How is my monthly mortgage payment calculated?

Your monthly payment is calculated from the loan amount, interest rate, and loan term using the standard amortization formula.

What’s included in a typical mortgage payment?

Most mortgage payments include principal and interest. Depending on your situation, you may also pay property taxes, homeowners insurance, and PMI.

What is an amortization schedule?

An amortization schedule shows how each payment is split between interest and principal, and how your remaining balance changes over time.

Mortgage Calculator

Overview

Easily calculate your monthly mortgage payments and loan amortization schedule for fixed-rate mortgages.

The Mortgage Calculator helps you calculate your monthly payments and provides an amortization schedule for fixed-rate mortgages. Input your loan amount, interest rate, and term to get a breakdown of payments and how much interest you'll pay over the life of the loan.

How to use

Calculate your mortgage payment in a few quick steps.

Enter home price and down payment: Fill in the home price and your down payment amount (or percentage, if available).
Set the loan term: Choose the loan term in years (for example, 15 or 30 years).
Add the interest rate: Enter the annual interest rate offered by your lender.
Review results: Check the monthly payment and the amortization schedule to understand principal vs. interest over time.

FAQs

How is my monthly mortgage payment calculated?: Your monthly payment is calculated from the loan amount, interest rate, and loan term using the standard amortization formula.
What’s included in a typical mortgage payment?: Most mortgage payments include principal and interest. Depending on your situation, you may also pay property taxes, homeowners insurance, and PMI.
What is an amortization schedule?: An amortization schedule shows how each payment is split between interest and principal, and how your remaining balance changes over time.