Mortgage Amortization Calculator
Calculate your monthly mortgage payment, total interest, and total cost from the loan amount, rate, and term in years. Free and accurate.
Calculator by Toolsloft ↗- Monthly payment
- $1,896.20
- Total interest
- $382,633.47
- Total paid
- $682,633.47
This calculator returns the monthly principal-and-interest payment, total interest, and total cost of a mortgage from the loan amount, annual rate, and term in years. Use it to see the full lifetime interest on a fixed-rate home loan before you lock a rate.
How this is calculated
It uses the standard amortizing-loan payment formula, Payment = P*r*(1+r)^n / ((1+r)^n - 1), where r is the annual rate divided by 12 and n is the term in years times 12; total interest is all payments minus the original loan amount.
How to use
- Enter the loan amount.
- Enter the annual interest rate and the term in years.
- Read the monthly payment, total interest, and total paid over the full term.
Examples
- $300,000 at 6.5% / 30 yr:
payment $1,896.20 - Total interest:
$300,000 over 30 yr → $382,633.47
FAQ
- How is the monthly mortgage payment calculated?
- Payment = P·r·(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly rate (annual ÷ 12 ÷ 100), and n is the number of months (years × 12).
- What is mortgage amortization?
- Amortization is the process of paying off a loan with fixed payments over time. Early payments go mostly to interest, while later payments go mostly to principal.
- How much total interest will I pay?
- Total interest is the total of all payments over the full term minus the original loan amount, the lifetime cost of borrowing.