Numbrly personal
finance lab
Numbrly / Calculators / Mortgage Payment Calculator

🏠 Mortgage Payment Calculator

Calculate your monthly mortgage payment instantly. See a full year-by-year amortization schedule, compare 15 vs 30 year terms, and discover how extra payments can save you thousands in interest — all in your browser, with no sign-up required.

$2,022
per month (principal + interest)
$320,000
Loan Amount
$408,142
Total Interest
Jun 2056
Payoff Date

How to Use the Mortgage Payment Calculator

  1. Enter the Home Price — the total purchase price of the property you are considering.
  2. Enter your Down Payment — the amount you plan to pay upfront. A 20% down payment ($80,000 on a $400,000 home) avoids PMI.
  3. Set the Interest Rate — use your pre-approved rate or the current market average. As of 2026, rates typically range from 5.5% to 7%.
  4. Choose the Loan Term — 30 years is most common. 15 years has higher payments but saves significantly on total interest.
  5. Add Extra Payments (optional) — even $100 extra per month can shave years off your loan and save thousands in interest.
  6. Click Calculate — view your monthly payment, total interest, payoff date, and a full year-by-year amortization table.

Example: Buying a $400,000 Home

Sarah and Mike are first-time homebuyers looking at a $400,000 home. They have saved $80,000 for a down payment (20%). Their lender offers a 6.5% interest rate on a 30-year fixed-rate mortgage.

📊 Their Numbers

  • Loan amount: $320,000
  • Monthly payment (principal + interest): $2,022/month
  • Total interest over 30 years: $408,142
  • If they add $200 extra each month, they save about $105,429 in interest and pay off the loan roughly 6 years 7 months early.
  • Total loan payments (principal + interest): $728,142 over 30 years.

Why Use This Calculator?

⚡ Instant Results

No waiting, no loading screens. Change any number and see results update in real time.

📅 Full Amortization

Year-by-year breakdown showing exactly how much goes to principal vs. interest.

💪 Extra Payment Impact

See how even small extra payments dramatically reduce your total interest and shorten your loan.

🔐 Browser-Based

Calculator inputs are processed on this device and are not sent to Numbrly. Advertising services may process separate usage data.

Common Mistakes When Calculating Mortgage Payments

❌ Forgetting property taxes and insurance. This calculator shows principal + interest only. Your actual monthly payment will include property taxes, homeowners insurance, and possibly PMI — which can add $300–$600/month.

❌ Underestimating the down payment. Putting down less than 20% triggers PMI, which costs 0.5%–1% of the loan amount per year. On a $320,000 loan, that is $133–$267/month extra.

❌ Ignoring closing costs. Closing costs typically run 2%–5% of the home price. On a $400,000 home, budget $8,000–$20,000 for closing.

❌ Only looking at the monthly payment. A lower monthly payment on a 30-year term means you pay far more in total interest. Always check the total cost, not just the monthly number.

Frequently Asked Questions

How do I calculate my monthly mortgage payment? ▼
Your monthly payment depends on three factors: loan amount, interest rate, and loan term. The mathematical formula is M = P [ r(1+r)^n ] / [ (1+r)^n − 1 ], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12). Enter your numbers in the calculator above and it does the math for you instantly.
What is an amortization schedule? ▼
An amortization schedule is a year-by-year table showing every payment on your mortgage. It breaks down how much of each payment goes to principal versus interest, and shows your remaining loan balance after each year. In the early years, most of your payment goes to interest. Over time, more goes to principal. Our calculator generates this schedule automatically.
How much can I save with extra payments? ▼
Even small extra payments make a big difference. On a $320,000 mortgage at 6.5% over 30 years, adding just $100/month saves roughly $57,000 in interest and pays off the loan 3.5 years early. Adding $200/month saves about $100,000 and cuts 6 years off the term. The higher your interest rate, the bigger the impact of extra payments.
Should I choose a 15-year or 30-year mortgage? ▼
A 15-year mortgage has higher monthly payments (about 30-40% more) but you pay far less total interest and typically get a slightly lower rate (0.25%-0.5% less). A 30-year mortgage gives you lower monthly payments and more flexibility. If you can comfortably afford the higher payment, a 15-year term is the better financial choice. Use our calculator to compare both terms side by side.
What is included in a mortgage payment? ▼
A full mortgage payment typically includes PITI: Principal (the loan amount you repay), Interest (the cost of borrowing), Taxes (property taxes), and Insurance (homeowners insurance). If your down payment is under 20%, you also pay PMI (Private Mortgage Insurance). This calculator focuses on principal and interest — the core mortgage payment. Expect to add $200-$600/month for taxes, insurance, and possible PMI depending on your location and down payment.

Related Calculators

🏘

Rent vs. Buy Calculator

Not sure if buying is right for you? Compare the full cost of renting vs. buying over any time period.
💳

Loan Calculator

Calculate monthly payments for any loan — personal, auto, or student — with full amortization.
📈

Compound Interest Calculator

See how investing the money you save on mortgage interest could grow over time.
📉

Inflation Calculator

Understand how inflation affects the real value of your mortgage payments over 30 years.

Related Guides

Mortgage

Should You Pay Off Your Mortgage Early? A Complete Analysis

Updated June 2026 · 8 min read
Loans

15 vs 30 Year Mortgage: Which Term Saves More?

Updated June 2026 · 7 min read
Mortgage

How to Calculate Your Mortgage Payment — Step by Step

Updated June 2026 · 5 min read