Mortgage payment calculator
The monthly payment on a fixed-rate mortgage, the interest you pay over the life of the loan, and how an extra payment changes the payoff date.
By David Miller Updated Sources
sample data
Monthly payment
$2,528.27
30 years to payoff
- Principal$400,000.00
- Interest$510,179.81
- Monthly payment
- $2,528.27
- Loan amount
- $400,000.00
- Interest rate
- 6.50%
- Extra monthly payment
- $0.00
- Payoff time
- 30 years
- Total interest
- $510,179.81
- Total paid
- $910,179.81
- You pay $510,179.81 in interest over 30 years, on top of the $400,000.00 borrowed.
Year 30: $0.00
- Balance
Year by year
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,470.86 | $25,868.38 | $395,529.14 |
| 2 | $4,770.29 | $25,568.95 | $390,758.85 |
| 3 | $5,089.77 | $25,249.47 | $385,669.08 |
| 4 | $5,430.65 | $24,908.59 | $380,238.43 |
| 5 | $5,794.35 | $24,544.89 | $374,444.08 |
| 6 | $6,182.38 | $24,156.86 | $368,261.70 |
| 7 | $6,596.45 | $23,742.79 | $361,665.25 |
| 8 | $7,038.21 | $23,301.03 | $354,627.04 |
| 9 | $7,509.58 | $22,829.66 | $347,117.46 |
| 10 | $8,012.53 | $22,326.71 | $339,104.93 |
| 11 | $8,549.13 | $21,790.11 | $330,555.80 |
| 12 | $9,121.67 | $21,217.57 | $321,434.13 |
| 13 | $9,732.56 | $20,606.68 | $311,701.57 |
| 14 | $10,384.40 | $19,954.84 | $301,317.17 |
| 15 | $11,079.86 | $19,259.38 | $290,237.31 |
| 16 | $11,821.89 | $18,517.35 | $278,415.42 |
| 17 | $12,613.61 | $17,725.63 | $265,801.81 |
| 18 | $13,458.37 | $16,880.87 | $252,343.44 |
| 19 | $14,359.73 | $15,979.51 | $237,983.71 |
| 20 | $15,321.40 | $15,017.84 | $222,662.31 |
| 21 | $16,347.49 | $13,991.75 | $206,314.82 |
| 22 | $17,442.33 | $12,896.91 | $188,872.49 |
| 23 | $18,610.48 | $11,728.76 | $170,262.01 |
| 24 | $19,856.87 | $10,482.37 | $150,405.14 |
| 25 | $21,186.72 | $9,152.52 | $129,218.42 |
| 26 | $22,605.61 | $7,733.63 | $106,612.81 |
| 27 | $24,119.55 | $6,219.69 | $82,493.26 |
| 28 | $25,734.90 | $4,604.34 | $56,758.36 |
| 29 | $27,458.41 | $2,880.83 | $29,299.95 |
| 30 | $29,299.95 | $1,041.90 | $0.00 |
- Interest is charged monthly and rounded to the cent, the usual convention for a US fixed-rate mortgage. The last payment clears whatever balance remains.
- The starting rate is sample data, not a live market quote.
Monthly payment
$2,528.27
How it works
A fixed-rate mortgage charges interest once a month on the unpaid balance. The scheduled payment is the level amount that would bring that balance to zero at the end of the term if you pay it every month and add nothing extra.
The rate in the form is the nominal annual rate. Divide it by twelve for the monthly rate. Each month, interest is that rate times the balance, rounded half up to the cent. The rest of the payment reduces principal. An extra amount is principal as well, after interest is covered.
The default rate is marked sample data until a reviewed market series replaces the sample file. Change the rate to the figure on your loan estimate before you treat the result as yours.
Formula
M = P * r * (1+r)^n / ((1+r)^n - 1)
Worked example
Using the default inputs on this page.
- Loan amount
- $400,000.00
- Interest rate
- 6.50%
- Term
- 30 years
- Extra monthly payment
- $0.00
Monthly payment
$2,528.27
30 years to payoff
Questions
Does this include taxes and insurance?
No. The payment is principal and interest only. Escrow for property tax and insurance is separate.
What does the extra payment do?
It is added to the scheduled payment every month and goes to principal after that month's interest. The loan ends earlier, and you pay less interest.
Why is the last payment a different amount?
Interest is rounded to the cent each month. The final payment clears the remaining balance, so it can differ by a few cents from the scheduled payment.
Sources
- Loan estimate: how a fixed mortgage payment is built Consumer Financial Protection Bureau. Retrieved 2026-10-11.
- Sample mortgage rates (not a live quote) fintrivex sample. Retrieved 2026-10-11.
Related
- Compound interest calculator
- Debt payoff Soon