: 320,000 at 6.76% over 30 years costs 2,077.64 a month and 427,950.93 in interest. In the first payment 1,802.67 is interest and only 274.97 reduces the balance. Over 15 years the payment rises to 2,833.48, but the interest falls to 190,027.25 — less than half.

Where each payment goes, year by year

The payment stays the same, but its make-up changes every month. Interest is charged on the balance still owed, so early payments are mostly interest and the balance falls slowly; as the balance shrinks, more of each payment goes to principal.

On 320,000 at 6.76% over 30 years, principal does not overtake interest until payment 238, in year 20, and half the loan is only repaid by payment 259, about 21.6 years in. That is why extra payments made early save the most.

Loan of 320,000 at 6.76% over 360 months, payment 2,077.64. Worked out from this calculator's schedule.
Year	Interest paid	Principal repaid	Interest share	Balance at year end
1	21,527.82	3,403.88	86.3%	316,596.12
5	20,474.34	4,457.36	82.1%	300,435.56
10	18,687.78	6,243.92	75.0%	273,029.48
15	16,185.15	8,746.55	64.9%	234,638.73
20	12,679.43	12,252.27	50.9%	180,860.54
25	7,768.58	17,163.11	31.2%	105,527.45
30	889.41	24,042.28	3.6%	0

Monthly payment by loan size and term

Find your loan amount and term for a quick estimate. Stretching a 300,000 loan from 15 to 30 years lowers the payment by 708.60 a month but raises the total interest from 178,150.55 to 401,203.99, more than double.

Principal and interest per month at 6.76%. Enter your own rate in the calculator for anything else.
Loan	15 years	20 years	25 years	30 years
200,000	1,770.93	1,521.92	1,383.09	1,298.53
300,000	2,656.39	2,282.88	2,074.63	1,947.79
400,000	3,541.86	3,043.83	2,766.17	2,597.05
500,000	4,427.32	3,804.79	3,457.72	3,246.31

How much house a payment buys

The reverse calculation starts from the payment: loan = payment × (1 − (1 + r)^−n) ÷ r. A payment of 2,000 at 6.76% over 30 years carries a loan of about 308,042; with a 20% down payment that is a home of up to about 385,052.

Lenders also look at your debt-to-income ratio, so the payment you can comfortably afford from take-home pay is a better starting point than the most a lender will approve.

What this calculator shows

Estimated monthly mortgage payment
Total interest over the mortgage term
Total principal plus interest repaid

What to keep in mind

The model is principal-and-interest only.
Property tax, insurance, HOA, and PMI are excluded unless added manually outside this tool.
A fixed rate is assumed for the whole term.

Where the numbers come from

Checked against the standard annuity payment formula.

FAQs

How much house can I afford with a 2,000 monthly payment?

At 6.76% over 30 years a 2,000 payment carries a loan of about 308,000; with 20% down that is a home of about 385,000. Switch to Loan for a monthly payment to try your own rate and term.

Does this include taxes and insurance?

No, it covers principal and interest only. Property tax, building insurance and any service charge are added on top and can raise the real monthly outgoing considerably.

What is the monthly payment on a 300,000 mortgage?

At 6.76% it is 1,947.79 over 30 years or 2,656.39 over 15 years, for principal and interest. Total interest is 401,203.99 on the 30-year loan and 178,150.55 on the 15-year one.

How much difference does the interest rate make?

A lot. The payment and total interest on a 30-year loan rise steeply with the rate, because interest is charged on a large balance for decades. Enter two rates side by side in the calculator to see the gap for your own loan.

Why is the early part of a mortgage almost all interest?

Interest is charged on the balance still owed, which is highest at the start. On 320,000 at 6.76% over 30 years, 86% of the first year's payments is interest, and principal only overtakes interest in year 20.

How do I calculate a mortgage payment by hand?

Divide the annual rate by 12 and by 100 to get the monthly rate r, then use loan × r ÷ (1 − (1 + r)^−n), where n is the number of months. For 320,000 at 6.76% over 360 months, r is 0.005633 and the payment comes to 2,077.64.

Why does a longer term cost so much more interest?

Because the balance shrinks more slowly, so interest is charged on a larger amount for longer. On 300,000 at 6.76%, going from 15 to 30 years raises the total interest by 223,053.44 while the payment drops by only 708.60 a month.

Is a 15-year or a 30-year mortgage better?

A 15-year loan costs far less in total: on 300,000 at 6.76% the interest is 178,150.55 instead of 401,203.99. The 30-year loan costs 708.60 a month less, which leaves room in the budget; you can still overpay when money allows.

Worked example

5,000,000 at 10.5% over twenty years

Input: Mortgage 5,000,000; rate 10.5% a year; term 240 months

Output: Payment 49,918.99; total interest 6,980,558.64; total repaid 11,980,558.64

Note: The interest is 140% of the amount borrowed. In a spreadsheet: =PMT(10.5%/12, 240, -5000000).

Useful links

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Mortgage Calculator: Monthly Principal and Interest Payment

Result

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