Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and amortization schedule instantly.
Monthly Payment
$2,086/mo
Total Interest
$431,018
Loan Amount
$320,000
Total Cost
$751,018
| Home Price | $400,000 |
| Down Payment | $80,000 (20.0%) |
| Loan Amount | $320,000 |
| Interest Rate | 6.8% |
| Loan Term | 30 years |
| Monthly Payment | $2,086 |
Amortization Schedule
30-year table| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,378 | $21,656 | $316,622 |
| 2 | $3,615 | $21,419 | $313,007 |
| 3 | $3,869 | $21,165 | $309,139 |
| 4 | $4,140 | $20,894 | $304,999 |
| 5 | $4,430 | $20,604 | $300,568 |
| 6 | $4,741 | $20,293 | $295,827 |
| 7 | $5,074 | $19,960 | $290,753 |
| 8 | $5,430 | $19,604 | $285,323 |
| 9 | $5,811 | $19,223 | $279,512 |
| 10 | $6,219 | $18,815 | $273,294 |
| 11 | $6,655 | $18,379 | $266,639 |
| 12 | $7,122 | $17,912 | $259,517 |
How to use this mortgage calculator
This mortgage calculator estimates your monthly payment, total interest paid, and full amortization schedule for any home purchase. Enter your home price, adjust your down payment in dollars or percent, select a loan term, and enter your interest rate. Every result updates instantly as you type or drag the sliders.
The Monthly Payment shows principal and interest only — it does not include property taxes, home insurance, or HOA fees. Total Interest is the cumulative cost of borrowing over the full loan term. Total Cost is the loan amount plus total interest — the total you will have paid by the final payment.
Use the amortization table to see how your balance falls each year and how the principal-to-interest ratio shifts over time. Try comparing a 15-year vs. 30-year term, or see how increasing your down payment by 5% changes your monthly payment and total interest — small changes compound dramatically across a 30-year mortgage.
Frequently Asked Questions
How is a monthly mortgage payment calculated?
A monthly mortgage payment is calculated using the principal loan amount, the annual interest rate, and the loan term. The standard 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 total number of payments. This calculator handles the math instantly so you can experiment with different scenarios.
What is a good mortgage rate in 2026?
In 2026, a good mortgage rate depends on the type of loan, your credit score, and current market conditions. Rates for a 30-year fixed mortgage typically range from 6% to 8% for borrowers with strong credit. A rate below 7% is generally considered competitive. Use this mortgage calculator to see how even a 0.5% difference affects your monthly payment and total interest paid.
How much do I need for a down payment?
In the US, you can put as little as 3% down with a conventional loan or 3.5% with an FHA loan, though putting less than 20% typically requires private mortgage insurance (PMI). In Canada, the minimum is 5% for homes under $500,000. A 20% down payment eliminates PMI and significantly reduces your monthly payment and total interest paid.
What is the difference between a 15 and 30 year mortgage?
A 15-year mortgage has higher monthly payments but you pay significantly less total interest and build equity much faster. A 30-year mortgage has lower monthly payments making homeownership more accessible, but you pay nearly twice as much in total interest over the life of the loan. Use this calculator to compare: set the loan term to 15 vs. 30 years and see the total interest difference instantly.
How does the interest rate affect my monthly payment?
On a $400,000 mortgage over 30 years, a 1% increase in interest rate adds roughly $220–$240 to your monthly payment and tens of thousands in total interest. Even a 0.25% rate difference is meaningful compounded over 30 years. Shopping multiple lenders and improving your credit score before applying are the best ways to secure a lower rate.
What is amortization?
Amortization is the process of paying off a loan over time through regular scheduled payments. In the early years of a mortgage, most of each payment goes toward interest rather than principal. Over time, the interest portion decreases and more goes toward paying down the principal. The amortization schedule in this calculator shows exactly how much principal and interest you pay each year and your remaining balance.
Can I afford a $400,000 home?
A common guideline is that housing costs should not exceed 28–30% of your gross monthly income. For a $400,000 home with 20% down and a 6.8% interest rate, the monthly payment is approximately $2,099. This means you would ideally need a gross monthly income of around $7,000–$7,500 (roughly $84,000–$90,000/year). Use this mortgage calculator to find a home price range that fits your specific budget.
Should I choose a fixed or variable rate mortgage?
A fixed-rate mortgage locks in your interest rate for the full term, giving you predictable payments and protection from rate increases. A variable rate mortgage (ARM) typically starts lower but can increase over time based on market conditions. Fixed rates are generally recommended when rates are rising or when you plan to stay in your home long term. Variable rates can make sense if you expect to sell or refinance within a few years.