Your monthly mortgage payment is one of the most consequential numbers in your financial life. Get it right, and you build wealth steadily over decades. Misjudge it, and you risk being house-poor — asset-rich but cash-starved. This calculator gives you the full picture: your exact monthly payment, t...
MONTHLY PAYMENT
1,995.91
MONTHLY PAYMENT
$1,996
TOTAL INTEREST
$418,527
TOTAL COST
$718,527
REMAINING BALANCE OVER TIME
Live diagram · updates as you type
Enter your Loan Amount — the total amount you are borrowing, not the purchase price of the home.
Enter your Annual Interest Rate — use the rate quoted by your lender, not the APR.
Enter your Loan Term — typically 15 or 30 years for a fixed-rate mortgage.
Your Monthly Payment appears instantly, along with total interest paid and the full amortization chart.
Try adjusting the loan term from 30 to 15 years to see the trade-off between monthly payment and total interest.
Sarah buys a home and takes out a $350,000 mortgage at 6.75% annual interest rate for 30 years. Monthly Payment = 350,000 × (0.005625) × (1.005625)^360 / ((1.005625)^360 - 1) = $2,270.27. Over 30 years, Sarah pays $2,270.27 × 360 = $817,297 total. Her total interest paid is $817,297 - $350,000 = $467,297 — more than the original loan. In month 1, only $308 goes to principal while $1,969 goes to interest. By year 15, the split is roughly equal.
| NAME | FORMULA | DESCRIPTION |
|---|---|---|
| Monthly Payment | M = P × r(1+r)ⁿ / ((1+r)ⁿ - 1) | P = loan amount, r = monthly rate (annual rate / 12), n = total payments |
| Monthly Rate | r = Annual Rate / 12 / 100 | Convert annual interest rate to monthly decimal |
| Total Payment | Total = Monthly Payment × n | Total amount paid over the life of the loan |
| Total Interest | Interest = Total Payment - Loan Amount | Total interest paid above the original principal |
| Remaining Balance | B = P(1+r)ⁿ - M((1+r)ⁿ - 1) / r | Outstanding balance after k payments |
Loan Amount from Payment
P = M × ((1+r)ⁿ - 1) / (r(1+r)ⁿ)Maximum loan you can afford given a target monthly payment
When to use: Use when you know your maximum monthly budget and want to find your borrowing limit
Debt-to-Income Ratio
DTI = Monthly Debt Payments / Gross Monthly Income × 100Lenders typically require DTI below 43%
When to use: Use to check whether you qualify for a mortgage before applying
Break-Even on Points
Break-Even Months = Points Cost / Monthly SavingsHow long before buying down the rate pays off
When to use: Use when deciding whether to pay discount points to lower your interest rate
FIRST-TIME HOME BUYERS
Calculate maximum affordable loan amount based on monthly budget, then reverse-calculate to find target purchase price
Example: A couple with $3,000/month mortgage budget qualifies for ~$450,000 at 7% for 30 years
REFINANCING DECISION
Compare current payment vs new payment after refinancing, then calculate break-even point to decide if refinancing makes sense
Example: Refinancing saves $180/month but costs $5,000 in closing costs — break-even in 28 months
INVESTMENT PROPERTY
Calculate mortgage payment on rental property and compare against expected rental income to assess cash flow
Example: A rental property with $1,800 payment and $2,500 rent generates $700/month positive cash flow
MORTGAGE BROKER
Show clients the payment impact of different loan amounts, rates, and terms to guide product recommendations
Example: Showing a client that a 0.25% rate improvement saves $52/month and $18,700 over 30 years
REAL ESTATE AGENT
Quickly calculate buyer affordability during property viewings to filter suitable listings
Example: Agent calculates maximum offer price based on buyer pre-approval amount and desired payment
FINANCIAL PLANNING
Model mortgage as part of long-term wealth building strategy, including extra payments and early payoff scenarios
Example: Planner shows client that paying $500/month extra saves $140,000 and cuts 9 years off the loan
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Last updated: 25 April 2026 · Formula verified by EagleCalculator team · Eagle-eyed accuracy for every calculation.