Mortgage calculator
Estimate the monthly payment for a fixed-rate home loan in the United States. Change any value and the results update right away. Nothing you enter leaves your browser.
Results
Estimated monthly payment$2,022.62
- Principal and interest
- $2,022.62
- Loan amount
- $320,000.00
- Total interest
- $408,142.36
- Total principal and interest
- $728,142.36
- Paid off in
- 30 years
Yearly amortization summary
| Year | Interest | Principal | Balance at year end |
|---|---|---|---|
| 1 | $20,695 | $3,577 | $316,423 |
| 2 | $20,455 | $3,816 | $312,607 |
| 3 | $20,200 | $4,072 | $308,535 |
| 4 | $19,927 | $4,345 | $304,191 |
| 5 | $19,636 | $4,636 | $299,555 |
| 6 | $19,325 | $4,946 | $294,609 |
| 7 | $18,994 | $5,277 | $289,332 |
| 8 | $18,641 | $5,631 | $283,701 |
| 9 | $18,264 | $6,008 | $277,694 |
| 10 | $17,861 | $6,410 | $271,284 |
| 11 | $17,432 | $6,839 | $264,444 |
| 12 | $16,974 | $7,297 | $257,147 |
| 13 | $16,485 | $7,786 | $249,361 |
| 14 | $15,964 | $8,308 | $241,053 |
| 15 | $15,407 | $8,864 | $232,189 |
| 16 | $14,814 | $9,458 | $222,732 |
| 17 | $14,180 | $10,091 | $212,641 |
| 18 | $13,505 | $10,767 | $201,874 |
| 19 | $12,784 | $11,488 | $190,386 |
| 20 | $12,014 | $12,257 | $178,129 |
| 21 | $11,193 | $13,078 | $165,051 |
| 22 | $10,317 | $13,954 | $151,097 |
| 23 | $9,383 | $14,888 | $136,208 |
| 24 | $8,386 | $15,886 | $120,323 |
| 25 | $7,322 | $16,949 | $103,373 |
| 26 | $6,187 | $18,085 | $85,289 |
| 27 | $4,976 | $19,296 | $65,993 |
| 28 | $3,683 | $20,588 | $45,405 |
| 29 | $2,305 | $21,967 | $23,438 |
| 30 | $833 | $23,438 | $0 |
How the calculator works
Section titled “How the calculator works”- Loan amount is the home price minus the down payment.
- Principal and interest uses the standard fixed-rate formula, with the yearly rate divided by 12 for each month. How mortgage payments work explains the formula with a worked example.
- Estimated monthly payment adds any property tax, homeowners insurance, PMI, and HOA dues you enter. Property tax and insurance are entered per year and divided by 12. Costs you leave blank count as $0.
- Extra payments go entirely toward principal every month, starting with the first payment. They shorten the loan but don’t change the regular payment.
- Payoff date appears if you enter the month of your first payment.
What it leaves out
Section titled “What it leaves out”- Rates and costs change. The example values are illustrations, not current rates or typical costs. Use figures from your own loan offers, tax records, and insurance quotes.
- The interest rate is not the APR. Enter the loan’s interest rate. The APR also includes some fees, so it’s usually higher.
- Closing costs, points, and fees aren’t included.
- Taxes, insurance, PMI, and HOA dues are treated as fixed. In reality they can change every year, and PMI usually ends once you have enough equity.
- Adjustable-rate, interest-only, and balloon loans work differently and aren’t covered.
- Rounding: the calculator works at full precision and rounds only when showing results. Lenders round each payment to the cent, so their figures may differ by a few cents.