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💰 Finance 🔥 Most popular Last tested 2026-05-13

Mortgage Calculator with amortization.

⚡
Quick answer

A $300,000 loan at 7% over 30 years works out to a monthly payment of about $1,996 and total interest of $418,527. Adjust the inputs below to fit your loan.

🏠

Mortgage Calculator

$
%
Monthly Payment
$1,996
/month
Total Interest
$418,527
58% of total
Total Paid
$718,527
over 30 years
Principal vs Interest Split
42% principal
58% interest
✨ Live recalculation·Includes principal + interest only (no taxes or PMI)
📖 How to use

4 steps to your answer.

1

Enter your loan amount (home price minus down payment)

2

Enter the annual interest rate from your lender

3

Pick your loan term (15 and 30 years are most common)

4

Read the monthly payment + click 'Show schedule' for year-by-year

🧮 The math

How it actually works.

The mortgage formula is one of the most-used equations in personal finance. Here it is, demystified.

The formula
M = P × [r(1+r)n] / [(1+r)n − 1]
  • M = monthly payment
  • P = principal (loan amount)
  • r = monthly interest rate (annual ÷ 12)
  • n = total number of monthly payments (years × 12)

Worked example

Take a $300,000 mortgage at 7% interest for 30 years:

Monthly rate (r)
7% ÷ 12 = 0.005833
Number of payments (n)
30 × 12 = 360
Monthly payment
$1,995.91
Total paid (30 years)
$1,995.91 × 360 = $718,527
Total interest
$418,527
❓ FAQ

Quick answers.

How is a mortgage payment calculated?
The monthly mortgage formula is P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12). This gives the level payment needed to fully amortize the loan over the term.
What does this calculator include?
Principal and interest only. It does NOT include property taxes, homeowners insurance, or PMI. Your total housing payment (PITI) will be higher than the number shown here.
15-year vs 30-year mortgage — which is better?
A 15-year has a higher monthly payment but much lower total interest. On a $300,000 loan at 7%, a 30-year costs about $418,000 in interest while a 15-year costs about $185,000 — a difference of roughly $233,000 over the life of the loan.
What is amortization?
Amortization is paying down a loan with regular fixed payments. In early years, most of each payment goes to interest. As the balance shrinks, more of each payment goes to principal. The schedule shows this breakdown month by month.
Does this work for any country?
Yes — the math is identical. Currency display defaults to USD but the calculation is the same for UK, Canada, Australia, India, or anywhere else. Country-specific taxes and insurance are not included.
How accurate is this calculator?
Down to the cent. The amortization formula is the same one banks use. The only thing that may differ is rounding — banks typically round to the nearest cent on each payment.
⏱️ By term length

Pick a specific term.

Different terms have very different math. See the breakdown for the term you're considering.

⏱️
10-year
~5.75%
⏱️
15-year
~6%
⏱️
20-year
~6.25%
⏱️
25-year
~6.4%
⏱️
30-year
~6.5%
⏱️
40-year
~7%
🌍 By country

Localized mortgage calculators.

Currency, rates, and tax rules vary by country. Use the localized version for accurate numbers.

🇮🇳
India
~8.5% · INR
🇬🇧
United Kingdom
~4.5% · GBP
🇨🇦
Canada
~5% · CAD
🇦🇺
Australia
~6% · AUD
🇺🇸
United States
~6.5% · USD
🇩🇪
Germany
~3.8% · EUR
🇸🇬
Singapore
~3.5% · SGD
🇦🇪
United Arab Emirates
~4.5% · AED
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