Mortgage payment
Estimate your monthly principal & interest, total interest paid, and the true lifetime cost of your loan.
Inputs
Loan amount
$280,000.00
Monthly payment (P&I)
$1,769.79
Total interest paid
Over 360 monthly payments
$357,124.57
Total cost of loan
$637,124.57
Every $10,000 more down lowers your payment by about $63.21/mo.
Amortization summaryBalance & cumulative interest by year
| Year | Remaining balance | Cumulative interest |
|---|---|---|
| 1 | $276,870.37 | $18,107.85 |
| 5 | $262,110.74 | $88,298.16 |
| 10 | $237,373.15 | $169,748.01 |
| 15 | $203,165.60 | $241,727.88 |
| 20 | $155,862.79 | $300,612.50 |
| 25 | $90,451.65 | $341,388.79 |
| 30 | $0.00 | $357,124.57 |
How this is calculated
M = P × [ r(1+r)n ] ÷ [ (1+r)n − 1 ]
- M = monthly principal & interest payment
- P = loan amount (home price − down payment)
- r = annual interest rate ÷ 12 (as a decimal)
- n = loan term in years × 12
- If r = 0, the payment simplifies to M = P ÷ n.
Worked example. On a $350,000 home with $50,000 down, the loan is $300,000. At a 6.5% annual rate, r = 0.065 ÷ 12 ≈ 0.005417 and n = 30 × 12 = 360 months. Plugging in gives a monthly P&I payment of $1,896.20.
What's included — and what isn't
This number is P&I only: the portion of your monthly payment that goes to principal and interest on the loan itself. Your real housing cost will be higher. Most homeowners also pay property taxes, homeowners insurance, and — if your down payment is under 20% — private mortgage insurance (PMI). Condos and planned communities usually add HOA dues on top. Budget for all of these before deciding what you can afford.