Mortgage Calculator: What Will My Monthly Principal & Interest Payment Be?

Updated November 03, 2020

Ready to buy a home? Before signing anything, it’s important to first understand key mortgage terms and how much your monthly mortgage payment will be. 

Mortgage Amount:
Term (years):
Annual Interest Rate (%):
= Monthly Payment

My Monthly Payments Will Be...


If you borrow 200,000 at 5.000% for 30 years, your monthly payment will be $1,073.64.

The payments on a fixed-rate mortgage do not change over time. The loan amortizes over the repayment period. This means that the proportion of interest paid vs. principal repaid changes each month. As the loan amortizes, the amount of monthly interest paid decreases while the amount of principal repaid increases.

Click here to see your full amortization schedule.

Note: Principal and interest are usually only a portion of the monthly payment made to your bank. Most lenders also require a payment for homeowners insurance and property taxes, too. Those payments get dropped into an escrow account so the bank can automatically make the annual (or semi-annual) insurance and property tax payments on your behalf when the bills come due.


If you’re considering a fixed-rate mortgage, use our simple mortgage calculator to determine the total principal and interest you’ll owe each month. This does, however, depend on the mortgage amount, annual interest rate, and length of time it takes to repay the loan (also known as "the term").

How to Use Our Simple Mortgage Calculator

For example, say you have a mortgage payment of $200,000 at 5% and intend on repaying it over 30 years. Enter "200,000" as the Mortgage Amount, "30" as the Term, and "5" as the Annual Interest Rate.

Thinking about a fixed-rate mortgage? Use this calculator to see the total principal and interest you'll owe each month.