Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and view a full amortization schedule. Supports fixed-rate mortgages with optional extra payments.
Results
| Monthly Payment | $1,769.79 |
| Loan Amount | $280,000 |
| Total Interest | $357,125 |
| Total Cost | $637,125 |
| Payoff Date | March 2056 |
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,769.79 | $253.12 | $1,516.67 | $279,747 |
| 2 | $1,769.79 | $254.49 | $1,515.30 | $279,492 |
| 3 | $1,769.79 | $255.87 | $1,513.92 | $279,237 |
| 4 | $1,769.79 | $257.26 | $1,512.53 | $278,979 |
| 5 | $1,769.79 | $258.65 | $1,511.14 | $278,721 |
| 6 | $1,769.79 | $260.05 | $1,509.74 | $278,461 |
| 7 | $1,769.79 | $261.46 | $1,508.33 | $278,199 |
| 8 | $1,769.79 | $262.88 | $1,506.91 | $277,936 |
| 9 | $1,769.79 | $264.30 | $1,505.49 | $277,672 |
| 10 | $1,769.79 | $265.73 | $1,504.06 | $277,406 |
| 11 | $1,769.79 | $267.17 | $1,502.62 | $277,139 |
| 12 | $1,769.79 | $268.62 | $1,501.17 | $276,870 |
| 24 | $1,769.79 | $286.61 | $1,483.18 | $273,531 |
| 36 | $1,769.79 | $305.81 | $1,463.98 | $269,968 |
| 48 | $1,769.79 | $326.29 | $1,443.50 | $266,167 |
| 60 | $1,769.79 | $348.14 | $1,421.65 | $262,111 |
| 72 | $1,769.79 | $371.45 | $1,398.34 | $257,783 |
| 84 | $1,769.79 | $396.33 | $1,373.46 | $253,165 |
| 96 | $1,769.79 | $422.87 | $1,346.92 | $248,239 |
| 108 | $1,769.79 | $451.19 | $1,318.60 | $242,982 |
| 120 | $1,769.79 | $481.41 | $1,288.38 | $237,373 |
| 132 | $1,769.79 | $513.65 | $1,256.14 | $231,389 |
| 144 | $1,769.79 | $548.05 | $1,221.74 | $225,004 |
| 156 | $1,769.79 | $584.76 | $1,185.03 | $218,191 |
| 168 | $1,769.79 | $623.92 | $1,145.87 | $210,922 |
| 180 | $1,769.79 | $665.70 | $1,104.09 | $203,166 |
| 192 | $1,769.79 | $710.29 | $1,059.50 | $194,890 |
| 204 | $1,769.79 | $757.86 | $1,011.93 | $186,061 |
| 216 | $1,769.79 | $808.61 | $961.18 | $176,640 |
| 228 | $1,769.79 | $862.77 | $907.02 | $166,588 |
| 240 | $1,769.79 | $920.55 | $849.24 | $155,863 |
| 252 | $1,769.79 | $982.20 | $787.59 | $144,419 |
| 264 | $1,769.79 | $1,047.98 | $721.81 | $132,210 |
| 276 | $1,769.79 | $1,118.16 | $651.63 | $119,182 |
| 288 | $1,769.79 | $1,193.05 | $576.74 | $105,282 |
| 300 | $1,769.79 | $1,272.95 | $496.84 | $90,452 |
| 312 | $1,769.79 | $1,358.20 | $411.59 | $74,628 |
| 324 | $1,769.79 | $1,449.16 | $320.63 | $57,744 |
| 336 | $1,769.79 | $1,546.21 | $223.58 | $39,729 |
| 348 | $1,769.79 | $1,649.77 | $120.02 | $20,508 |
| 360 | $1,769.79 | $1,760.26 | $9.53 | $0 |
Formula
How Mortgage Payments Work: A Complete Guide
A mortgage payment consists of principal and interest (P&I). With a fixed-rate mortgage, your monthly payment stays the same for the life of the loan, but the proportion going to interest vs. principal shifts over time — a process called amortization.
Understanding amortization: In early years, most of your payment goes to interest. As the loan balance decreases, more goes to principal. This is why extra payments early in the loan save the most interest.
The impact of interest rates: A 1% rate increase on a $300,000 loan adds roughly $180/month to your payment — over $64,000 in total interest over 30 years.
Down payment considerations: Putting down at least 20% avoids private mortgage insurance (PMI), which typically costs 0.5–1.5% of the loan amount annually.
Extra payments: Even small extra monthly payments can dramatically reduce your loan term. An extra $100/month on a $280,000 loan at 6.5% saves over $48,000 in interest and pays off the loan 4+ years early.
Accuracy & Verification
- Verification Source
- Federal Reserve Regulation Z (Truth in Lending)
- Last Verified
- 2025-12-15
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