US Mortgage Calculator
US Mortgage Calculator. Free, instant, no signup. Results update as you type.
You are viewing the archived 2025 rules. Switch to the current tax year.
Monthly payment
$2,311.12
- Principal & interest $1,896.20
- Property tax $312.50
- Insurance $102.42
- Loan amount $300,000.00
- Total interest paid $382,633.47
- Total cost of loan $682,633.47
View year-by-year schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1.00 | 3,353.18 | 19,401.27 | 296,646.82 |
| 2.00 | 3,577.74 | 19,176.70 | 293,069.08 |
| 3.00 | 3,817.35 | 18,937.10 | 289,251.73 |
| 4.00 | 4,073.01 | 18,681.44 | 285,178.72 |
| 5.00 | 4,345.79 | 18,408.66 | 280,832.93 |
| 6.00 | 4,636.83 | 18,117.62 | 276,196.10 |
| 7.00 | 4,947.37 | 17,807.08 | 271,248.73 |
| 8.00 | 5,278.70 | 17,475.75 | 265,970.03 |
| 9.00 | 5,632.23 | 17,122.22 | 260,337.81 |
| 10.00 | 6,009.43 | 16,745.02 | 254,328.38 |
| 11.00 | 6,411.89 | 16,342.56 | 247,916.49 |
| 12.00 | 6,841.31 | 15,913.14 | 241,075.18 |
| 13.00 | 7,299.48 | 15,454.97 | 233,775.70 |
| 14.00 | 7,788.34 | 14,966.11 | 225,987.36 |
| 15.00 | 8,309.94 | 14,444.51 | 217,677.42 |
| 16.00 | 8,866.47 | 13,887.98 | 208,810.95 |
| 17.00 | 9,460.28 | 13,294.17 | 199,350.68 |
| 18.00 | 10,093.85 | 12,660.60 | 189,256.83 |
| 19.00 | 10,769.85 | 11,984.60 | 178,486.98 |
| 20.00 | 11,491.13 | 11,263.32 | 166,995.85 |
| 21.00 | 12,260.71 | 10,493.74 | 154,735.14 |
| 22.00 | 13,081.83 | 9,672.62 | 141,653.30 |
| 23.00 | 13,957.95 | 8,796.50 | 127,695.36 |
| 24.00 | 14,892.74 | 7,861.71 | 112,802.62 |
| 25.00 | 15,890.13 | 6,864.32 | 96,912.49 |
| 26.00 | 16,954.32 | 5,800.13 | 79,958.16 |
| 27.00 | 18,089.79 | 4,664.66 | 61,868.38 |
| 28.00 | 19,301.29 | 3,453.16 | 42,567.08 |
| 29.00 | 20,593.94 | 2,160.51 | 21,973.15 |
| 30.00 | 21,973.15 | 781.30 | 0.00 |
Repayment mortgage at a fixed rate for the whole term. Excludes mortgage insurance, HOA fees and closing costs.
How to use this calculator
- Enter the home price — Use the purchase price you are negotiating, not the listing price, if the two differ.
- Enter your down payment — The calculator subtracts this to find the amount actually borrowed, and shows the resulting loan-to-value ratio.
- Set the rate and term — Use the annual percentage rate you have been quoted. Thirty years is standard in the US; fifteen raises the monthly payment but cuts total interest sharply.
- Add taxes and insurance — Enter annual figures. The calculator divides them across twelve months so the total reflects what you will actually pay.
- Review the total interest — Expand the schedule to see how the split between principal and interest changes over the life of the loan.
What this calculator works out
To work out a monthly mortgage payment, enter the home price, your down payment, the interest rate and the loan term. The calculator applies the standard amortisation formula and returns the monthly principal and interest, plus property tax and insurance where you enter them. It also shows the total interest paid across the life of the loan, which is usually the figure that changes people's decisions.
How the payment is calculated
A repayment mortgage uses the standard amortisation formula:
M = P × i ÷ (1 − (1 + i)−n)
where M is the monthly payment, P is the amount borrowed, i is the monthly interest rate (the annual rate divided by twelve) and n is the total number of monthly payments. A 30-year loan has 360 of them.
A worked example
Take a $350,000 home with $50,000 down, leaving $300,000 borrowed at 6.5% over 30 years. The monthly rate is 0.065 ÷ 12 = 0.0054167, and n is 360. That gives a monthly principal and interest payment of about $1,896.
Over 360 payments that totals roughly $682,600, of which $382,600 is interest — more than the amount originally borrowed. This is the part that surprises people, and it is why the calculator shows total interest as prominently as the monthly figure.
What the monthly payment actually includes
Lenders in the United States usually quote PITI: principal, interest, taxes and insurance. Principal and interest go to the lender. Property tax and homeowner's insurance are typically collected alongside them into an escrow account and paid out on your behalf. On the example above, a $3,750 annual tax bill and $1,229 of insurance add roughly $415 a month, taking the real cost past $2,300.
What this calculator does not include
Private mortgage insurance (PMI) is not included. It is normally required when the down payment is under 20% and typically costs between 0.5% and 1.5% of the loan each year. On the example above — a 14.3% down payment — PMI would be a real cost of perhaps $125 to $375 a month until the loan-to-value ratio reaches 80%.
Also excluded: HOA dues, closing costs, which commonly run 2% to 5% of the purchase price, and any points paid to reduce the rate.
Why a small rate change matters so much
Because interest compounds over 360 payments, a rate difference that looks trivial is not. On the same $300,000 loan, moving from 6.5% to 6.0% cuts the monthly payment by about $97 — and cuts the total interest by roughly $35,000. Shopping the rate is worth more than almost any other negotiation in the process.
The same logic makes overpayments powerful early in the term. In the first years, the great majority of each payment is interest, so an extra $200 a month removes principal that would otherwise have been charged interest for three decades.
Reading the amortisation schedule
Expand the schedule and look at year one. On the example loan, about $19,300 is paid that year and roughly $3,900 of it touches the principal — the rest is interest. The crossover point, where more of each payment goes to principal than to interest, does not arrive until around year 18 on a 30-year loan at 6.5%.
That shape is why selling early is expensive relative to what you have repaid, and why refinancing resets more than it appears to: a new 30-year term puts you back at the start of the curve, even at a lower rate.