This calculator estimates mortgage payments, total interest, and payoff details for home buyers and owners comparing loans.
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Enter the loan amount, annual interest rate, and loan term. Add taxes, insurance, or fees if those fields are available and you want a fuller monthly cost.
The monthly principal and interest payment is M = P × [r(1 + r)^n] / [(1 + r)^n - 1], where P is the loan amount, r is the annual rate divided by 12, and n is the number of monthly payments. Total interest equals M × n - P.
For a $320,000 mortgage at 6.5% for 30 years, the monthly principal and interest payment is about $2,023. Over 360 payments, total interest is about $408,200, before taxes, insurance, and fees.
The basic mortgage formula includes only principal and interest. Property taxes, homeowners insurance, mortgage insurance, and association fees must be added separately.
Interest is charged across a large balance for many years. On a long mortgage, even half a percentage point can change the payment and total interest by a substantial amount.
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