Simple mortgage calculator
Monthly principal & interest
$2,022.62
$80,000 down · $320,000 loan
Total of payments
$728,142
The 6.5% rate is an example; Freddie Mac's 30-year average was 7.28% on October 1, 2026. Use the rate on your own quote.
Pick up where you left off
Monthly payment per $100,000 borrowed
Principal and interest only. Multiply by your loan in hundreds of thousands: a $320,000 loan at 6.5% for 30 years is 3.2 × $632.07 = $2,022.62.
| Rate | 30-year | 15-year | Interest over 30 years |
|---|
| 5% | $536.82 | $790.79 | $93,256 |
| 5.5% | $567.79 | $817.08 | $104,404 |
| 6% | $599.55 | $843.86 | $115,838 |
| 6.5% | $632.07 | $871.11 | $127,544 |
| 7% | $665.30 | $898.83 | $139,509 |
| 7.5% | $699.21 | $927.01 | $151,717 |
| 8% | $733.76 | $955.65 | $164,155 |
A one-point higher rate adds roughly $63 to $68 a month per $100,000 on a 30-year loan. A 15-year term costs more each month but less than half the interest. Reference rates: Freddie Mac Primary Mortgage Market Survey, 7.28% (30-year) and 6.6% (15-year) as of October 1, 2026.
How the simple mortgage calculator works
- Loan amount. Home price minus the down payment: $400,000 with 20% down borrows $320,000.
- Monthly rate and number of payments. The annual rate is divided by 12 and the term is counted in months (30 years = 360 payments).
- Payment. The standard amortization formula M = P × r ÷ (1 − (1 + r)−n) gives the fixed monthly principal and interest, and the schedule adds up every payment for total interest.
The full mortgage calculator adds property tax, insurance, HOA dues and PMI, the amortization schedule lists every payment, and the extra payment calculator shows how much sooner you can be mortgage-free. Buying with FHA? Use the FHA loan calculator.
What makes up a monthly housing payment
Lenders call the full payment PITI: principal, interest, taxes and insurance. Principal and interest are fixed by the loan: a $320,000 loan at an example 6.5% for 30 years costs $2,022.62 a month. Property tax and homeowners insurance are usually collected into escrow and can change each year, HOA dues are paid on top, and private mortgage insurance (PMI) applies to many conventional loans with less than 20% down until the balance reaches 78–80% of the home's original value.
Why trust these numbers
Every calculator here uses one shared, tested amortization engine, so a payment matches across tools and against published amortization tables. Each page shows its formula, a worked example and its assumptions. We never pre-fill today's rates as fact: you enter the rate from your own quote, and example rates are labelled as examples.
Official reference figures
- Conforming loan limit: for 2026 the FHFA set the baseline limit for a one-unit property at $832,750 in most of the U.S., up to $1,249,125 in high-cost areas (FHFA).
- Mortgage interest deduction: if you itemize, interest is deductible on up to $750,000 of acquisition debt ($375,000 married filing separately) for loans after December 15, 2017 (IRS Publication 936).
- PMI cancellation: request at 80% of original value, automatic at 78% (CFPB).
Estimates for planning and education only. Not a loan offer, and not financial, tax or legal advice.
First-home essentials
As an Amazon Associate I earn from qualifying purchases.
Top pick
Home Buying Kit For Dummies
First Alert Battery Combination Smoke & Carbon Monoxide Alarm | SMCO100
DEKOPRO Tool Set：Tool Kit with 8V Cordless Drill,Tool Box with Drill,Hand Drill Set for Men & Women,Home Tool Kits for House Repair,Handyman,DIY 126 Piece
DocSafe Fireproof File Organizer with Lock, Hard-Shell Case Fireproof Document Box with 13 Pocket Accordion File Folder, Portable Home Office Travel Safe Storage for Important Documents Laptop Black
Schlage Encode Smart WiFi Deadbolt Lock with Century Trim, Matte Black | Keyless entry door lock, Touchscreen keypad, App control, Alexa, Google Home, Ring & Airbnb compatible, Certified security
Bubble Cushioning Wrap 2 Pack 12 Inch x 72 ft Total Bubble Wrap for Packing，Moving Boxes and Shipping for Your Business，Perforated Every 12 in.Suitable for Filling Packaging Boxes. Prices and savings as of Oct 15, 2026, 5:05 AM UTC. Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon.com at the time of purchase will apply to the purchase of this product.
Simple mortgage calculator questions
What is the simple mortgage formula?
The monthly principal and interest payment is M = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the annual rate divided by 12 and n is the number of monthly payments. For a $320,000 loan at 6.5% over 30 years, r ≈ 0.005417 and n = 360, so M = $2,022.62.
Does the simple mortgage calculator include taxes and insurance?
No. It shows principal and interest only, which is the part the loan itself sets. Property tax, homeowners insurance, HOA dues and PMI are added on top; the full mortgage calculator includes all of them and opens with the numbers you entered here.
How does the down payment change the monthly payment?
The payment is proportional to the amount you borrow. At 6.5% over 30 years every $100,000 borrowed costs $632.07 a month, so each extra $10,000 down lowers principal and interest by about $63.21. Putting at least 20% down on a conventional loan also avoids PMI.
Should I use today's mortgage rate?
Use the rate on your own loan estimate. As a reference, Freddie Mac's weekly survey put the average 30-year fixed rate at 7.28% and the 15-year at 6.6% as of October 1, 2026; your rate depends on credit, down payment, points and loan type.
Can I see the full amortization schedule and extra payments?
Yes. The amortization schedule lists every payment split into interest and principal, and the extra payment calculator shows how much sooner the loan is paid off and how much interest you save.
Do I need to sign up?
No. Every calculator works without an account, nothing you type is stored on our servers, and the address bar keeps your inputs so you can share or reopen the result.