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Mortgage Payment & Amortization Calculator

Monthly principal and interest, total interest, and payoff from loan amount, APR, and term.

Page updated 2026-09-14.

Mortgage Payment & Amortization Calculator visual
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Calculator

Amount borrowed. Default $350,000.

Nominal APR. Default 6.5%.

Amortization length. Default 30.

Calculated Results

Monthly P&I

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Total interest

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Total paid

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Payments

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The amortization formula, run on your numbers

On a $350,000 loan at 6.5% for 30 years, the fixed monthly principal-and-interest payment works out to $2,212.24. That comes from the standard annuity formula: the annual rate is converted to a monthly rate (6.5% / 12 = 0.5417%), compounded over 360 payments, and solved so the balance lands at exactly zero on the last one.

Over the full term you'd pay $796,405.71 in total principal and interest, and $446,405.71 of that -- more than the loan itself -- is interest. That interest share is sensitive to both inputs: drop the rate by one point or cut five years off the term and the total-interest line moves by tens of thousands of dollars, not a rounding error.

Change the principal, rate, or term and every result recalculates immediately. A 0% rate is handled as a special case (simple principal divided by number of payments) so a promotional-rate loan doesn't divide by zero.

What this number leaves out, on purpose

This is P&I only. Property tax, homeowners insurance, PMI, and HOA dues are not in the $2,212.24 figure, so the line on your actual mortgage statement will run higher. Size those separately on the Property Tax Estimator before you build a monthly budget around this number.

Principal and term both have to be greater than zero -- if either is blank or zero, the page shows a validation message and disables the copy button instead of returning a nonsense payment.

If a lower rate is available at the cost of points paid up front, that's a separate trade-off: the Mortgage Points Break-Even Calculator tells you how many months it takes for the lower payment to earn back the cost.

Where this fits in a real mortgage decision

Already have a loan and a lower rate showed up? Run this payment against the new terms on the Refinance Break-Even & Savings Calculator to see how many months it takes closing costs to pay for themselves.

Still deciding whether to buy at all? The Rent vs. Buy Break-Even Calculator uses this same payment math against a rent comparison over time.

Frequently Asked Questions (FAQ)

How is the $2,212.24 monthly payment calculated?

Fixed-rate amortization: payment = P x r x (1+r)^n / ((1+r)^n - 1), where P is $350,000, r is the monthly rate (6.5% / 12), and n is 360 monthly payments. The same formula reruns on every keystroke.

Why is total interest ($446,405.71) more than the loan amount?

Because interest is charged monthly on whatever principal is still outstanding, and at 6.5% over 360 payments the early years are mostly interest. Shortening the term to 15 years or cutting the rate reduces this figure far more than it reduces the monthly payment.

What happens if I enter a 0% interest rate?

The calculator switches to simple division -- principal divided by the number of payments -- since the standard amortization formula divides by zero at 0% interest. Total interest shows as $0.

Does this include property tax, insurance, or PMI?

No. This is principal and interest only, matching the loan note itself, not the full monthly housing payment. Add tax and insurance separately before comparing this to what a lender's estimate shows.

Is this a substitute for a lender's loan estimate?

No. It's a planning worksheet using the published amortization formula. Your actual closing disclosure will include lender fees, exact rate locks, and escrow figures this page doesn't model.

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