Mortgage Payment Calculator
$
%
%
Monthly Payment$2,086.16
This is approximately {pct_of_income}% of a {income_level} gross monthly income
Total Interest Paid$431,017.82
Total Cost of Loan$751,017.82
Loan Amount$320,000.00
Amortization Schedule
Payment Breakdown
Share:
Your monthly mortgage payment depends on four factors: the loan amount (home price minus down payment), the interest rate, the loan term, and whether you include escrow for taxes and insurance.
The formula used is the standard present value of an annuity (PMT formula), which calculates the fixed payment required to fully amortize the loan over the term.
Jane Smith, CFPCFP®
Reviewed 2025-01-15 · View methodology
Frequently Asked Questions
What is included in a monthly mortgage payment?
A standard mortgage payment covers principal (reducing your loan balance) and interest. Many lenders also collect property taxes and homeowner's insurance through an escrow account, making your actual payment higher than P+I alone.
How does a larger down payment affect my mortgage?
A larger down payment reduces your loan amount, lowering both your monthly payment and total interest paid. Putting down 20% or more also eliminates private mortgage insurance (PMI), saving an additional 0.5–1% of the loan amount annually.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly lower total interest and builds equity faster. A 30-year mortgage has lower monthly payments, providing more cash flow flexibility. The right choice depends on your income stability and other financial goals.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. APR includes the interest rate plus lender fees and other costs, giving a more complete picture of the total borrowing cost.
Related Calculators
Use this calculator anywhere
Install the free Chrome extension — auto-fills from Zillow, Redfin, and banking sites.
Get the Free Extension →Add this calculator to your website
One script tag. White-label theming. Plans from $19/mo.
See Embed Plans →