Mortgage Calculator — Monthly Payment & Total Interest
Reviewed 2026-06-03 · FinCalc Hub Editorial
Your monthly mortgage payment is more than principal and interest — property taxes and insurance are usually rolled in. Enter your home price, down payment, rate, and term to see the full monthly cost.
Monthly payment$2,422.62
Principal & interest$2,022.62
Loan amount$320,000
Total interest paid$408,142
Estimate only. PMI, HOA, and rate changes are not included.
Frequently asked questions
- How is my mortgage payment calculated?
- It uses an amortization formula on your loan amount (price minus down payment) at your rate and term, plus monthly taxes and insurance.
- What is PMI?
- Private mortgage insurance is typically required when your down payment is under 20%. This calculator does not add PMI automatically.
- Should I choose a 15- or 30-year loan?
- A 15-year loan has higher monthly payments but far less total interest. A 30-year loan lowers the monthly cost but costs more over time.