Mortgage Calculator
Monthly payment, total interest and full cost of a home loan.
Quick answer
- The monthly payment uses the standard amortization formula lenders use for fixed-rate loans: M = P · r(1+r)^n / ((1+r)^n − 1).
- Example: a $300,000 loan at 6% for 30 years costs $1,798.65/mo and $347,515 in total interest — more interest than principal.
- The balance falls slowly at first: on that loan $279,163 is still owed after 5 years and $251,057 after 10 years (see the balance-by-year result).
- Extra payments compound in your favour: $100/mo extra on that loan saves $53,346 in interest and ends the loan 47 months early.
Mortgage Calculator
| Loan amount | $300,000 |
| Monthly payment (principal & interest) | $1,798.65 |
| Monthly tax, insurance & HOA | $0.00 |
| Total monthly payment | $1,798.65 |
| Total interest over the term | $347,515 |
| Total cost (down payment + all payments) | $722,515 |
| Balance remaining by year | Year 5: $279,163 · Year 10: $251,057 · Year 15: $213,147 · Year 20: $162,011 · Year 25: $93,036 · Year 30: $0 |
| Extra payment scenarios | Pay $100/mo extra → save $53,346 interest and finish 47 months early · Pay $200/mo extra → save $91,173 interest and finish 81 months early |
A $375,000 home with 20% down at 6% for 30 years costs $1,798.65 per month in principal and interest — $347,515 of interest over the life of the loan.
Work out exactly what a home loan will cost: the monthly principal-and-interest payment, how much interest you will pay over the full term, and the total monthly outlay once property tax, insurance and HOA dues are included.
The payment uses the standard amortization formula, the same one lenders use, so the figures match a lender's quote for a fixed-rate loan.
The formula
Worked example
A $375,000 home with 20% down at 6% for 30 years costs $1,798.65 per month in principal and interest — $347,515 of interest over the life of the loan.
The example is pre-loaded in the result panel — press Calculate with your own numbers to replace it.
Frequently asked questions
How much house can I afford?
A common guideline is that your total monthly housing cost should stay below about 28% of your gross monthly income. Enter a home price, then compare the total monthly payment here with your budget.
Does a shorter term really save that much?
Yes. A 15-year term at the same rate has a higher monthly payment but dramatically less total interest, because you pay the balance down faster and at the same rate for half the time.
What is included in the total monthly payment?
Principal and interest, plus property tax, home insurance and HOA dues if you enter them. Many lenders collect tax and insurance monthly in escrow.
How much do extra mortgage payments save?
On the example loan above ($300,000 at 6% for 30 years), the extra payment scenarios show that paying $100/mo extra saves $53,346 in interest and finishes 47 months early, while $200/mo extra saves $91,173 and finishes 81 months early. Our planned guide "How much do extra mortgage payments save" will work through this in more depth; until then, enter your own loan here to see the scenarios for your exact balance, rate and term.
Category: Finance calculators
Sources & methodology
This calculator applies the formula shown on this page exactly as written, using the standard definitions for its inputs. Results are computed from the values you enter — no data is stored — and are rounded only for display.
Content last reviewed by CalcHub Editorial.
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