Estimate your monthly mortgage payment including principal and interest, property taxes, homeowners insurance, HOA fees, and PMI.
See how principal, interest, and remaining balance change over time.
| Year | Principal | Interest | Remaining Balance |
|---|---|---|---|
| Calculate your mortgage to see the schedule. | |||
The Numelios Mortgage Calculator helps estimate the monthly principal and interest payment for a fixed-rate mortgage. It also shows the total amount repaid and the total interest paid over the life of the loan.
Use it to compare different loan amounts, mortgage rates, and repayment terms before making a home financing decision.
A standard fixed-rate mortgage payment is calculated using the loan amount, monthly interest rate, and total number of monthly payments.
M = monthly payment, P = loan principal, r = monthly interest rate, and n = number of payments.
Suppose you borrow $300,000 with a 6.5% fixed interest rate for 30 years.
This example represents principal and interest only. Taxes, insurance, HOA fees, and other housing costs may increase the actual monthly payment.
A larger mortgage balance generally produces a higher monthly payment and greater total interest cost.
Even a small change in the mortgage rate can have a significant effect on monthly payments and long-term cost.
Longer terms usually reduce the monthly payment but increase the amount of interest paid over time.
A larger down payment reduces the amount you need to finance and may also affect mortgage insurance requirements.
The basic mortgage payment calculation represents principal and interest. Property taxes, homeowners insurance, HOA fees, mortgage insurance, and other expenses should be considered separately when estimating the full cost of homeownership.
A 15-year mortgage usually has higher monthly payments but substantially less total interest. A 30-year mortgage usually provides a lower monthly payment but costs more interest over the life of the loan.
For a fixed-rate mortgage, the interest rate normally remains unchanged for the loan term. Adjustable-rate mortgages can change according to the loan's adjustment schedule and terms.
Many mortgages allow additional principal payments, which can reduce the payoff time and total interest. Use the Numelios Mortgage Payoff Calculator to compare the effect of extra payments.
This calculator is provided for informational and educational purposes only. Results are estimates and are not a loan offer, financial advice, or a guarantee of lending terms.