What Will My Monthly Mortgage Payment Be?
Whether you're buying your first home or refinancing, our calculator gives you instant answers. See your monthly payments, total interest costs, and find out how much you can save by paying extra each month.
Key Takeaways
- • On a $500,000.00 home with 20% down ($100,000.00), a $400,000.00 loan at 6.5% over 30 years has a total monthly payment of about $3,153.27.
- • That breaks down into $2,528.27 principal & interest, $500.00 property tax, $125.00 insurance.
- • Over the full 30-year term you'll pay $510,177.95 in total interest. With 20%+ down, you pay no PMI.
Why Use Our Mortgage Payment Calculator?
Get Instant Answers
See your monthly payment update in real-time as you change the loan amount, interest rate, or loan term
See the Full Picture
View detailed breakdowns showing exactly how much goes toward principal vs. interest over the life of your loan
Discover Savings
Find out how much you can save by making extra payments each month
How Do I Calculate My Monthly Mortgage Payment?
Enter Your Home Price or Loan Amount
Start by entering the total amount you want to borrow for your home purchase
Add Your Interest Rate
Enter the annual interest rate your lender has offered you, or try different rates to compare
Choose Your Loan Term
Select how many years you want to take to pay off your mortgage - typically 15 or 30 years
See Your Results Instantly
Your monthly payment appears automatically, along with the total interest you'll pay over the life of your loan
Example: $300,000 Home Loan
15-Year vs 30-Year Mortgage: Which Is Better?
A 15-year mortgage saves you far more in interest and builds equity faster, but a 30-year mortgage has a lower, more flexible monthly payment. On a $400,000 loan at 6.5%, the 15-year option costs about $957 more per month but saves roughly $283,000 in total interest. Here's the side-by-side:
| $400,000 loan at 6.5% | 30-Year | 15-Year |
|---|---|---|
| Monthly payment (P&I) | $2,528 | $3,484 |
| Total interest paid | $510,178 | $227,242 |
| Total of all payments | $910,178 | $627,242 |
| Time to own your home | 30 years | 15 years |
Figures are principal & interest only and exclude taxes, insurance, PMI and HOA. Switch the loan term above using the 15 / 20 / 30-year presets to compare your own numbers.
Should I Make Extra Payments on My Mortgage?
Making extra payments on your mortgage can help you pay off your loan years earlier and save thousands in interest. Our calculator shows you exactly how much you could save.
What Can Extra Payments Do for You?
- Pay off your home loan years earlier than scheduled
- Save tens of thousands of dollars in interest charges
- Build home equity faster and own your home outright sooner
Real Example: How Much Can I Save?
On a $300,000 mortgage at 6.5% over 30 years, adding just $200 extra per month could:
Use the calculator above to see your personalized savings
How We Calculate Your Mortgage Payment
Monthly principal & interest is calculated with the standard amortization formula M = P · r(1+r)n / ((1+r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12).
Your total monthly payment (PITI) adds property tax and homeowners insurance (entered annually, divided by 12), PMI, and any HOA dues. PMI is auto-estimated at 0.5% of the loan per year when your down payment is under 20% (loan-to-value above 80%) and you can override it. Property tax and insurance default to typical U.S. averages and should be adjusted to your local rates and quotes.
These results are estimates for planning and education, not a loan offer or financial advice. Your actual rate and payment depend on your lender, credit profile, and current market conditions. For the exact figures on your loan, confirm with a licensed mortgage lender.