How Much Will My Monthly Mortgage Payment Be? Calculate Your Mortgage Payments

Use our free calculator to see exactly how much you'll pay each month, how much interest you'll pay over time, and discover how making extra payments can help you save thousands of dollars.

Loan Amount

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Annual Interest Rate (%)

Loan Term (Years)

Payment Frequency

Extra Payment (Optional)

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What Will My Monthly Mortgage Payment Be?

Whether you're buying your first home or refinancing, our calculator gives you instant answers. See your monthly payments, total interest costs, and find out how much you can save by paying extra each month.

Why Use Our Mortgage Payment Calculator?

Get Instant Answers

See your monthly payment update in real-time as you change the loan amount, interest rate, or loan term

See the Full Picture

View detailed breakdowns showing exactly how much goes toward principal vs. interest over the life of your loan

Discover Savings

Find out how much you can save by making extra payments each month

How Do I Calculate My Monthly Mortgage Payment?

Enter Your Home Price or Loan Amount

Start by entering the total amount you want to borrow for your home purchase

Add Your Interest Rate

Enter the annual interest rate your lender has offered you, or try different rates to compare

Choose Your Loan Term

Select how many years you want to take to pay off your mortgage - typically 15 or 30 years

See Your Results Instantly

Your monthly payment appears automatically, along with the total interest you'll pay over the life of your loan

Example: $300,000 Home Loan

Loan Amount:$300,000

Interest Rate:6.5% per year

Loan Term:30 years

Monthly Payment:$1,896

Total Interest Paid:$382,633

Should I Make Extra Payments on My Mortgage?

Making extra payments on your mortgage can help you pay off your loan years earlier and save thousands in interest. Our calculator shows you exactly how much you could save.

What Can Extra Payments Do for You?

Pay off your home loan years earlier than scheduled
Save tens of thousands of dollars in interest charges
Build home equity faster and own your home outright sooner

Real Example: How Much Can I Save?

On a $300,000 mortgage at 6.5% over 30 years, adding just $200 extra per month could:

Extra Payment:$200/month

Time Saved:6 years, 8 months

Interest Saved:$81,000+

Use the calculator above to see your personalized savings

Common Questions About Mortgage Payments

What Factors Affect My Mortgage Payment?

Your monthly mortgage payment depends on four main factors:

•Loan amount: How much you're borrowing
•Interest rate: The annual cost of borrowing
•Loan term: How long you'll take to repay (usually 15 or 30 years)
•Payment frequency: Monthly, fortnightly, or weekly payments

What Interest Rate Can I Expect to Get?

Mortgage interest rates vary based on several factors:

•Credit score: Higher scores typically get lower rates
•Down payment: Larger down payments often mean better rates
•Loan type: Conventional, FHA, or VA loans have different rates
•Market conditions: Economic factors affect all mortgage rates

How Do I Know How Much Home I Can Afford?

Most financial experts recommend the 28/36 rule:

•Your monthly mortgage payment should be no more than 28% of your gross monthly income
•Your total monthly debt payments (including mortgage) should be no more than 36% of your gross monthly income
•Use our calculator above to see what monthly payment fits your budget

Is It Better to Get a 15-Year or 30-Year Mortgage?

Each option has different benefits:

30-Year Mortgage:

Lower monthly payments, more flexibility in your budget, but you'll pay more interest over time

15-Year Mortgage:

Higher monthly payments, but you'll save significantly on interest and own your home sooner