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.
- Monthly payment
- 1896.2
- Total interest
- 382633.47
- Total paid
- 682633.47
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.