Mortgage Payment Calculator
Work out the monthly payment on a fixed-rate mortgage from the loan amount, interest rate and term.
- Loan amount$450,000.00 52%
- Total interest$419,806.89 48%
- 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.
Quick reference
Monthly payment by loan amount and rate — 30-year term
Principal and interest per month on a 30-year fixed-rate loan.
| Loan amount | 5% | 5.5% | 6% | 6.5% | 7% | 7.5% |
|---|---|---|---|---|---|---|
| $100,000 | $536.82 | $567.79 | $599.55 | $632.07 | $665.30 | $699.21 |
| $150,000 | $805.23 | $851.68 | $899.33 | $948.10 | $997.95 | $1,048.82 |
| $200,000 | $1,073.64 | $1,135.58 | $1,199.10 | $1,264.14 | $1,330.60 | $1,398.43 |
| $250,000 | $1,342.05 | $1,419.47 | $1,498.88 | $1,580.17 | $1,663.26 | $1,748.04 |
| $300,000 | $1,610.46 | $1,703.37 | $1,798.65 | $1,896.20 | $1,995.91 | $2,097.64 |
| $400,000 | $2,147.29 | $2,271.16 | $2,398.20 | $2,528.27 | $2,661.21 | $2,796.86 |
| $500,000 | $2,684.11 | $2,838.95 | $2,997.75 | $3,160.34 | $3,326.51 | $3,496.07 |
| $600,000 | $3,220.93 | $3,406.73 | $3,597.30 | $3,792.41 | $3,991.81 | $4,195.29 |
| $700,000 | $3,757.75 | $3,974.52 | $4,196.85 | $4,424.48 | $4,657.12 | $4,894.50 |
Monthly payment by loan amount and rate — 15-year term
Principal and interest per month on a 15-year fixed-rate loan.
| Loan amount | 5% | 5.5% | 6% | 6.5% | 7% | 7.5% |
|---|---|---|---|---|---|---|
| $100,000 | $790.79 | $817.08 | $843.86 | $871.11 | $898.83 | $927.01 |
| $150,000 | $1,186.19 | $1,225.63 | $1,265.79 | $1,306.66 | $1,348.24 | $1,390.52 |
| $200,000 | $1,581.59 | $1,634.17 | $1,687.71 | $1,742.21 | $1,797.66 | $1,854.02 |
| $250,000 | $1,976.98 | $2,042.71 | $2,109.64 | $2,177.77 | $2,247.07 | $2,317.53 |
| $300,000 | $2,372.38 | $2,451.25 | $2,531.57 | $2,613.32 | $2,696.48 | $2,781.04 |
| $400,000 | $3,163.17 | $3,268.33 | $3,375.43 | $3,484.43 | $3,595.31 | $3,708.05 |
| $500,000 | $3,953.97 | $4,085.42 | $4,219.28 | $4,355.54 | $4,494.14 | $4,635.06 |
| $600,000 | $4,744.76 | $4,902.50 | $5,063.14 | $5,226.64 | $5,392.97 | $5,562.07 |
| $700,000 | $5,535.56 | $5,719.58 | $5,907.00 | $6,097.75 | $6,291.80 | $6,489.09 |
Frequently asked questions
How is a mortgage payment calculated?
With the standard amortization formula: payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly interest rate (annual rate divided by 12) and n the total number of monthly payments. The result is one constant payment that pays the loan off exactly at the end of the term.
How much of the monthly payment is interest?
Each month's interest is the outstanding balance times the monthly rate, and it dominates early on. On a $450,000 loan at 6% over 25 years, the first payment of $2,899.36 includes $2,250 of interest — over three quarters. As the balance falls, more of each identical payment goes to principal.
How much difference does one percentage point of interest make?
More than most people expect. On a $300,000 loan over 30 years, the monthly payment is $1,798.65 at 6% but $1,995.91 at 7% — about $197 more per month, and roughly $71,000 more interest over the life of the loan.
Does this payment include property taxes and insurance?
No — the figure here is principal and interest only. Lenders usually collect property taxes, homeowner's insurance and sometimes mortgage insurance on top (often via an escrow account), so the total monthly outlay is higher.
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Results are informational only — not financial, medical or legal advice.