{"id":383,"date":"2015-06-10T09:50:25","date_gmt":"2015-06-10T07:50:25","guid":{"rendered":"http:\/\/wpcalc.com\/?p=383"},"modified":"2026-09-30T19:56:02","modified_gmt":"2026-09-30T16:56:02","slug":"mortgage-payment","status":"publish","type":"post","link":"https:\/\/wpcalc.com\/en\/finance\/mortgage-payment\/","title":{"rendered":"Mortgage Payment Calculator"},"content":{"rendered":"<section class=\"not-prose calculator-box\" aria-labelledby=\"calculator-title\"><div class=\"flex items-baseline sm:items-center justify-between gap-2 sm:gap-3\"><div class=\"flex flex-col sm:flex-row sm:items-center gap-2\"><span class=\"icon icon-calculator text-primary-700! text-base! dark:text-primary-300!\" aria-hidden=\"true\"><\/span><h2 id=\"calculator-title\" class=\"text-lg font-display font-bold\">Monthly Mortgage Payment and Interest Estimator<\/h2><\/div><div class=\"calcdash-favorite group\">\n  <button type=\"button\" class=\"favorite\" id=\"favorite\" data-favorite-id=\"383\" data-favorite-title=\"Mortgage Payment\" data-favorite-url=\"https:\/\/wpcalc.com\/en\/finance\/mortgage-payment\/\" data-favorite-excerpt=\"Estimate your fixed monthly mortgage payment and the total interest you will pay over the life of the loan. Enter the loan amount, annual interest rate, term in years, and any extra monthly payment.\" aria-label=\"Add to Favorites\" data-favorite-icon=\"icon icon-loan\">\n    <span class=\"icon icon-shape-star-empty\" aria-hidden=\"true\"><\/span>\n  <\/button>\n  <div class=\"calcdash-favorite__tip\" aria-hidden=\"true\">\n   <span class=\"favorite-tooltip\" id=\"favorite-tooltip\"><\/span>\n  <\/div>\n  <span class=\"sr-only\" role=\"status\" id=\"favorite-status\"><\/span>\n<\/div><\/div><form action=\"https:\/\/wpcalc.com\/en\/finance\/mortgage-payment\/\" method=\"POST\" class=\"calculator\" id=\"calculator-383\" data-post=\"383\"><fieldset class=\"fieldset-input\"><legend class=\"sr-only\">Input Fields<\/legend><div class=\"field\" id=\"input-1\"><label for=\"field-1\">Loan Amount<\/label><input type=\"text\" name=\"loan_amount\" id=\"field-1\" aria-describedby=\"calc-unit-1 calc-info-1\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"250000\"\/><div class=\"unit\" id=\"calc-unit-1\">$<\/div><small id=\"calc-info-1\">Enter the loan amount<\/small><\/div><div class=\"field\" id=\"input-2\"><label for=\"field-2\">Annual Interest Rate<\/label><input type=\"text\" name=\"annual_interest_rate\" id=\"field-2\" aria-describedby=\"calc-unit-2 calc-info-2\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"5\"\/><div class=\"unit\" id=\"calc-unit-2\">%<\/div><small id=\"calc-info-2\">Enter the annual interest rate<\/small><\/div><div class=\"field\" id=\"input-3\"><label for=\"field-3\">Loan Term (Years)<\/label><input type=\"text\" name=\"loan_term_years\" id=\"field-3\" aria-describedby=\"calc-unit-3 calc-info-3\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"1\" value=\"30\"\/><div class=\"unit\" id=\"calc-unit-3\">years<\/div><small id=\"calc-info-3\">Enter the loan term in years<\/small><\/div><div class=\"field\" id=\"input-4\"><label for=\"field-4\">Monthly Additional Payment<\/label><input type=\"text\" name=\"monthly_additional_payment\" id=\"field-4\" aria-describedby=\"calc-unit-4 calc-info-4\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"0\"\/><div class=\"unit\" id=\"calc-unit-4\">$<\/div><small id=\"calc-info-4\">Enter any additional monthly payment<\/small><\/div><\/fieldset><div class=\"buttons\"><button type=\"submit\" data-text=\"Re-Calculate\" id=\"calculate-button\" data-post=\"383\">Calculate<\/button><button type=\"reset\">Reset<\/button><\/div><div class=\"field is-checkbox hidden!\" id=\"field-auto-calc\"><input type=\"checkbox\" id=\"auto-calc\"><label for=\"auto-calc\">Calculate automatically<\/label><small>If enabled, the result will update automatically when you change any value.<\/small><\/div><div class=\"fieldset-result is-hidden\" aria-labelledby=\"result-title\" aria-live=\"polite\" role=\"region\"> <h3 class=\"result-title bg-gradient-to-r from-primary-50 to-gray-50 dark:from-primary-900 dark:to-gray-800\" id=\"result-title\"><span class=\"icon icon-s-pulse\" aria-hidden=\"true\"><\/span> Your Results<\/h3><div class=\"result-box\"><div class=\"field-result\" id=\"output-1\"><span class=\"field-title\"><span>Monthly Payment<\/span><\/span><span class=\"field-value\" id=\"result-1\" data-unit=\"$\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Copy Result\" aria-label=\"Copy Result\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result\" id=\"output-2\"><span class=\"field-title\"><span>Total Interest<\/span><\/span><span class=\"field-value\" id=\"result-2\" data-unit=\"$\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Copy Result\" aria-label=\"Copy Result\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><\/div><div class=\"result-actions\"><button type=\"button\" class=\"copy-link\"><svg viewBox=\"0 0 20 20\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M12.232 4.232a2.5 2.5 0 0 1 3.536 3.536l-1.225 1.224a.75.75 0 0 0 1.061 1.06l1.224-1.224a4 4 0 0 0-5.656-5.656l-3 3a4 4 0 0 0 .225 5.865.75.75 0 0 0 .977-1.138 2.5 2.5 0 0 1-.142-3.667l3-3Z\"\/><path d=\"M11.603 7.963a.75.75 0 0 0-.977 1.138 2.5 2.5 0 0 1 .142 3.667l-3 3a2.5 2.5 0 0 1-3.536-3.536l1.225-1.224a.75.75 0 0 0-1.061-1.06l-1.224 1.224a4 4 0 1 0 5.656 5.656l3-3a4 4 0 0 0-.225-5.865Z\"\/><\/svg><span class=\"copy-link__text\">Copy link to this calculation<\/span><\/button><span class=\"sr-only\" role=\"status\" id=\"copy-link-status\"><\/span><\/div><\/div><a href=\"#respond\" class=\"hidden transition-opacity duration-300 opacity-0 w-50 text-sm justify-center items-center gap-2 px-4 py-2 rounded bg-gray-200 text-gray-700 hover:bg-gray-300\" id=\"leave-comment\"><span class=\"icon icon-comments\" aria-hidden=\"true\"><\/span>Leave a Comment<\/a><\/form><\/section><section id=\"calc-reactions\" class=\"not-prose hidden my-12 bg-gradient-to-r from-primary-50 to-gray-50 border border-indigo-100 rounded-xl px-6 py-4 shadow-sm\" data-post=\"383\" aria-live=\"polite\" aria-labelledby=\"calc-reactions-title\"><p id=\"calc-reactions-title\" class=\"text-sm text-gray-500 text-center mb-2\">How did this result make you feel?<\/p><div role=\"group\" aria-labelledby=\"calc-reactions-title\" class=\"grid grid-cols-3 sm:flex sm:flex-row sm:justify-around gap-4 sm:items-center sm:flex-wrap\"><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"like\"><span class=\"reaction-count\" data-reaction-count=\"like\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\ude00 <\/span><span class=\"reaction-description font-medium\">Like <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"helpful\"><span class=\"reaction-count\" data-reaction-count=\"helpful\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\udca1 <\/span><span class=\"reaction-description font-medium\">Helpful <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"confused\"><span class=\"reaction-count\" data-reaction-count=\"confused\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\ude15 <\/span><span class=\"reaction-description font-medium\">Confused <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"disappointed\"><span class=\"reaction-count\" data-reaction-count=\"disappointed\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\ude1e <\/span><span class=\"reaction-description font-medium\">Disappointed <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"inaccurate\"><span class=\"reaction-count\" data-reaction-count=\"inaccurate\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\u274c <\/span><span class=\"reaction-description font-medium\">Inaccurate <\/span><\/button><\/div><div id=\"reaction-message\" class=\"hidden mt-8 rounded-md border border-primary-100 bg-white\/50 backdrop-blur-sm px-4 py-2 text-sm text-center shadow-sm\"><\/div><\/section><div class=\"calcdash-ad not-prose calcdash-ad--calc_result calcdash-ad--in-article\"><ins class=\"adsbygoogle\" style=\"display:block\" data-ad-client=\"ca-pub-1721569815777345\" data-ad-slot=\"6317458308\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\"><\/ins><script>(adsbygoogle = window.adsbygoogle || []).push({});<\/script><\/div>\n<style id=\"wpcoderpro-inline-1\">.formula-box {\r\n\tborder-bottom: none !important;\r\n}<\/style><section class=\"formula-box\" aria-labelledby=\"formula-title\">\r\n\t<div id=\"formula-title\" class=\"not-prose font-display mb-4\"><span class=\"icon icon-formula\" aria-hidden=\"true\"><\/span><h2>Mortgage Payment Formula<\/h2><\/div>\r\n\t<figure class=\"not-prose formula\">\r\n\t\t<figcaption class=\"formula-title\">Formula<\/figcaption>\r\n\t\t<div class=\"text-base text-gray-800\" id=\"formula\">\n\\[ \\text{Monthly Payment} = \\frac{P \\times r}{1 - (1 + r)^{-n}} \\]\n\\[ \\text{Total Interest} = (\\text{Monthly Payment} \\times n) - P \\]\n<\/div>\r\n\t<\/figure>\r\n\t<\/p>\n<p><strong>Where:<\/strong><\/p>\n<ul>\n<li>\\(P\\) \u2014 loan amount, or principal (the amount borrowed)<\/li>\n<li>\\(r\\) \u2014 monthly interest rate (annual rate divided by 12)<\/li>\n<li>\\(n\\) \u2014 total number of monthly payments (loan term in years \u00d7 12)<\/li>\n<\/ul>\n<p>The first formula gives the fixed monthly payment for a fully amortizing loan: a payment large enough to cover the interest each month and pay off the entire principal by the end of the term. The second formula sums all payments over the life of the loan and subtracts the principal to find the total interest cost.<\/p>\n<p>\r\n<\/section>\n<style id=\"wpcoderpro-inline-459\">.calculation-box {\r\n\tborder-bottom: none !important;\r\n}<\/style><section id=\"calculation\" class=\"calculation-box\" aria-labelledby=\"calculation-title\">\r\n\t<div id=\"calculation-title\" class=\"not-prose font-display\"><span class=\"icon icon-unordered-list\" aria-hidden=\"true\"><\/span><h2>Mortgage Payment \u2013 Calculation Example<\/h2><\/div>\r\n\r\n<\/p>\n<p><strong>Example:<\/strong> you take out a $250,000 mortgage at an annual interest rate of 5% for a 30-year term, with no additional monthly payment.<\/p>\n<p>\\[ r = \\frac{5\\%}{12} = 0.0041667, \\quad n = 30 \\times 12 = 360 \\]<\/p>\n<p>\\[ \\text{Monthly Payment} = \\frac{250{,}000 \\times 0.0041667}{1 - (1 + 0.0041667)^{-360}} = \\frac{1{,}041.67}{0.77617} \\approx 1{,}342.05 \\]<\/p>\n<p>\\[ \\text{Total Interest} = (1{,}342.05 \\times 360) - 250{,}000 \\approx 233{,}138 \\]<\/p>\n<p><strong>Result:<\/strong> the monthly payment is about $1,342.05, and the total interest paid over 30 years is about $233,138 \u2014 nearly as much as the loan itself.<\/p>\n<p>\n\r\n<\/section>\n<h2>How to Use the Mortgage Payment Calculator<\/h2>\n<ol>\n<li>Enter the <strong>Loan Amount<\/strong> \u2014 the price of the home minus your down payment, i.e. the amount you are borrowing.<\/li>\n<li>Enter the <strong>Annual Interest Rate<\/strong> as a percentage (for example, 5 for 5%, or 5.25 for 5.25%).<\/li>\n<li>Enter the <strong>Loan Term (Years)<\/strong> \u2014 common terms are 15, 20, or 30 years.<\/li>\n<li>Optionally, enter a <strong>Monthly Additional Payment<\/strong> \u2014 any extra amount you plan to pay toward the principal each month. It is added to the displayed monthly payment.<\/li>\n<li>Read the results: <strong>Monthly Payment<\/strong> (including any extra payment) and <strong>Total Interest<\/strong> over the full term.<\/li>\n<\/ol>\n<h2>What Is a Mortgage Payment?<\/h2>\n<p>A mortgage payment is the fixed amount you pay your lender each month on a standard fixed-rate, fully amortizing loan. Each payment has two parts: interest, which is the lender's charge for the money you borrowed, and principal, which reduces the loan balance. In the early years of the mortgage, most of the payment goes to interest; over time, the balance shifts until the final payments are almost entirely principal. This gradual shift is called <em>amortization<\/em>.<\/p>\n<p>The size of the payment depends on three variables: how much you borrow, the interest rate, and how long you take to repay. A longer term lowers the monthly payment but increases total interest dramatically \u2014 as the example above shows, a 30-year loan at 5% can cost almost as much in interest as the original principal. A shorter term raises the monthly payment but can save you tens or hundreds of thousands of dollars in interest.<\/p>\n<p>The <strong>Total Interest<\/strong> result tells you the true cost of borrowing. Comparing this figure across different rates and terms is often more revealing than comparing monthly payments alone. Note that this calculator considers only principal and interest; your actual monthly housing cost may also include property taxes, homeowners insurance, and, if your down payment is below 20%, private mortgage insurance (PMI).<\/p>\n<h2>Assumptions, Limitations, and Tips<\/h2>\n<ul>\n<li><strong>Fixed rate assumed.<\/strong> The calculator assumes the interest rate never changes. For adjustable-rate mortgages (ARMs), the payment will change when the rate resets.<\/li>\n<li><strong>Extra payments reduce interest.<\/strong> Any amount you enter as a Monthly Additional Payment goes straight toward the principal. Paying even $100\u2013$200 extra per month can shorten the loan by several years and cut total interest substantially \u2014 but the Total Interest shown does not yet account for that reduction, so treat it as a baseline.<\/li>\n<li><strong>Taxes and insurance are not included.<\/strong> Budget separately for property taxes, homeowners insurance, HOA fees, and PMI.<\/li>\n<li><strong>Check for prepayment penalties.<\/strong> Some loans charge a fee for paying off the balance early; see the <a href=\"https:\/\/wpcalc.com\/en\/finance\/pre-payment-penalty\/\">Pre-Payment Penalty<\/a> details before committing to extra payments.<\/li>\n<li><strong>Compare scenarios.<\/strong> Try the same loan amount at 15 vs. 30 years, or at rates 0.5% apart, to see how sensitive the total cost is. Our general <a href=\"https:\/\/wpcalc.com\/en\/finance\/loan-calculator\/\">Loan Calculator<\/a> and <a href=\"https:\/\/wpcalc.com\/en\/finance\/auto-loan-calculator\/\">Auto Loan Calculator<\/a> work the same way for other types of financing.<\/li>\n<li><strong>Look beyond the rate.<\/strong> Fees and points affect the real cost of a mortgage; the <a href=\"https:\/\/wpcalc.com\/en\/finance\/mortgage-apr\/\">Mortgage APR<\/a> and <a href=\"https:\/\/wpcalc.com\/en\/finance\/mortgage-discountbuying-points\/\">Mortgage Discount Points<\/a> calculators can help you compare offers on equal footing.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Estimate your fixed monthly mortgage payment and the total interest you will pay over the life of the loan. Enter the loan amount, annual interest rate, term in years, and any extra monthly payment.<\/p>\n","protected":false},"author":70,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[30],"class_list":["post-383","post","type-post","status-publish","format-standard","hentry","category-finance","tag-mortgage"],"acf":[],"_links":{"self":[{"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/posts\/383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/users\/70"}],"replies":[{"embeddable":true,"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/comments?post=383"}],"version-history":[{"count":3,"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/posts\/383\/revisions"}],"predecessor-version":[{"id":66139,"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/posts\/383\/revisions\/66139"}],"wp:attachment":[{"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/media?parent=383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/categories?post=383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/tags?post=383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}