Mortgage Payment Calculator
By FiscallyAI Editorial (AI-assisted) • Updated 2026-07-14 • Educational tool
Enter the loan amount, rate, and term to see your principal-and-interest payment, the total interest you'll pay over the life of the loan, and how much a little extra each month can save you.
The loan amount is the price minus this.
Applied to principal every month — see the time and interest it saves.
Your mortgage
Monthly payment (principal & interest)
$0
Loan amount
$0
Total interest
$0
Total of all payments
$0
Principal + interest over the full term.
With your extra payment
Paid off in
—
Interest saved
$0
How the payment is calculated
This uses the standard fixed-rate amortization formula for a fully amortizing loan:
M = P · [ r(1+r)ⁿ ] / [ (1+r)ⁿ − 1 ]
- P = loan amount (home price minus down payment)
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of monthly payments (years × 12)
The result is your monthly principal and interest. Total interest is the sum of every payment minus the amount you borrowed. When you add an extra monthly amount, the calculator amortizes the loan month by month — applying the extra to principal — to find the earlier payoff date and the interest that never accrues as a result.
What this figure does and doesn't include
This is the principal-and-interest payment only. Your actual monthly housing cost usually also includes property taxes, homeowners insurance, and — if your down payment is under 20% — private mortgage insurance (PMI), plus any HOA dues. Those vary by location and lender, so we leave them out rather than guess. Add your own estimates for those to get a full monthly cost.
Disclaimer: This is an educational tool, not a loan offer or financial advice. Actual rates, terms, taxes, insurance, and fees vary. Confirm exact figures with your lender before making a decision.