Mortgage payment calculator

What you’ll pay each month, what you’ll pay back in total, and how the balance goes down, year by year.

Monthly payment

$1,896.20

for 30 years, 360 payments

$382,633.47 in interest
$682,633.47 in total

Borrowing $300,000 over 30 years at 6.5%, you pay $1,896.20 a month, every month.

Out of every 100 you pay back, 56 is interest.

What you pay back in total

Principal$300,00044%
Interest$382,63356%

I’m not an accountant or a financial advisor. This is an estimate, for information only. Check with a professional before you decide.

Your numbers

example: change the numbers

Currency

This changes the symbol and the examples. It does not convert your numbers.

Loan amount

What you borrow: the home price minus your down payment.

Loan term

Usually 15 or 30 years in the US, 25 in the UK and Canada.

Interest rate

The yearly interest rate in your offer. The APR, which includes fees, is a little higher.

Payment type

Fixed paymentthe same every monthFixed principalstarts high, goes down

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Year-by-year schedule
Year	Payments	Principal	Interest	Balance left
1	$22,754.45	$3,353.18	$19,401.27	$296,646.82
2	$22,754.45	$3,577.74	$19,176.70	$293,069.08
3	$22,754.45	$3,817.35	$18,937.10	$289,251.73
4	$22,754.45	$4,073.01	$18,681.44	$285,178.72
5	$22,754.45	$4,345.79	$18,408.66	$280,832.93
6	$22,754.45	$4,636.83	$18,117.62	$276,196.10
7	$22,754.45	$4,947.37	$17,807.08	$271,248.73
8	$22,754.45	$5,278.70	$17,475.75	$265,970.03
9	$22,754.45	$5,632.23	$17,122.22	$260,337.81
10	$22,754.45	$6,009.43	$16,745.02	$254,328.38
11	$22,754.45	$6,411.89	$16,342.56	$247,916.49
12	$22,754.45	$6,841.31	$15,913.14	$241,075.18
13	$22,754.45	$7,299.48	$15,454.97	$233,775.70
14	$22,754.45	$7,788.34	$14,966.11	$225,987.36
15	$22,754.45	$8,309.94	$14,444.51	$217,677.42
16	$22,754.45	$8,866.47	$13,887.98	$208,810.95
17	$22,754.45	$9,460.28	$13,294.17	$199,350.68
18	$22,754.45	$10,093.85	$12,660.60	$189,256.83
19	$22,754.45	$10,769.85	$11,984.60	$178,486.98
20	$22,754.45	$11,491.13	$11,263.32	$166,995.85
21	$22,754.45	$12,260.71	$10,493.74	$154,735.14
22	$22,754.45	$13,081.83	$9,672.62	$141,653.30
23	$22,754.45	$13,957.95	$8,796.50	$127,695.36
24	$22,754.45	$14,892.74	$7,861.71	$112,802.62
25	$22,754.45	$15,890.13	$6,864.32	$96,912.49
26	$22,754.45	$16,954.32	$5,800.13	$79,958.16
27	$22,754.45	$18,089.79	$4,664.66	$61,868.38
28	$22,754.45	$19,301.29	$3,453.16	$42,567.08
29	$22,754.45	$20,593.94	$2,160.51	$21,973.15
30	$22,754.45	$21,973.15	$781.30	$0.00

How it works

With a fixed payment (the usual kind), every payment is the same. Early on, most of it is interest; near the end, it is almost all principal. The formula every lender uses is: payment = loan × r ÷ (1 − (1 + r)^−n), where r is the monthly rate (yearly rate ÷ 12) and n is the number of payments.
With fixed principal you pay back the same slice of the loan every month (loan ÷ number of payments) plus interest on what is left, so the first payment is the highest and each one after that is a little lower.
Total interest is the sum of the interest in every payment. The calculator uses the interest rate, not the APR: fees, taxes and insurance are not included.

Worked example

$300,000 over 30 years at 6.5%: monthly rate 0.5417%, 360 payments. Fixed payment $1,896.20; in total you pay back $682,633.47, of which $382,633.47 is interest (56% of everything you pay).

Sources

Text checked on September 30, 2026

Good to know

In the US, your real monthly housing cost also includes property taxes, homeowners insurance and, with less than 20% down, mortgage insurance (PMI). They are not in this number.
The interest rate is not the APR. The APR adds fees and points, so use it to compare offers.
With an adjustable rate (an ARM, or a variable or tracker rate in the UK), the payment will change. This calculation holds only for today’s rate.
The examples for each currency are just examples, not today’s market rates. Type in the rate from your own offer.

Frequently asked questions

What is the difference between the interest rate and the APR?

The interest rate is the rate used to calculate your interest. The APR (annual percentage rate) adds the costs of getting the loan, such as origination fees and points, so it is higher. Compare offers on the APR.

Is a 15-year or a 30-year mortgage better?

A 15-year loan has a higher monthly payment but far less interest in total. A 30-year loan is easier on your monthly budget but costs much more over time. Change the term above and compare the total interest.

What happens if I pay extra each month?

Extra payments go straight to the principal, so you finish sooner and pay less interest. Check with your lender first: some loans have prepayment rules, although most US mortgages today do not charge a penalty.

Does the calculator work for UK repayment mortgages?

Yes. A UK repayment mortgage works the same way as a US fixed-payment loan. For an interest-only mortgage the numbers are different: you pay only the interest and the whole loan is still due at the end.