Mortgage Payment Calculator
Calculate your monthly mortgage payment — principal, interest, taxes, and insurance (PITI) — for any home price and loan terms.
How Mortgage Payments Work
Every mortgage payment goes toward interest and principal according to an amortization schedule. Early payments are mostly interest; later payments are mostly principal. This is why paying extra in the early years has such a dramatic effect on total interest paid.
15-Year vs 30-Year: The Math
On a $320,000 loan at 6.75%, a 30-year mortgage costs $2,076/month (P&I) and $427,000 in total interest. A 15-year mortgage costs $2,832/month but only $189,000 in interest — saving $238,000. The higher payment buys enormous interest savings for those who can afford it.
Extra Principal Payments
Adding even $100–200/month to principal can shorten a 30-year mortgage by 4–6 years. On a $320,000 loan at 6.75%, an extra $200/month saves approximately $57,000 in interest and pays off the loan about 5 years early. Use our loan payoff calculator to see the exact impact of extra payments.