Mortgage Payment Calculator
Work out the monthly payment on a fixed-rate mortgage from the loan amount, interest rate and term.
- Monthly interest rate0.5%
- Number of payments300
- Monthly payment$2,899.36
- Total paid over term$869,806.89
- Total interest$419,806.89
Inputs used
- Loan amount$450,000.00
- Annual interest rate6 %
- Term25 years
About this calculator
A fixed-rate mortgage payment is calculated with the standard amortization formula: the loan amount, the monthly interest rate and the number of monthly payments together determine a constant payment that pays the loan off exactly by the end of the term.
Early payments are mostly interest; over time the balance shifts toward principal. That is why the total interest over a long term can rival the loan amount itself — try shortening the term or nudging the rate to see how sensitive the total cost is.
This calculator covers principal and interest only. Property taxes, insurance and fees vary by lender and location, so your actual monthly outlay will be higher.
Results are informational only — not financial, medical or legal advice.