How much is my monthly mortgage payment? Find out instantly with our free calculator. Calculate monthly payments, total interest, total payment amount, and view a detailed amortization table for any home loan scenario.
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of monthly payments (years × 12)
M = Monthly payment
n = Total number of payments
P = Principal loan amount
The calculator uses the standard amortization formula used by banks and lenders worldwide. Each monthly payment is applied first to the interest accrued since the last payment, with the remainder reducing your principal balance. Over time, as the principal decreases, more of each payment goes toward principal and less toward interest.
Click "Calculate Monthly Payment" on the Calculator tab first to generate the amortization schedule. Below is the first 24 months of your loan.
| # | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| Run a calculation first to see the amortization table. | ||||
A mortgage payment consists of two main components: principal and interest. The principal is the amount you borrowed, and the interest is the cost of borrowing that money. Each month, your payment is calculated so that over the loan term (typically 15 or 30 years), the loan is fully paid off — this is called amortization.
In the early years of your mortgage, a much larger portion of each payment goes toward interest. As you make payments over time, the balance shrinks, and more of your payment is applied to the principal. This is why building home equity happens slowly at first and accelerates over time.
One of the most important decisions when choosing a mortgage is whether to go with a fixed-rate or an adjustable-rate mortgage (ARM). Each has distinct advantages depending on your financial situation and how long you plan to stay in the home.
Your interest rate stays the same for the entire loan term. Monthly payments are predictable and never change, making budgeting easy. Fixed-rate mortgages are ideal if you plan to stay in your home for many years and want payment stability. The trade-off is that initial rates are typically higher than ARM starting rates.
Best for: Long-term homeowners who value stability.
ARMs start with a lower introductory rate that is fixed for an initial period (e.g., 5, 7, or 10 years), then adjusts periodically based on market conditions. This can save money if you sell or refinance before the rate adjusts. However, there is risk — rates could rise significantly, increasing your monthly payment.
Best for: Short-term homeowners or those expecting rates to fall.
When comparing fixed vs adjustable rates, ask yourself: How long do I plan to live in this home? If the answer is 5-7 years or less, an ARM might save you money. If you plan to stay 10+ years, a fixed-rate mortgage provides peace of mind.
Your credit score is one of the most important factors lenders use to determine your mortgage interest rate. A higher credit score signals to lenders that you are a lower-risk borrower, which typically qualifies you for lower interest rates. Even a small difference in your rate can have a massive impact on your monthly payment and total interest over the life of the loan.
| Credit Score Range | Typical Rate Impact | Monthly Payment* | Total Interest* |
|---|---|---|---|
| 760+ (Excellent) | Best available rate | $1,897 | $382,920 |
| 700-759 (Good) | +0.25% to +0.50% | $1,987 | $415,320 |
| 620-699 (Fair) | +0.75% to +1.50% | $2,204 | $493,440 |
* Based on a $300,000 30-year fixed-rate loan. Rates are approximate and for illustration only.
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Educational Purposes Only: This mortgage payment calculator is provided for educational and informational purposes only. Results are estimates based on the information you provide and standard amortization formulas. They do not constitute financial advice, loan approval, or a commitment to lend. Actual mortgage payments depend on many factors including your credit profile, property taxes, homeowners insurance, PMI, loan origination fees, and specific lender underwriting criteria. Always consult with a qualified mortgage professional and review official loan documents before making financial decisions.