Mortgage Calculators
Mortgage Payment Calculator
This is the pared-back version of the mortgage calculator: loan amount, rate and term, with no escrow items attached.
Monthly payment
$1,970.30
- Total interest
- $389,306
- Total repaid
- $709,306
- Interest
- Principal
Mortgage schedule — yearly
| Year | Interest paid | Principal paid | Balance remaining |
|---|---|---|---|
| 1 | $19,894 | $3,750 | $316,250 |
| 2 | $19,653 | $3,991 | $312,259 |
| 3 | $19,396 | $4,248 | $308,012 |
| 4 | $19,123 | $4,521 | $303,491 |
| 5 | $18,832 | $4,812 | $298,679 |
| 6 | $18,522 | $5,121 | $293,558 |
| 7 | $18,193 | $5,451 | $288,107 |
| 8 | $17,842 | $5,801 | $282,306 |
| 9 | $17,469 | $6,174 | $276,132 |
| 10 | $17,072 | $6,571 | $269,561 |
How this calculator works
M = P × r ÷ (1 − (1 + r)^−n)
- P
- the amount borrowed
- r
- the monthly interest rate (annual rate ÷ 12)
- n
- the number of monthly payments
Example calculation
Illustrative example — not advice
Worked example — the mortgage payment calculator as it loads, using the default figures below.
- 01Enter loan amount: $320,000.
- 02Enter interest rate: 6.25%.
- 03Enter loan term: 30 years.
- 04Read the monthly payment from the results panel: $1,970.30.
Monthly payment: $1,970.30. Total interest: $389,306. Total repaid: $709,306.
These figures come straight from the calculator above running on the values listed, so you can retype them and confirm every number yourself. Change any input and the results update immediately. Illustrative only — not a quote, offer or recommendation.
Important considerations
- Property tax, insurance and mortgage insurance are excluded — use the full mortgage calculator for a total monthly cost.
- Variable-rate loans only hold this payment until the rate resets.
Related calculators
- Mortgage CalculatorEstimate your total monthly mortgage payment and see the amortisation schedule.
- Amortization CalculatorFull interest and principal schedule for any loan.
- Mortgage Affordability CalculatorHow much house your income and debts realistically support.
- Mortgage Refinance CalculatorMonthly saving and break-even point on a refinance.
- Down Payment CalculatorDeposit required, loan needed and time to save it.
- Interest-Only Mortgage CalculatorPayments before and after an interest-only period ends.
Terms used here
Frequently asked questions
Is this the same as my lender's quote?
Close, but lenders add fees, use their own day-count conventions and may round differently. Treat it as an estimate.
Disclaimer
Legamoney calculators are educational tools. Results are estimates based on the figures you enter and do not constitute financial, tax or legal advice.
Last reviewed 2026-08-01