Mortgage Calculator
Estimate your monthly mortgage payment from the loan amount, interest rate and term.
Monthly payment$1,798.65
Total paid$647,514.57
Total interest$347,514.57
Monthly payment = P · i ÷ (1 − (1 + i)⁻ⁿ), where P is the loan amount, i is the monthly rate (annual rate ÷ 1200), and n is the number of months (years × 12). For a $300,000 loan at 6% over 30 years the payment is ≈ $1,798.65/mo, ≈ $647,515 paid in total (≈ $347,515 interest). This is principal and interest only — taxes and insurance are extra.
Educational estimate only — not professional financial or medical advice.
Questions
How is a monthly mortgage payment calculated?
It uses the amortization formula: payment = P × i ÷ (1 − (1 + i)⁻ⁿ), where P is the loan, i is the monthly interest rate (annual ÷ 12) and n is the number of months. A $300,000 loan at 6% over 30 years is about $1,798.65 per month.
Does this include taxes and insurance?
No. This shows principal and interest only. Property tax, homeowners insurance and any PMI or HOA fees are additional.