Mortgage calculator
Enter the amount you are borrowing, the interest rate and the term. You get the monthly payment, the total interest you would pay over the whole mortgage, and the month-by-month breakdown of principal against interest.
All calculations happen in your browser. Nothing you enter is saved or sent anywhere. See the privacy page.
Month-by-month schedule
| Month | Principal | Interest | Balance |
|---|
Questions people ask
What does this monthly payment include?
Principal and interest only — the part of the payment set by the amount, rate and term. What your lender actually collects each month is usually more, because it can add property taxes, home insurance and possibly mortgage insurance into an escrow. Those extras vary by property and location, so add your own figures on top of the number here.
Why is the total interest so large on a 30-year mortgage?
Because the balance stays high for a long time and interest is charged on the balance every month. Borrow 300,000 at 6.5% for 30 years and the interest over the life of the loan is around 382,000 — more than the amount borrowed. Shorten the term or overpay early, when the balance is at its biggest, and the total falls sharply; the schedule above shows exactly where the interest is charged.
Should I compare a 15-year and a 30-year term here?
Yes, that is the calculator's best trick: change only the term and watch the two numbers move against each other. The 15-year payment is higher each month, but the total interest is usually less than half. Whether that trade is worth it depends on how much monthly room you have — the calculator gives you the honest size of both sides.
Does a small rate difference really matter?
Over a mortgage, enormously. On 300,000 over 30 years, moving the rate from 6.5% to 6.0% cuts the payment by about 98 a month and the lifetime interest by roughly 35,000. This is why shopping between lenders and paying attention to fractions of a percent is worth the paperwork — try your own quotes here and compare.
Not financial advice. This calculator is for information only. The results are estimates for the principal-and-interest part of a repayment mortgage. Real offers add fees, insurance, taxes and their own rounding rules. Check any figure that matters with your lender.