Calculate your monthly mortgage payment and total loan cost. Enter your loan amount, interest rate, and term to get an instant breakdown of principal, interest, taxes, and insurance.
This calculator uses the standard amortization formula to determine your monthly principal and interest payment. The formula is: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.
For a $300,000 loan at 6.5% for 30 years: monthly rate = 0.065/12 = 0.00542. Monthly payment = $1,896.20. Over 30 years, you'll pay $382,633 in interest, making the total cost $682,633.