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United States Mortgage Calculator

Estimate the principal-and-interest payment on a US fixed-rate mortgage in USD, compare 30-year against 15-year, and see what PITI, PMI and escrow add on top.

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Monthly payment
$1,798.65
Total interest
$347,514.57
Total paid
$647,514.57

How it works

The United States edition of the mortgage calculator. It returns the principal-and-interest (P&I) payment on a fixed-rate mortgage, plus the total interest and total amount paid over the life of the loan. In the US the 30-year fixed is the default product and the 15-year fixed the usual shorter alternative, so those are the two terms most worth comparing here. Enter the loan amount — purchase price minus down payment — rather than the price of the house.

The payment follows the amortization formula M = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of monthly payments — 360 for a 30-year loan, 180 for a 15-year. Interest is charged on the outstanding balance, so early payments are mostly interest and the principal share grows each month.

Worked example at a hypothetical 6.25%: a $450,000 purchase with 20% down leaves a $360,000 loan over 30 years. P&I is $2,216.58 a month; across 360 payments that is $797,969.49 paid, of which $437,969.49 is interest — more than the amount borrowed, which is normal at this rate and term. The same loan on a 15-year term costs $3,086.72 a month, $870.14 more, but total interest drops to $195,610.02, a lifetime saving of $242,359.47.

Read that payment as a floor rather than your housing cost. US monthly cost is normally quoted as PITI — principal, interest, property tax and homeowners insurance — with taxes and insurance collected through an escrow account, plus HOA dues where applicable, and none of that is included above. A down payment under 20% on a conventional loan typically adds PMI, private mortgage insurance that protects the lender and can usually be dropped once you have built enough equity. Mortgage interest may be deductible if you itemize, subject to caps and conditions worth checking for your own situation rather than assuming.

Two limits on the arithmetic. It assumes one rate for the whole term, so on an adjustable-rate mortgage it only describes the initial fixed period; after that the payment resets. And extra principal payments are not modeled — because interest is charged on the balance, a payment made early reduces the interest in every remaining month, which is why prepayments cut lifetime interest out of proportion to their size. Closing costs, points and prepaid escrow are also excluded. These are estimates for planning — get a Loan Estimate from your lender, and confirm anything tax-related with a qualified professional.

Other regions: United Kingdom, Canada, Australia.

Frequently asked questions

Does this payment include taxes and insurance?
No — it is principal and interest only. US lenders usually quote PITI, which adds property tax and homeowners insurance collected through escrow, and HOA dues are billed separately. Together those can add several hundred dollars a month depending on where you buy, so ask your lender for a full escrow estimate.
Should I enter the home price or the loan amount?
The loan amount, which is the purchase price minus your down payment. A $450,000 home bought with 20% down is a $360,000 loan; entering $450,000 overstates the payment by a quarter unless you are financing the entire price.
How much does a 15-year mortgage really save?
On a $360,000 loan at a hypothetical 6.25%, the 30-year payment is $2,216.58 with $437,969.49 of lifetime interest, while the 15-year payment is $3,086.72 with $195,610.02. That is $242,359.47 saved for $870.14 more a month.
When do I have to pay PMI?
Private mortgage insurance is typically required on a conventional loan when your down payment is below 20%. It insures the lender rather than you, and it can usually be removed once you have enough equity in the home. It is not included in the payment shown here.
Interest rate or APR?
Use the interest rate — that is what the payment is amortized from. The APR wraps in closing costs and points, which makes it higher and better suited to comparing offers between lenders than to estimating a monthly payment.
Can I use this for an adjustable-rate mortgage?
Only for the initial fixed period. An ARM re-prices after that period against its index and margin, so the payment changes and this fixed-rate arithmetic no longer describes the loan.
Is mortgage interest still deductible?
It can be, but only if you itemize rather than take the standard deduction, and caps and conditions apply. Whether it helps you depends on your own numbers, so treat it as something to verify with a tax professional rather than a guaranteed discount on the interest figure above.

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