CalcQuick

Mortgage Calculator

Estimate your monthly mortgage payment, total interest, and full amortization schedule for fixed-rate home loans.

Loan details

$
%

Results

Monthly payment

$1,896.20

Loan amount

$300,000.00

Total interest

$382,636.71

Total payment

$682,636.71

Payment breakdown

Monthly payment

14%86%
  • Principal$271.20
  • Interest$1,625.00
Results are estimates. Your actual mortgage terms may vary.

How to use

  1. Enter your loan amount or split it into two loans if you have a combined mortgage.
  2. Select the loan term in years.
  3. Set the annual interest rate or pick a common market rate.
  4. Choose a repayment method: fixed monthly payment or fixed principal amount.
  5. Review the monthly payment, total interest, and amortization chart.

Formula

For a fixed monthly payment (amortizing loan): M = P × r × (1 + r)^n / ((1 + r)^n − 1), where M is the monthly payment, P is the principal, r is the monthly interest rate, and n is the number of payments.

For fixed principal repayment: monthly principal = P ÷ n, and monthly interest = remaining balance × monthly rate. The total payment decreases each month.

Example

For a $300,000 loan at 6.5% annual interest over 30 years with a fixed monthly payment:

Monthly payment ≈ $1,896.20; Total interest ≈ $382,632.00; Total payment ≈ $682,632.00.

Frequently asked questions

Does this calculator include property taxes and insurance?
No. This tool estimates principal and interest only. Taxes, homeowners insurance, PMI, and HOA fees are not included.
What is the difference between fixed payment and fixed principal?
Fixed payment keeps the same monthly amount for the life of the loan. Fixed principal pays the same principal every month, so the total payment starts higher and decreases over time.
Can I use this for adjustable-rate mortgages?
This calculator is designed for fixed-rate loans. For ARMs, you can recalculate whenever the rate changes.
How accurate is the amortization schedule?
The schedule rounds to the nearest cent and corrects the final payment so the ending balance reaches zero. Small rounding differences may appear month to month.
What is the monthly payment on a $300,000 mortgage?
At 6.5% for 30 years, a $300,000 mortgage payment is about $1,896/month principal and interest. Use this calculator with your exact rate and term.
How much house can I afford with my income?
Lenders often use a 28% front-end ratio for housing costs. Use our house affordability calculator for a fuller estimate including debts and down payment.

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