Mortgage calculator
See your monthly principal-and-interest payment, how much of it is interest, and how the balance falls year by year.
Method: Fixed-rate amortization, monthly compoundingReviewed Oct 2026
Your numbers
$
%
%
yrs
Results
Monthly payment
$2,149
Principal & interest
Total interest
$433,651
Over 30 years
Total cost of loan
$773,651
On a $340,000 loan
Principal $340,000 (44%)Interest $433,651 (56%)
Under 20% down, most lenders add private mortgage insurance (PMI). It is not included in this payment.
Where each year’s payments go
PrincipalInterestFormula
M = P · r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
With your numbers
M = $340,000 · 0.005417(1 + 0.005417)^360 ÷ ((1 + 0.005417)^360 − 1) = $2,149.03
In plain EnglishYou borrow $340,000 and repay $2,149 every month for 30 years. In the first year about 85% of each payment is interest; by the last year almost all of it pays down the balance. Over the life of the loan you pay $433,651 in interest.
- 1Loan amount P = price − down payment$340,000
- 2Monthly rate r = annual rate ÷ 120.005417
- 3Number of payments n = years × 12360
- 4Growth factor (1 + r)ⁿ6.9918
- 5Monthly payment M$2,149.03
- 6Total paid M × n$773,651
- 7Total interest = total paid − P$433,651
YearPrincipalInterestBalance
1$3,800$21,988$336,200
2$4,055$21,734$332,145
3$4,326$21,462$327,819
4$4,616$21,172$323,203
5$4,925$20,863$318,277
6$5,255$20,533$313,022
7$5,607$20,181$307,415
8$5,983$19,806$301,433
9$6,383$19,405$295,050
10$6,811$18,978$288,239
11$7,267$18,522$280,972
12$7,753$18,035$273,219
13$8,273$17,516$264,946
14$8,827$16,962$256,119
15$9,418$16,370$246,701
16$10,049$15,740$236,652
17$10,722$15,067$225,931
18$11,440$14,349$214,491
19$12,206$13,583$202,285
20$13,023$12,765$189,262
21$13,895$11,893$175,366
22$14,826$10,962$160,540
23$15,819$9,969$144,721
24$16,878$8,910$127,843
25$18,009$7,780$109,834
26$19,215$6,573$90,619
27$20,502$5,287$70,117
28$21,875$3,914$48,243
29$23,340$2,449$24,903
30$24,903$885$0
Does this include property tax, insurance or PMI?
No. The payment shown is principal and interest only. Add your local tax and insurance estimates on top, and expect PMI with less than 20% down.
Why is so much of the early payment interest?
Interest is charged on the remaining balance. The balance is largest at the start, so early payments are mostly interest and later payments are mostly principal.
How do I compare a refinance?
Save your current loan as a scenario, then change the rate and term and save again. The hub lists both side by side.