Estimate monthly mortgage payments, loan amount, total interest, payoff date, extra payment savings, and a yearly amortization schedule.
Formula
A standard mortgage payment is based on the loan amount, monthly interest rate, and total number of payments. The calculator estimates principal and interest only, so real housing costs may be higher when taxes, insurance, mortgage insurance, or HOA fees apply.
Extra payments
Extra monthly payments go toward the loan balance faster. This reduces future interest charges, can shorten the mortgage term, and may help you pay off the loan earlier than scheduled.
Use cases
Use it when comparing home prices, loan terms, interest rates, down payments, and extra payment options before making a mortgage decision.
Estimate the mortgage impact quickly and review the numbers before discussing options with a lender or financial advisor.
Estimate the mortgage impact quickly and review the numbers before discussing options with a lender or financial advisor.
Estimate the mortgage impact quickly and review the numbers before discussing options with a lender or financial advisor.
Estimate the mortgage impact quickly and review the numbers before discussing options with a lender or financial advisor.
Estimate the mortgage impact quickly and review the numbers before discussing options with a lender or financial advisor.
Estimate the mortgage impact quickly and review the numbers before discussing options with a lender or financial advisor.
Calculator details
Last updated: July 2026
Formula used
Monthly payment = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is loan principal, r is monthly rate, and n is number of payments.
Assumptions
Example calculation
A $300,000 loan at 6% for 30 years has an estimated principal-and-interest payment of about $1,799 per month.
When to use this calculator
Use it when comparing home prices, loan terms, rates, down payments, and extra payment plans.
Disclaimer
Mortgage results are estimates only. Lenders may use different rates, fees, underwriting rules, taxes, insurance, and qualification standards.
Questions
A mortgage calculator uses the loan amount, interest rate, and loan term to estimate the monthly principal and interest payment. Taxes, insurance, HOA fees, and lender fees are not included unless added separately.
The standard payment formula is M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
No. This calculator estimates principal and interest. Actual monthly housing costs may also include property tax, homeowner insurance, mortgage insurance, HOA fees, and lender charges.
Extra monthly payments reduce the outstanding principal faster, which can lower total interest and shorten the payoff time. The calculator shows estimated interest savings and early payoff timing.
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