How Much Will My Monthly Mortgage Payment Be?
Enter your loan amount, interest rate, and term ā get your exact monthly payment and a full amortization schedule in seconds. Principal and interest only; see the disclaimer below for what's not included.
How mortgage payments are calculated
Your monthly payment is determined by three factors: the loan amount (home price minus your down payment), the annual interest rate, and the loan term. The standard amortization formula spreads your total cost across equal monthly payments ā each covering both interest and a portion of the principal.
In the early years, most of each payment goes toward interest. As the balance decreases, more goes to principal. The amortization table above shows the exact breakdown for every month of your loan.
Example mortgage payments
These examples use principal and interest only at current typical US rates.