Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and see a full amortization breakdown. Supports extra monthly payments.
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How mortgage payments are calculated
Your monthly payment is determined by the loan amount, interest rate, and term using this formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly rate, and n is number of payments. The payment stays fixed, but the split between interest and principal shifts each month — early payments are mostly interest, later payments mostly principal.
Frequently Asked Questions
What is a good mortgage interest rate in 2025?
As of early 2025, 30-year fixed rates are in the 6.5–7.5% range. Your actual rate depends on credit score, down payment, loan type, and lender. Rates above 740 credit score typically receive the best pricing.
How much does an extra $100/month save on a 30-year mortgage?
On a $320,000 loan at 6.75%, paying an extra $100/month saves approximately $28,000 in interest and cuts the loan by about 3.5 years.
What is the 28% rule for mortgages?
Lenders typically recommend your total housing payment (P&I + taxes + insurance) not exceed 28% of your gross monthly income. Your total debt payments should stay below 36% (the 28/36 rule).