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Mortgage Calculator
✦ ProCalculate your monthly mortgage payment and view a full amortization schedule with principal and interest breakdown.
$
$
%
Monthly Payment
$1,769.79
PrincipalInterest
Loan Amount
$280,000
Total Interest
$357,125
Total Cost
$637,125
Frequently Asked Questions
How is a monthly mortgage payment calculated?
Monthly mortgage payments are calculated using the formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan principal, r is the monthly interest rate, and n is the total number of payments. This calculator handles the math instantly — just enter your loan details.
What is an amortization schedule?
An amortization schedule is a table showing each monthly payment broken down into principal and interest over the life of the loan. Early payments go mostly toward interest, while later payments go mostly toward principal. Our calculator generates this full schedule for you.
How much house can I afford?
A common guideline is that your monthly mortgage payment should not exceed 28% of your gross monthly income. For example, if you earn $6,000/month, aim for a payment under $1,680. Factor in property taxes, insurance, and HOA fees as well.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest paid. A 30-year mortgage has lower monthly payments but you pay much more interest over time. For example, on a $300,000 loan at 6%, a 15-year saves over $200,000 in interest compared to a 30-year.
Should I make extra mortgage payments?
Extra payments can save you thousands in interest and shorten your loan term. Even small additional amounts — like $100/month — add up over time. Check with your lender about prepayment penalties first. Use our loan calculator to see the impact of extra payments.
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