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What will my monthly payment be, and how much interest do I pay in total?
Calculate monthly payments, total costs, and payment schedules for home loans.
Sample numbers. Change any field to use yours.
Enter the basic mortgage information.
Total purchase price of the home
$80,000
Annual percentage rate (APR)
Length of the mortgage
Include property tax, insurance, and other fees for the total monthly payment.
Monthly payment (principal and interest)Sample
$2,
Your payment is all principal and interest. Tick "Include additional housing costs in calculations" to see tax, insurance, PMI, and HOA alongside it.
Fig. 1. What you still owe at the end of each year, at the rate and term entered.
Fig. 2. Green is the principal paid each year, red is interest. Interest shrinks and principal grows as the balance falls.
| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $3,251 | $22,297 | $316,749 |
| 2 | $3,486 | $22,062 | $313,264 |
| 3 | $3,738 | $21,810 | $309,526 |
| 4 | $4,008 | $21,540 | $305,519 |
| 5 | $4,297 | $21,250 | $301,221 |
| 6 | $4,608 | $20,939 | $296,613 |
| 7 | $4,941 | $20,606 | $291,672 |
| 8 | $5,298 | $20,249 | $286,373 |
| 9 | $5,681 | $19,866 | $280,692 |
| 10 | $6,092 | $19,455 | $274,600 |
| 11 | $6,533 | $19,015 | $268,067 |
| 12 | $7,005 | $18,543 | $261,062 |
| 13 | $7,511 | $18,036 | $253,551 |
| 14 | $8,054 | $17,493 | $245,497 |
| 15 | $8,636 | $16,911 | $236,860 |
| 16 | $9,261 | $16,287 | $227,600 |
| 17 | $9,930 | $15,617 | $217,669 |
| 18 | $10,648 | $14,900 | $207,021 |
| 19 | $11,418 | $14,130 | $195,603 |
| 20 | $12,243 | $13,304 | $183,360 |
| 21 | $13,128 | $12,419 | $170,232 |
| 22 | $14,077 | $11,470 | $156,155 |
| 23 | $15,095 | $10,453 | $141,060 |
| 24 | $16,186 | $9,361 | $124,873 |
| 25 | $17,356 | $8,191 | $107,517 |
| 26 | $18,611 | $6,937 | $88,906 |
| 27 | $19,956 | $5,591 | $68,950 |
| 28 | $21,399 | $4,149 | $47,551 |
| 29 | $22,946 | $2,602 | $24,605 |
| 30 | $24,605 | $943 | $0 |
Loan-to-value at or below 80%
Your LTV is 80.0%. Lenders generally do not charge PMI on conventional loans at or below 80% LTV.
Interest exceeds principal
You'll pay $446,428 in interest over the loan term, more than the $320,000 you borrowed.
Long-term loan
A 30-year mortgage has lower monthly payments and more total interest than a 15-year loan at the same rate.
Written by Elizabeth Stein
Principal and interest come from the loan amount, rate and term: a $320,000 loan over 30 years at a fixed 7% is about $2,129 a month. Turn on the extras switch to add property tax, insurance, PMI and HOA fees, which you enter, for a total housing payment. Closing costs, rate changes and extra principal payments are not included.
Lenders generally charge private mortgage insurance on conventional loans where the loan is above 80% of the home's value, so a 20% down payment typically avoids it. The lab shows your loan-to-value ratio and which side of 80% you are on. The PMI amount in the total is one you enter.
At the same rate, a 30-year loan has a lower monthly payment and more total interest than a 15-year loan. Neither is cheaper on both measures. Run both terms in the lab and compare the monthly payment with the total interest. The lab opens at 7%, a sample rate: check a current quote before relying on it.