Mortgage Payment Calculator
Calculate your monthly mortgage payment with current interest rates. Compare 15-year vs 30-year terms, see the full amortization schedule, and understand exactly how much goes to interest.
Last updated: · Standard amortization formula. Enter your lender's quoted rate.
A $400,000 home with 20% down ($80,000) at 6.00% for 30 years gives a monthly payment of $1,918.56 (principal and interest). With tax and insurance: $2,468.56/month.Total interest over the life of the loan: $370,682.
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Results
Amortization Summary (by Year)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,930 | $19,093 | $316,070 |
| 2 | $4,172 | $18,851 | $311,898 |
| 3 | $4,429 | $18,593 | $307,469 |
| 4 | $4,702 | $18,320 | $302,767 |
| 5 | $4,993 | $18,030 | $297,774 |
| 6 | $5,300 | $17,722 | $292,474 |
| 7 | $5,627 | $17,395 | $286,846 |
| 8 | $5,974 | $17,048 | $280,872 |
| 9 | $6,343 | $16,680 | $274,529 |
| 10 | $6,734 | $16,289 | $267,795 |
| ··· 19 more years ··· | |||
| 30 | $22,292 | $731 | $2 |
How This Is Calculated
This calculator uses the standard fixed-rate mortgage amortization formula:
M = P × [r(1+r)n] / [(1+r)n - 1]- M
- = Monthly payment (principal + interest)
- P
- = Loan amount (home price minus down payment)
- r
- = Monthly interest rate (annual rate ÷ 12)
- n
- = Total number of payments (years × 12)
Interest rate source
The default interest rate is pulled live from the Freddie Mac Primary Mortgage Market Survey (PMMS) via the Federal Reserve's FRED API (Series MORTGAGE30US for 30-year, MORTGAGE15US for 15-year). Updated weekly on Thursdays. You can adjust the rate to match your specific lender quote.
Frequently Asked Questions
- How is a mortgage payment calculated?
- Monthly mortgage payments use the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12). This formula ensures each payment covers the month's interest plus some principal, with the loan fully paid off at the end of the term.
- Should I choose a 15-year or 30-year mortgage?
- A 15-year mortgage has higher monthly payments but a lower interest rate and dramatically less total interest paid. A 30-year mortgage has lower monthly payments but costs much more in total interest. The total interest on a 30-year loan is typically 2-3x what you'd pay on a 15-year loan for the same amount. Choose 15-year if you can afford the higher payment; choose 30-year for flexibility.
- What is PMI and when is it required?
- Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home price (loan-to-value ratio above 80%). PMI costs 0.5% to 1.5% of the loan amount per year. It protects the lender (not you) if you default. PMI can be removed once you reach 20% equity. Making a 20% down payment avoids PMI entirely.
- Where do the interest rates come from?
- The default interest rates on this calculator are pulled live from the Federal Reserve's FRED database (Series MORTGAGE30US and MORTGAGE15US), which sources from the Freddie Mac Primary Mortgage Market Survey (PMMS). These rates are updated weekly every Thursday. You can adjust the rate slider to match your specific lender quote.