Loan Tax CalculatorMortgage Payment Calculator
Calculate your monthly mortgage payment based on loan amount, interest rate, and term. See how principal and interest break down over the life of your loan.
Estimated monthly payment
—
Principal —Interest —
- Loan amount
- —
- Total interest
- —
- Total of payments
- —
Principal and interest only, first-payment split shown. Property tax, insurance, and PMI are extra.
Read the assumptions
Results are planning estimates based on the formula shown below. They are not a quote, a loan approval, or tax advice.
Worked example
- Home Price
- $400,000
- Down Payment
- $80,000 (20%)
- Loan Amount
- $320,000
- Interest Rate
- 6.5%
- Term
- 30 years
- Monthly Payment
- $2,023
Sensitivity: payment by rate and term
Monthly principal and interest on a $320,000 loan.
| Rate | 15-year | 20-year | 30-year |
|---|---|---|---|
| 5.50% | $2,615 | $2,201 | $1,817 |
| 6.00% | $2,700 | $2,293 | $1,919 |
| 6.50% | $2,788 | $2,386 | $2,023 |
| 7.00% | $2,876 | $2,481 | $2,129 |
| 7.50% | $2,966 | $2,578 | $2,237 |
How it works
M = P · [r(1 + r)ⁿ / ((1 + r)ⁿ − 1)] where M = monthly payment, P = principal, r = monthly interest rate (annual rate / 12), n = total number of payments. Supports loan terms from 10 to 30 years.