Mortgage Calculator
Calculate your monthly payment, total cost, and full amortization schedule. Results update instantly as you type.
Loan Details
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Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1]
- M = Monthly payment
- P = Principal (loan amount)
- r = Monthly interest rate (annual ÷ 12)
- n = Number of payments (years × 12)
Monthly Payment
$1,516.96
Loan Amount
$240,000.00
Total Interest
$306,106.77
Total Cost
$546,106.77
Home Price$300,000.00
Down Payment$60,000.00
Loan Principal$240,000.00
Interest Rate6.5% per year
Loan Term30 years (360 payments)
Monthly Payment$1,516.96
Total of Payments$546,106.77
Total Interest Paid$306,106.77
Mortgage Calculator
Generated June 10, 2026Monthly Payment
$1,516.96
Loan Amount
$240,000.00
Total Interest
$306,106.77
Total Cost
$546,106.77
Loan Details
Home Price$300,000.00
Down Payment$60,000.00
Loan Principal$240,000.00
Interest Rate6.5% per year
Loan Term30 years (360 payments)
Total of Payments$546,106.77
Total Interest Paid$306,106.77
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,516.96 | $216.96 | $1,300.00 | $239,783.04 |
| 7 | $1,516.96 | $224.11 | $1,292.85 | $238,456.35 |
| 13 | $1,516.96 | $231.49 | $1,285.47 | $237,085.97 |
| 19 | $1,516.96 | $239.12 | $1,277.84 | $235,670.43 |
| 25 | $1,516.96 | $247.00 | $1,269.97 | $234,208.27 |
| 31 | $1,516.96 | $255.13 | $1,261.83 | $232,697.93 |
| 37 | $1,516.96 | $263.54 | $1,253.42 | $231,137.84 |
| 43 | $1,516.96 | $272.22 | $1,244.74 | $229,526.36 |
| 49 | $1,516.96 | $281.19 | $1,235.77 | $227,861.79 |
| 55 | $1,516.96 | $290.45 | $1,226.51 | $226,142.38 |
| 61 | $1,516.96 | $300.02 | $1,216.94 | $224,366.33 |
| 67 | $1,516.96 | $309.90 | $1,207.06 | $222,531.76 |
| 73 | $1,516.96 | $320.11 | $1,196.85 | $220,636.77 |
| 79 | $1,516.96 | $330.66 | $1,186.30 | $218,679.34 |
| 85 | $1,516.96 | $341.55 | $1,175.41 | $216,657.44 |
| 91 | $1,516.96 | $352.80 | $1,164.16 | $214,568.92 |
| 97 | $1,516.96 | $364.43 | $1,152.54 | $212,411.60 |
| 103 | $1,516.96 | $376.43 | $1,140.53 | $210,183.21 |
| 109 | $1,516.96 | $388.83 | $1,128.13 | $207,881.41 |
| 115 | $1,516.96 | $401.64 | $1,115.32 | $205,503.78 |
| 121 | $1,516.96 | $414.87 | $1,102.09 | $203,047.83 |
| 127 | $1,516.96 | $428.54 | $1,088.42 | $200,510.97 |
| 133 | $1,516.96 | $442.66 | $1,074.30 | $197,890.53 |
| 139 | $1,516.96 | $457.24 | $1,059.72 | $195,183.77 |
| 145 | $1,516.96 | $472.30 | $1,044.66 | $192,387.84 |
| 151 | $1,516.96 | $487.86 | $1,029.10 | $189,499.81 |
| 157 | $1,516.96 | $503.94 | $1,013.03 | $186,516.63 |
| 163 | $1,516.96 | $520.54 | $996.43 | $183,435.17 |
| 169 | $1,516.96 | $537.68 | $979.28 | $180,252.21 |
| 175 | $1,516.96 | $555.40 | $961.57 | $176,964.38 |
| 181 | $1,516.96 | $573.69 | $943.27 | $173,568.24 |
| 187 | $1,516.96 | $592.59 | $924.37 | $170,060.23 |
| 193 | $1,516.96 | $612.12 | $904.85 | $166,436.65 |
| 199 | $1,516.96 | $632.28 | $884.68 | $162,693.69 |
| 205 | $1,516.96 | $653.11 | $863.85 | $158,827.43 |
| 211 | $1,516.96 | $674.63 | $842.34 | $154,833.80 |
| 217 | $1,516.96 | $696.85 | $820.11 | $150,708.61 |
| 223 | $1,516.96 | $719.81 | $797.16 | $146,447.52 |
| 229 | $1,516.96 | $743.52 | $773.44 | $142,046.06 |
| 235 | $1,516.96 | $768.01 | $748.95 | $137,499.60 |
| 241 | $1,516.96 | $793.31 | $723.65 | $132,803.36 |
| 247 | $1,516.96 | $819.45 | $697.51 | $127,952.42 |
| 253 | $1,516.96 | $846.44 | $670.52 | $122,941.67 |
| 259 | $1,516.96 | $874.33 | $642.63 | $117,765.84 |
| 265 | $1,516.96 | $903.13 | $613.83 | $112,419.51 |
| 271 | $1,516.96 | $932.88 | $584.08 | $106,897.05 |
| 277 | $1,516.96 | $963.62 | $553.35 | $101,192.67 |
| 283 | $1,516.96 | $995.36 | $521.60 | $95,300.36 |
| 289 | $1,516.96 | $1,028.15 | $488.81 | $89,213.94 |
| 295 | $1,516.96 | $1,062.02 | $454.94 | $82,927.02 |
| 301 | $1,516.96 | $1,097.01 | $419.95 | $76,432.98 |
| 307 | $1,516.96 | $1,133.15 | $383.82 | $69,725.01 |
| 313 | $1,516.96 | $1,170.48 | $346.49 | $62,796.05 |
| 319 | $1,516.96 | $1,209.04 | $307.93 | $55,638.83 |
| 325 | $1,516.96 | $1,248.87 | $268.10 | $48,245.83 |
| 331 | $1,516.96 | $1,290.01 | $226.95 | $40,609.29 |
| 337 | $1,516.96 | $1,332.51 | $184.46 | $32,721.16 |
| 343 | $1,516.96 | $1,376.40 | $140.56 | $24,573.18 |
| 349 | $1,516.96 | $1,421.75 | $95.22 | $16,156.77 |
| 355 | $1,516.96 | $1,468.58 | $48.38 | $7,463.10 |
| 360 | $1,516.96 | $1,508.79 | $8.17 | $0.00 |
Understanding Your Mortgage
Principal vs. Interest
Early payments are mostly interest. As the balance decreases, more of each payment goes toward principal. This is called front-loaded amortization.
Rate Impact
Even a 0.5% rate difference on a $300k loan can mean tens of thousands of dollars over 30 years. Always compare lender APRs, not just rates.
Extra Payments
Making one extra payment per year on a 30-year mortgage can cut years off your term and save significant interest — check with your lender for prepayment penalties.